Long Term Care Drama
“My sister took all mom’s money when she died?!”
ISSUE AGE CUTOFF 75 & 80:
YOU’RE APPROVED!
How to “Age in place” with Long Term Care benefits.
MOM OR DAD DIED
By now, you know someone in your family who’s gone through the process of, “transitioning to heaven“. You took care of them as long as you could, or your brother did, or your sister, most likely, was the person that gave the care in most cases I see.
DID YOU HAVE A TRUST?
WHO WAS THE POA OF HEALTHCARE & THE POA OF FINANCES?
The family dynamics for estate planning, are a whole other discussion, but typically, that sister that takes care of the family, think’s she has earned the right to take all the money out of mom’s checking accounts since sister’s name is already on it, if there’s no revocable
living trust in place. Why? Because she was there every day, and you were not.
I see it over and over and over.
SAME STORY, DIFFERENT DAY
Even at men’s Bible studies, when we talk about forgiveness, and who do you have to forgive repeatedly, the, “worst thing that ever happened to you” seems to consistently be:
“My sister, the care-giver, stole all the money when my parent died“.
I just keep hearing it.
If you have a trust, the beneficiaries are set in stone, along with percentages and blood-line contingencies, and no one can argue with that. You won’t have to deal with this pending problem in your future.
THE ROOT ISSUE
Now, why did this kind sister have to stop her life and care for mom all day every day?
SHOULDA WOULDA COULDA
Because there is no long-term care policy in place. Statistics show that 50% of all Americans never go and get a long-term care policy. One’s that do often WAIT TOO LATE; until they’re in their 70s or 80s; when it’s god-awful expensive.
BY THE WAY
By the way 90% of all long-term care policy providers have stopped, let me repeat that, STOPPED, Writing policies.
WE GOT LONG TERM CARE!!!
THEY RAISED OUR PREMIUMS!
If you do indeed have a long-term care policy that you paid $150 a month for and got in your youth, thinking you were smart enough to lock in the prices, what we’re seeing is that the entire pool of insurance having their prices raised simultaneously, allows the insurance company to legally raise the monthly premium to, sometimes $400 per month, for your daily benefit which is $150 per day which is about $4500 per month.
HOW CAN THEY RAISE OUR RATES!?
How is it legal for insurance companies to raise your rates once you locked in your young health and age and medical test? They can raise everyone in the pool of insurance, and legally get around it. Yep it’s true.
THE SECRET SOLUTION:
The only secret I’ve found is that if you drop a lump sum in to purchase the long-term care, the carrier can never raise the rates on you again. Enter the only solution in the year 2023 that allows you to make 5% in a fixed annuity, wow growing your deposit by 2% compounding as a long-term care benefit for up to 20 years before you start drawing from it.
LET US RUN YOUR NUMBERS ON A ZOOM THIS WEEK!
Schedule yourself a meeting: