How can middle class clients avoid losing significant portions of their estates to the rising cost of long term care? Discover why crisis Medicaid planning has become less effective, and how clients can get better results with long-range planning. This informative manual examines the major alternatives: long term care insurance, life insurance options, replacement of qualified assets with insurance, and irrevocable trusts of various kinds. You will also learn how these strategies work in different circumstances and how to help clients choose the right one to protect their life savings.
Summary of Contents:
Paying for Long-Term Care–Are the Options Getting Any Better?–Introduction–The Options; Planning; A New Cost/Benefit Matrix; Conclusion | Using Insurance to Protect Assets and Save Taxes – Exercise Accelerated Death Benefit Election; Self Life Insurance Policy– Viatical Settlement; Sell Life Insurance Policy–Life Settlement; Transfer Life Insurance to Irrevocable Grantor Trust; Insure an IRA; Irrevocable Life Insurance Trust; Optimize the Medicaid Life Insurance Exemption; Fund Irrevocable Grantor Trust and Buy Long Term Care Insurance–Five & Out”; Assign Long Term Care Insurance to Community Spouse; Buy Long Term Care Insurance on Parent | Using Irrevocable Trust for Asset Protection–Purposes; Suitability; Drafting the Trust; Duties to Inform, Record and Report; Tax Considerations; Planning for Contingencies; Funding; Appendices
Number of Pages: 137