Taxes: Are Bill and Hillary paying too much? They Could Deduct LTC.

Bill and Hillary Clinton might be paying too much in taxes, or at least that was what one news report suggests. One thing they could do is deduct their LTC insurance. President Clinton helped make LTC premiums deductible in '96 and Hillary in the past has supported LTC insurance tax credits.

This means YOU may be able to take advantage of the tax benefits of affordable Long Term Care Insurance. Read the article and then learn more!

BY: Jerry Lynch/CNBC

Some people relax by reading, going to a gym or just taking a walk. I like to review tax returns! I like to see where, if I was doing their return, I might be able to lower their taxes. Bill and Hillary Clinton just released their tax returns, so here's a peek at where I think they could've saved some money ...

Read full article: http://www.longtermcareplanningnews.com/article?article=123

Childless Boomers – Who Will Care for Them?

This is something I run into often so when I saw this article I just had to share. The question is: "Who Will Provide Care for Childless Boomers?"

Many will grow old without family to look after them. With advances in medical science allowing us to live longer and longer issues for these boomers like POA’s and Long Term Care must be addressed. Many times these couples feel they don't need any planning. This is just not the case. While they may not be concerned about leaving an inheritance or being a burden on children that don't exist there are questions about quality care, case management and the protection of lifestyle of the other spouse. Plus, the financial issues that may come about if one person needs care and exhausts a large portion of assets leaving little for the other.

Here is part of the article and click the link to see the full article. Then contact me to discover how affordable Long Term Care Insurance can be and make it part of your retirement plan!

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By Denise Foley

The last piece of real estate Pam and Bruce Boyer purchased together was more than 20 years ago: adjoining plots in the cemetery across the street from their home in historic Bethlehem, Pa.

“We chose a place we really like. We walk there – it’s like a park in London,” says Pam Boyer, 68, a retired magazine researcher whose husband is a freelance writer. “We got it taken care of early before it seemed morbid – or too homey,” she adds with a laugh.

‘Elder Orphans’

It wasn’t the only accommodation the Boyers made to the fact that they are childless, a circumstance an estimated one in five boomers find themselves in as they age.

One study predicts that about a quarter of boomers may become “elder orphans.” That’s a newly coined term for people who reach old age with no family or friends left, like the 81-year-old North Carolina man who made the news in May when he called 911 for food because he had no one else to turn to.

Fewer Caregivers

Family members provide about 70% of long-term care services, according to a survey by the American College of Financial Services. Not only are more boomers childless, those who do have children have fewer than the previous generation. Trendsetters from the start, the boomers have spawned a new phenomenon: caregiver shortage.

As of 2010, there were more than seven family caregivers for every person 80 and over. By 2030, estimates say, there will only be four and by 2050 there will be fewer than three.

That raises the question: Who will take care of the childless boomers when they’re old?

Avoiding the Serious Questions

What alarms many experts is that it’s not the boomers who are asking that question.

“I’d say of every four people I meet, three have not made any decisions at all about their health care when they age,” says Bert Rahl, a licensed social worker and director of mental health services at the Benjamin Rose Institute on Aging in Cleveland, Ohio.

Understanding the Truth

The Boyers chose to be proactive. What made it easier: In light of their circumstances, they’d given it a lot of thought.

They knew when they married more than 30 years ago that they were never going to have children. Pam Boyer is an only child who cared for her grandmother and both her parents — her father had Parkinson’s disease, her mother, Alzheimer’s — in their later years.

“We’re not a healthy family,” she says ruefully.

And neither of them was squeamish about talking about death — even their own.

Take Charge of Your Life

So not only did the Boyers pre-plan their burial, they downloaded documents from the Internet that allowed them to create an advanced directive (a living will that spells out your wishes for end-of-life care) as well as durable power of attorney (POA) so a trusted friend could handle both health care and financial decisions for them when they couldn’t.

(Unlike an ordinary POA, a durable POA stays in effect if you’re incapacitated. The medical version of the POA is called a durable POA for health care.)

They also bought long-term care insurance to help cover expenses if they develop chronic illnesses that require treatment over a long period of time. They offer the couple peace of mind that a catastrophic illness won’t bankrupt them.

See the full article by clicking here: http://longtermcareplanningnews.com/article?article=121

 

#babyboomer #retirement #LTC #longtermcare

Run the Numbers: LTC Should Be Part of Estate Planning Even for Wealthy

Outstanding article considering the risks of needing Long Term Care and the costs involved. With the chance you may need extended Long Term Health Care being so high, that cost can have a huge impact on an estate even if you have a fairly large estate . Top financial advisors suggest Long Term Care Insurance be part of plan even for wealthy as the numbers make sense.

The reason many people don't plan is they think they will never need care. Not sure why they think they are special. Some people joke they will just die ... others think they are too "healthy". Both comments are naïve. The U.S. Department of Health and Human Services tells us if you reach the age of 65 you will have a 70% chance of requiring a Long Term Health Care service before you pass. If you are young and healthy ... guess what ... you will live a long life. Live a long life and you will have age related issues. Remember, people need Long Term Care due to illnesses, accidents or the impact of aging.

Here is part of the article and clink the link for the full article.

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  By Ed McCarthy, CFP, RICP

The widely held belief that wealthy persons don’t need long-term care insurance because they can self-fund the cost may be correct regarding out-of-pocket care expenses but it overlooks the risk of potential estate shrinkage. “The amount of what’s left of your estate is going to be impacted if you and/or your spouse needed long-term care for any period of time and had to draw down your estate,” said William R. Borton, CLU with W.R. Borton in Marlton, NJ. “So, from a standpoint of long-term care planning, not only do you want to make sure you have all the [estate planning] documents in place, but you also want to make sure that you don’t end up with estate shrinkage if you don’t want it.”

Consider a simple example of LTC’s potential impact. The Genworth 2015 Cost of Care Survey reports that the current national median expense of a private nursing home room is $250 per day or $91,250 per year, an amount that’s been increasing by about 4 percent annually for the past five years. If the client is age 65 now and requires that level of care in 20 years, the first year’s cost will be about $200,000 (at 4 percent annual inflation). Assuming a four-year stay, the total outlay would exceed $850,000.

Run the Numbers

Of course, an objective analysis would also consider the impact of paying LTCI premiums should the client decide to purchase the insurance for ages 65 to 85. Sontag Advisory in New York City provides that type of analysis when it discusses LTC planning with wealthier clients. Kevin Couper, CFP, a financial advisor with the firm, said they run simulated scenarios to project the impact of buying and not buying LTCI.

“We can simulate that out and say, well, if you don’t have any insurance at all, here’s what happens to your portfolio, is that a significant deal?” said Couper. “Also, the big thing to notice is how their portfolio is structured. Do they have a lot of liquidity or is a lot of it non-liquid like in real estate so in the event of a long-term care situation would they have to liquidate some things?” To date, their high net worth clients have been comfortable with LTC’s potential impact on retirement cash flow and portfolios and have decided to self-insure the risk, he said.

Using Trusts

In cases where a wealthy client decides to purchase LTCI, buying and owning a life insurance policy with a LTC benefit through an irrevocable life insurance trust (ILIT) can leverage the financial benefits, said Kim Natovitz, CLTC with the Natovitz Group in Bethesda, MD. The strategy works when the policy’s LTCI benefit is paid on an indemnity basis versus a reimbursement plan. The mechanics are somewhat complicated but essentially the insured funds the trust with irrevocable gifts. In turn, the trust applies for and owns the life policy on the insured.

If the insured incurs LTC expenses, he or she pays them out-of-pocket but the trust files for and receives the benefit payments. “The trustee can choose to file a claim and benefits are paid on an indemnity basis, which means that regardless of actual utilization, as long as that individual is receiving qualified long-term care services, then the trustee of the insurance policy can file a claim and long-term care benefits are paid into the trust at that point in time,” Natovitz said.

full article here: http://longtermcareplanningnews.com/article?article=122

 

 

#LTC #longtermcare #estate #retirement

Dementia Victims Younger and Younger

With research showing dementia victims are getting younger memory loss at younger ages has additional pressures for loved ones. Planning ahead and seeing a MD right away are key. This is why affordable Long Term Care Insurance should be part of your retirement plan.

The story says dementia victims are getting younger. The Times” in London indicate that more and more people are being impacted by memory loss at younger ages. The story says dementia is being diagnosed in people a decade earlier than it was 20 years ago, prompting experts to warn that the world is facing a “silent epidemic”.

Read the full article here: http://longtermcareplanningnews.com/article?article=120

Discover how affordable Long Term Care Insurance should be part of your retirement plan. Learn more: http://mccannltc.net/

#longtermcare   #dementia   #retirement   #401k   #LTC

The Retirement Family's Wolf in Sheep's Clothing

A good story I have seen a few places including Long Term Care Planning News (http://longtermcareplanningnews.com), which is becoming a great place for anyone wanted to get the latest information on LTC planning and health issues to check out, talks about that despite the odds many people fail to consider Long Term Health Care costs when putting together their retirement plan. Since 7 in 10 people will need some type of LTC some don’t see the Wolf in their retirement plan. LTC insurance is an affordable way to address this concern.

A good quote from the article, "So it was surprising for me to find out that two out of three Americans aged 40 and older are not saving for long-term care, despite studies that show seven in ten of those 65 and older will need it, according to a poll by the Associated Press-NORC Center for Public Affairs Research. You read it right! Almost 70% of people turning 65 will need such care at some point in their lives!"

Check out the article here: http://longtermcareplanningnews.com/article?article=116

Then discover how affordable Long Term Care Insurance can be. LTCi should be part of your retirement plan. Go to: http://mccannltc.net/

 

#LTC #longtermcare #retirement #401k 



REPORT: Helen Reddy Diagnosed with Dementia

Long Term Care Planning news (http://longtermcareplanningnews.com/home) is reporting the sad news about 70's music pop star Helen Reddy. If you listened to top 40 or MOR(middle-of-the road, the 'adult contemporary of the day) radio you heard her many hits.

Australia radio station 2ST’s Pete Brandtman reported that Helen Reddy has been diagnosed with dementia and has moved into a Los Angeles nursing facility. A story by Los Angles entertainment journalist Alan Duke from website “Lead Stories” has also reporting this in what he calls an “exclusive”.

Duke says, “While one source says the progressive illness is in its early stages, marked by Reddy "asking same question every few minutes," another source suggested the symptoms were more advanced. She would forget where she put something and then suspect someone stole it, the second source said.

Reddy became a resident of the Motion Picture and Television Fund's Samuel Goldwyn Center for Behavioral Health in Woodland Hills, California, in June, both sources confirmed.

Reddy, 73, rose to fame with her 1972 smash "I Am Woman,". She also had chart hits with “Delta Dawn”, Angie Baby” and “You and Me Against the World”.

Reddy had been attempting a comeback but her failing health, according to reports, canceled a June concert date in San Diego. 

the story: http://longtermcareplanningnews.com/article?article=118

This is a good reason to consider making affordable Long Term Care Insurance part of your retirement plan. You can be rich or poor, a super-star or not, the need for care happens to all of us.

The U.S. Department of Health and Human Services says if you reach the age of 65 you will have a 70% chance of needing some type of Long Term Care service before you pass. Think about that ... how would you and your family deal with it? Where would the money come from? How would that impact your future retirement?

Learn now about how affordable Long Term Care Insurance can protect your assets and make sure you never burden your loved ones. Learn more: http://mccannltc.net/



#HelenReddy #LTC #longtermcare #retirement #dementia

AALTCI lists McCann in Top 10 of Long Term Care Specialists in Nation

Every year the American Association for Long-Term Care Insurance lists the nation's top specialists in LTC Planning. Matt McCann, a 17 year veteran and nationally recognized LTC specialist was listed among the nation’s top 10.

