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5. Estate Planning:
Family Trust * Wills
* Revocable Living Trusts
Business Structuring * Corporations
* LLC’s
* 501c3
Family Wealth Protection
* Probate free Wealth Transfers
Gifting To Beneficiaries and Charities Before and After Death |
6. Advanced Life Insurance Products Including Life Settlements Plans:
Term Insurance, Universal and Indexed cash value policies. Don’t cash in or surrender your Life policy…Sell it instead |
7. Mortgage Broker Services:
All the banks and mortgage companies you could ask for under one roof. Mortgage Acceleration Programs pay off your mortgage in 1/3 the time.14 |
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 LONG-TERM CARE PLANNING ISSUES
A desirable lifestyle upon retirement certainly includes adequate shelter, food and clothing, but it should also include the continued pleasures of social interaction, activities enjoyed before retirement. It is important, however, to become aware of the processes of normal aging, to address anticipated limitations, so as to develop plans for coping with these threats to independent living.
The problems of normal aging are often alleviated by modern medicine so that many of us are able to enjoy a longer life span. What is gained in quantity, however, may be diminished in the quality of those added years. It is these physical infirmities that frequently rob us of our independence, and loss of independence is probable what retirees fear most. Frequently, the ultimate symbol of this loss is going to a nursing home or, even worse, being put in a nursing home.
Long-term care refers to a system of health and custodial services to support people who have chronic long-term, non-remedial physical or mental conditions. It implies either continuation of the status quo or future deterioration. (Short-term care, on the other hand, includes rehabilitative care or care immediately after hospitalization).
Medicare coverage in a skilled nursing facility is extremely limited; Medicare, Medicare Supplements and most Group coverage covers absolutely NO custodial care. Medicaid funds are being used to fully or partially fund almost half of all nursing home patients and with State and Federal cutbacks more restrictions are being added. Ninety-five percent of home care and nursing home patients receive custodial care; with two percent receiving skilled care.
Currently policies purchased after Jan. 1, 1997 covers care in nursing homes, assisted living and in-home care for loss of activities of daily living and cognitive impairments. Around 2005 cash policies became available but no other changes have occurred. No one knows what new forms of care will be offered in the future to care for the frail elderly, so it would be prudent to choose a policy with a great deal of flexibility.
Why Purchase This Kind of Insurance?
Clarify your reason for buying long-term care insurance, is it...
(1) To assure a high standard of comfort in later years?
(2) To save an estate for your spouse or to leave to heirs?
(3) To spare others from the burden of care when you become frail?
(4) A matter of pride in being able to finance your own care and avoid Medicaid?
(5) Because there is no extended family to provide care?
Eligibility for long-term care insurance depends on the health history of the applicant. Each company determines its own rules for acceptability. The probability of passing the health history decreases with the age of the applicant. The amount of the ongoing annual premiums usually depends on your age, lifestyle and martial status at the time of purchase, not upon your age at time of each renewal. All policies now available have an inflation guard option available.
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