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Tax-Free Swap: Old Policy to Long-Term Care | Durham News
Got an old life insurance policy sitting idle? There’s a smart, tax-free move you might be able to make: swap it for long-term care coverage via a 1035 exchange. Since 2010, this strategy lets you redirect that asset toward covering massive future care costs—often exceeding $122K a year for nursing home stays—without triggering taxes. Perfect if your kids are grown and the mortgage’s paid off. But it’s not foolproof: health status matters, denial rates climb with age, and existing loans or surrender fees could hurt your bottom line. Always consult a financial advisor and tax pro before moving…
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