(PRWEB) July 29, 2015

Matt McCann, a nationally known expert on Long Term Health Care Planning has been listed among the top 10 Long Term Care Specialists by a national trade and consumer organization.

The American Association for Long Term Care Insurance (AALTCI) announced their annual list of the top specialists in the country. They do so every year honoring the best of the best of those who help people plan for the high costs of Long Term Care (http://www.aaltci.org/news/long-term-care-insurance-association-news/long-term-care-insurance-top-producers-announced-by-aaltci).

"There are thousands of active insurance and financial professionals nationally who market long-term care solutions," says Jesse Slome, the Association's executive director. "To be recognized among the leading professionals in the nation is a most important distinction."

A 17 year veteran, the Darien, Illinois resident helps thousands of people throughout the country plan for the physical, emotional and financial burdens Long Term Health Care can have on loved ones. The U.S. Department of Health and Human Services says if you reach the age of 65 you have a 70% chance of requiring some type of Long Term Care service in your lifetime (http://longtermcare.gov).

This means planning should be a key part of retirement planning. People require Long Term Health Care due to illness, accident or the impact of aging.

McCann was a well-known radio personality and manager who worked in a number of markets including Chicago, San Antonio, Lexington, Des Moines and others. When his family experienced a Long Term Care event it initiated a career transition.

“When I first started in this career many consumers thought I was speaking about ‘lawn care’ not

‘Long Term Care’. Today people are very aware that the advances in medical science are allowing us all to live longer than ever before. The risk of needing extended Long Term Health Care at any age is very high and the costs create huge financial burdens since health insurance and Medicare pay very little toward this type of care. Helping people find affordable ways to address these concerns gives consumers peace-of-mind,” McCann said.

McCann meets consumers from all over the country using safe internet technology that allows the consumer to see his computer screen as they speak on the phone. McCann says this allows people to learn about their options in the comfort of their own home or office.

Very few insurance and financial professionals specialize in Long Term Care Planning. McCann, and his firm, McCann Insurance Services (http://mccannltc.com), represents all the top insurance companies. With 17 years of experience and thousands of clients, he understands how these plans work, how they are underwritten and how they get used at the time of claim.

“One of the biggest issues I see is consumers getting incorrect information and recommendations which are generally much more expensive than what is required. I spend a lot of time asking questions and listening. This allows me to help the consumer determine if a plan is suitable, discover if they health qualify and with which company and design an appropriate and affordable plan to shop for as we get the best coverage at the best value,” McCann explained.

McCann says he can save consumers money and provide them with a plan that matches their retirement goals. This hard work and effort has made McCann one of the most well-known and recognized Long Term Care specialists in the nation.

“I am very proud of being listed in the top 10 of the best of the best by the AALTCI. My fiduciary responsibility to my clients is to make the proper recommendations based on the specific needs of the individual.” McCann said.

McCann has an educational website which helps consumers learn about Long Term Care, the federal/state partnership programs which are available in most states and the options they have for planning. Consumers can also get free quotes from all the top companies. The website is: http://mccannltc.net. Most people who start planning for Long Term Care are ages 40 to 60 although companies will consider young and older consumers.

McCann has helped consumers plan since 1998. He has also held sales leadership positions with a number of top agencies and is a well-known speaker on Long Term Health Care issues. McCann is cited often my major media outlets as an expert in this area.

He holds a Bachelor of Science Degree from Southern Illinois University at Carbondale and has done post graduate work at Benedictine University. McCann is licensed in most states and certified with the federal/state Long Term Care Partnership Program.

Consumers can reach McCann at his website: http://mccannltc.net or toll free at: 866-751-7957.
The AALTCI was established to create consumer awareness and advocacy to help consumers and specialists plan for LTC. Affordable LTC insurance pays for Long Term Health Care which health insurance and Medicare generally will not pay. People require LTC services due to illness, accidents or the impact of aging.

You can follow Matt McCann on Twitter: @mccannltc - https://twitter.com/mccannltc

#LTC #longtermcare #retirement #healthcare

For the original version on PRWeb visit: http://www.prweb.com/releases/2015/07/prweb12871532.htm