Short Term Planning for Long-term Care
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1 Alternative Products Short Term Planning for Long-term Care Romeo Raabe, The Long Term Care Guy John Zwolanek, Main Street Law Office Bridgette Duber, Elderlife Financial Services, Inc.
2 Alternative Products Case Studies Romeo Raabe, The Long Term Care Guy 2
3 Creative Ways To Make The Money Last Determine available cash flow Account for all income producing assets Convert assets to income using medically underwritten life expectancy versus chronological age Using reverse mortgages to provide funds Irrevocable burial trusts as a last resort Session Number 22: Short Term Planning for Long-term Care 3
4 Uninsurable Client Wanted LTCI 5 nearby children wished to buy LTCi on mom Newly widowed mom could not live on own Needed morning help 5 days/week but no $ I suggested rev. mtg. to free funds for care With Medically underwritten SPIA converted those funds to pay for care Session Number 22: Short Term Planning for Long-term Care 4
5 Insufficient Income and Assets Plus Husband Needs Alzheimer s Care She had $75,000, house, car, and insufficient income drawing from dwindling funds Moved $25,000 into two irrevocable burial trusts ($50,000 asset limit in Wisconsin) She applied for Medicaid & got him into care She then reverse mortgaged the house and annuitized proceeds to give her sufficient income for life Session Number 22: Short Term Planning for Long-term Care 5
6 89 Year Old, Wife in SNF on Medicaid Still paying on first mortgage I suggested reverse mortgage taking the max. Pay off first mortgage freeing cash flow Put remainder into irrevocable burial spaces trusts for children to leave a legacy Session Number 22: Short Term Planning for Long-term Care 6
7 Find A Qualified Elder Law Attorney Membership in NAELA Estate & elder law specialist Details pros and cons of each strategy Avoid: If you can afford LTCi, you don t need it Avoid: Jack s plumbing, electric, and elder law Avoid: buy this annuity and mom will qualify Session Number 22: Short Term Planning for Long-term Care 7
8 Alternative Products Elder Law Perspectives John Zwolanek, Main Street Law Office 8
9 Doing Things Right It isn t supposed to make sense, if it does, it s probably wrong Listen for honesty, don t get dragged into dishonest strategies. Document family conversations Session Number 22: Short Term Planning for Long-term Care 9
10 Exempt, Non-Exempt, Unavailable Maximize exempt resources Single: $2,000 + burial funds, term life (by state) Married: home, car, $25,448 in some states, $52,000 in some, $117,240 max, CS income and retirement funds, income to $2,931/month Practical: pay off mortgage(s), buy burial life policies including kids, buy a new car Annuitize assets to produce CS income Private notes between CS and children Session Number 22: Short Term Planning for Long-term Care 10
11 Divestment Planning Reduce asset valuation Gift of remainder interest in real estate Document ltd interests (LLP, LLC, family business) Half-a-loaf Reverse half-a-loaf TEST FOR LAWYER QUALIFICATIONS Session Number 22: Short Term Planning for Long-term Care 11
12 Practical Spend Down Spend IRA first Sale of life policies VS cashing them in If CS can t maintain home, buy condominium Prepay taxes Student loans delayed upon disability, forgiven at death Session Number 22: Short Term Planning for Long-term Care 12
13 Estate Recovery Becoming far more aggressive Filial responsibility laws Discuss no free lunch with clients In WI move CS out of state, Divorce but still love each other Session Number 22: Short Term Planning for Long-term Care 13
14 Common Misunderstandings Nursing home will sue for the money NO, but they will evict mom My parents need a Medicaid divorce Neighbor is home on Medicaid and kids will inherit all her assets Mom got Medicaid in 1980 and we inherited The lawyer will get it all They ll never discover the ( ) YES they will! Session Number 22: Short Term Planning for Long-term Care 14
15 Alternative Products Financial Concierge Services Bridgette Duber, Elderlife Financial Services 15
16 Why A Financial Concierge Service? Easy - Simple process for seniors & families to access solutions Educational - Learn about options they are not aware existed Efficient - One Call to fully understand all their options Fast - Phone call to funding in the same day! Direct connect to Partners! Free - Speaking with a Financial Concierge about their personal situation and solutions is complimentary! Session Number 22: Short Term Planning for Long-term Care 16
17 Services Provided: Financial Solutions Assist seniors & families in understanding there is a financial solution to assist them in moving to a senior living community or accessing home care today. Line of Credit Bridging the financial gap while waiting for insurance or benefits to start, home to sell, asset liquidation Unsecured Funding in as little as 24 hours Flexible, affordable monthly payments Up to 6 family members Session Number 22: Short Term Planning for Long-term Care 17
18 Services Provided: Insurance Solutions Long Term Care Insurance Personalized assistance in navigating a Long Term Care Insurance policy. Access to claim filing professionals if desired. Life Insurance - Putting a life insurance policy to work for the senior today to pay for senior care is an option! Two solutions that do just that. Policy conversion to a long term care benefit Loan against the policy Session Number 22: Short Term Planning for Long-term Care 18
19 Services Provided: Benefits and Planning Solutions Veterans Benefits Accredited VA agents assist with understanding and filing for all Veterans benefits & pensions when needed. Other Planning Needs Financial Advisor, Trust, POA, Elder law, CPA, etc.. Session Number 22: Short Term Planning for Long-term Care 19
20 Services Provided: Real Estate Solutions Assistance with everything from prepping the home for sale, packing, moving, staging, estate sales, downsizing, and getting the home sold making it easy for the senior & family! Session Number 22: Short Term Planning for Long-term Care 20
21 Alternative Products Questions? Romeo Raabe, The Long Term Care Guy John Zwolanek, Main Street Law Office Bridgette Duber, Elderlife Financial Services, Inc. 21
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