Solving Only One-Half of the Problem
               Joe called me because the hospital social worker suggested it. His wife, Mary had been in the hospital but was now ready to be discharged.  However, Joe was just now coming to the realization that Mary can’t go home. He just is not capable of caring for her any
What to Do When You Have No One to Help (Part 2)
               Last week I presented to you the hypothetical, but very common case, of Jane who is in the hospital and has acute and chronic health issues. She has no family or she is estranged from her family. The immediate problem is that she has no designated person to act
What to Do When You Have No One to Help
               I have written often about the need for everyone to have a support system in place in the event of a crisis. Think about whom you would turn to if you needed help. For most people it would be family, a spouse, child, grandchild, sibling, niece or nephew.  But,
John Hancock Latest to Drop Long Term Care
               Two weeks ago John Hancock, one of the largest providers of long term care insurance announced it is withdrawing from the market. It will stop selling new long term care insurance policies. John Hancock currently has sold more than 1.2 million policies nationwide.                What does it all mean? Hancock
Terminal Illness and Chronic Care Rider – A Substitute for Long Term Care Insurance? Part 2
    Last week I was sharing with you Mary’s story. She had been considering the purchase of a life insurance based long term care (LTC) policy to protect her against the cost of long term care. She was then shown a life insurance policy with a terminal illness and chronic
Terminal Illness and Chronic Care Rider – A Substitute for Long Term Care Insurance?
    Mary is considering the purchase of a life insurance based long term care insurance product, which she expressed an interest in after reading about it on my blog. Mary then said to me that her life insurance agent quoted her a premium on a life insurance policy with a
The Problem with Annuities and How to Solve It (Part 3) #ProblemwithAnnuities
               Last week I outlined for you the advantages of the Pension Protection Act (PPA), #PensionProtectionAct which became effective in 2010. The government has provided some pretty significant tax advantages as an incentive for Americans to self-fund their long term care. As a result, insurance companies have created varied products
The Problem with Annuities and How to Solve It (Part 2) #Annuities
               Last week I was outlining the problem with annuities. What I am specifically referring to is the tax deferred status of annuities. While the growth inside these investments is not taxed until monies are withdrawn, they are taxed as ordinary income and if left to heirs there is no
The Problem with Annuities and How to Solve It
               It’s an issue that we see time and again. Many of our senior clients have annuities that they purchased years ago. In its simplest form, an annuity is an insurance contract into which you can reposition a lump sum to an insurance company and in return the insurance company
College and Long Term Care – ??? (Part 2) #LongTermCare
           Last week I was talking about an increasing trend that we are seeing in cases that come through our office- grandparents who are paying for college, daycare and camp expenses for their grandchildren. I told you that there is a danger for some who could be headed for financial