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Asset Management Example for Long Term Care

There are different ways you can remain solvent in your aging years, and there are techniques to maintain and preserve assets. Estate planning specialist David T. Phillips joins Suzanne to talk about the three types of leveraged care solutions and to provide an example of how they work. The three types are the Long Term Care Annuity, the Life Legacy/LTC Combo Strategy, and the Return of Premium LTC plan.

David says, “The first one’s an annuity, expands three times if you need care. If you don’t need care, your family gets the annuity money back. The second one is the life insurance policy. And the life insurance policy has a long term care writer on it. And if you need long term care, you take 2% or 4% of that life insurance benefit, and you use that for care. The third option is called the return premium long term care strategy, and I kind of like this one. I like all of them, my wife likes the second one. I personally like the third one a little bit better, because it has an inflation writer on it.”

David provides an example of the Life Legacy/LTC Combo Strategy. A 65 year old male repositions $100,000, making it immediately worth $431,000. Because we added the 3% inflation rider, it will grow to $755k, or a monthly benefit of $9,736, for 72 months.

David adds, “If we are healthy enough and have the means, we all should have a leveraged care solution plan in our estate plan. There is no debate. We need to quit being selfish. You can spread your deposit over 5, 10 or 15 years. If you itemize on your tax return you can tax deduct a portion of the transfer. The younger you are when you reposition your investment the better, because you get more benefit and it is easier to qualify. Only a Long-Term Care Annuity is available after age 80, until age 85.”

Answers for Elders listeners can receive a free copy of David’s special report Leveraged Care Solutions: Answers to Today’s Long-Term Care Crisis, and other free Special Reports, when you subscribe to the “Generational Wealth Strategies” newsletter. Answers for Elders listeners can subscribe at a discounted fee of $77 a year, a $172 savings. Subscribe here to get the discounted rate: https://www.generationalwealthnewsletter.com/offer/gws-answers-for-elders-2

David’s office is at 888-892-1102, or visit his Estate Planning Specialists website at https://epmez.com/.

Learn more:
* David T. Phillips: https://epmez.com/our-team
* Generational Wealth Strategies newsletter: https://www.generationalwealthnewsletter.com/
* The Vitality Revolution podcast series: https://answersforelders.com/vitality-revolution/
* Humana: https://www.humana.com/
* Answers for Elders: https://answersforelders.com/welcome-to-answers-for-elders/

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