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 forward. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/4fea03e8dbeffa90