Comments on: Family Legacy Video and Financial Planning http://www.designateddaughter.com/2009/04/family-legacy-video-and-financial-planning/ Just another WordPress weblog Mon, 06 Sep 2010 11:26:59 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: Katana Abbott http://www.designateddaughter.com/2009/04/family-legacy-video-and-financial-planning/comment-page-1/#comment-27 Katana Abbott Mon, 16 Nov 2009 21:19:57 +0000 http://designateddaughter.wordpress.com/2009/04/01/family-legacy-video-and-financial-planning/#comment-27 Hi Suzy, Yes the secret to Long Term Care insurance is starting the planning early and buying it when options are many. I used to say buy it when the premium is affordable and you are insurable....which means around age 50-60. Another thing is to consider paying it from an investment when you are retired...do not try to pay out of your income. May you have a bond that is generating interest...or an annuity that is just reinvesting. You may be able to ask your advisor to run an illustration to show how long these assets can pay the premium. I remember setting up an annuity to pay out one amount for the life of both spouses, and then a reduced amount after one of them died. If the insurance is simply not an option, then I would recommend meeting with an ElderLaw attorney to discuss special trust planning to protect assets for the spouse while helping the client qualify for Medicaid. This is not my area of expertise, but there are folks who do this. Feel free to contact Danielle Mayoras at Center for Elder Law at dmayoras@brmmlaw.com or call her at 248-641-7526. Hi Suzy,

Yes the secret to Long Term Care insurance is starting the planning early and buying it when options are many. I used to say buy it when the premium is affordable and you are insurable….which means around age 50-60. Another thing is to consider paying it from an investment when you are retired…do not try to pay out of your income. May you have a bond that is generating interest…or an annuity that is just reinvesting. You may be able to ask your advisor to run an illustration to show how long these assets can pay the premium. I remember setting up an annuity to pay out one amount for the life of both spouses, and then a reduced amount after one of them died.

If the insurance is simply not an option, then I would recommend meeting with an ElderLaw attorney to discuss special trust planning to protect assets for the spouse while helping the client qualify for Medicaid. This is not my area of expertise, but there are folks who do this. Feel free to contact Danielle Mayoras at Center for Elder Law at dmayoras@brmmlaw.com or call her at 248-641-7526.

]]> By: Suzy http://www.designateddaughter.com/2009/04/family-legacy-video-and-financial-planning/comment-page-1/#comment-26 Suzy Wed, 06 May 2009 00:49:07 +0000 http://designateddaughter.wordpress.com/2009/04/01/family-legacy-video-and-financial-planning/#comment-26 Hello, Long term care insurance is expensive and not an option for some people. My mom is 78, financially secure - but purchasing long-term care insurance would not be within her living budget. What other ways can her assets be protected? Hello,
Long term care insurance is expensive and not an option for some people. My mom is 78, financially secure – but purchasing long-term care insurance would not be within her living budget. What other ways can her assets be protected?

]]> By: Jane http://www.designateddaughter.com/2009/04/family-legacy-video-and-financial-planning/comment-page-1/#comment-25 Jane Wed, 01 Apr 2009 22:27:26 +0000 http://designateddaughter.wordpress.com/2009/04/01/family-legacy-video-and-financial-planning/#comment-25 Well done! When I think of so many people passing without taking the opportunity to record their stories on video or audio, I almost cry! Well done! When I think of so many people passing without taking the opportunity to record their stories on video or audio, I almost cry!

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