Life Insurance and Annuities to pay for Long Term Care: What You Need to Know Today Download as PDF PART I: INTRODUCTION In the story of the squirrels preparing for winter, one industrious squirrel gathers nuts all summer long to build up his family’s reserves for winter. The other enjoys the summer days frolicking and living day-to-day. Well, we all know what happens when the long cold winter sets in….. This story is less a fairy-tale and more of a wakeup call. People are warned…
White Papers
Are You Prepared For Long Term Care? What You Need To Know Today
Author, Chris Orestis / White Paper – Contents / 1) Introduction 2) What you need to know today– What you need to know about the Medicaid crisis and laws to recover LTC expenditures What you need to know about Medicaid eligibility What you need to know about recent Law Suits What you need to know about “Need for Care” What you need to know about Veterans’ Aide & Attendance What you need to know about FHA Reverse Mortgages (HECMs) for seniors What you need to…
HELP ON THE WAY– BOOK EXCERPT
The Big Insurance Secret seniors aren’t supposed to know…. Life Insurance can pay for Assisted Living and Home Care // By Chris Orestis // “Many people who need Assisted Living or Home Care can’t afford it, so they drop life insurance policies they’ve been carrying for years in order to qualify for Medicaid. A system that encourages people to abandon their policies to go onto public assistance is broken and has to change. Seniors and their families lose out from the fact that they have…
Dangerous liabilities lurk for families and advisors in long term care planning
Aggressive legal threats across the country have become a real concern to insurance agents and financial advisors, elder law attorneys, and families facing long term care funding questions Introduction Dowload White Paper Here – Dangerous Liabilities March 14 Unexpected and dangerous threats in the form of professional and personal liability have emerged in the wake of the growing LTC funding crisis. Law suits and mandated claw-back actions have been brought against families in attempts to recover monies spent on long term care. Insurance and legal…
A Long Term Care Benefit Plan can be a Tax-Advantaged Vehicle to pay for Senior Care
In many cases, the proceeds received from converting a life insurance policy insuring the life of a chronically or terminally ill individual into a Long Term Care Benefit Plan will not be subject to U.S. federal income tax. As a general rule, proceeds from the sale of a life insurance policy are subject to U.S. federal income tax; however, the Internal Revenue Code provides special exemptions for sales of life insurance policies insuring the lives of individuals who are terminally ill or chronically ill. In the case…
Long Term Care Benefit Plan Spend-Down and Medicaid Eligibility: Asset Recovery Rules and Filial Responsibility Laws
Medicaid Eligibility and Asset Transfer Rules (Order Code RL33593 Congressional Research Service (CRS) Report January 31, 2008) – Eligibility for Medicaid’s long-term care services is limited to persons who meet a state’s functional level-of-care standards and certain financial standards (i.e., income and asset level tests). Persons qualify for Medicaid in one of the three ways: (1) they have income and assets equal to or below state-specified thresholds; (2) they deplete their income and assets on the cost of their care, thus “spending down”; or (3)…