10 minutes | Saturday, October 7, 2023
Most baby boomers haven’t planned for a long term care event, considering that only seven percent of adults over age 50 own any form of long term care insurance. Estate planning specialist David T. Phillips joins Suzanne to talk about how to reposition baby boomer assets in order to have funds available for a long term care event. Financial wellness is one of the 8 foundational principles of wellness featured on the Vitality Revolution podcast series sponsored by Humana. David says, "Only one in 30 adults have a long term care plan in place. What's going to end up happening is that you're going to be forced to go on Medicaid. And to get on Medicaid, you have to totally spend down your assets and actually be a pauper and not have any money at all. And then you get to go to the long term care facilities that the government assigns you to go to. You don't get to stay at home. You have to go where they tell you, you have to do what they tell you to do. In fact, almost half of all long term care benefits today are paid by Medicaid. It means that people are being forced to basically spend down. And right now, you can act. If you have the means, you need to reposition some of those means right now in a leverage care solution. "If we don't have the assets shifted and transferred correctly, our kids are gonna have to take care of us, and then our kids are gonna have to take care of the kids, and so on. So it's really a good idea to get some planning in place now, at least understand what your options are. A lot of people are just scratching their heads saying, 'Hey, I'm gonna avoid this bus. I don't want this bus,' but COVID proved that it can happen to anybody at any time... So you know how vulnerable, how fine the line is, how exposed we are. "This concept that the insurance industry actually has set up for us is a viable solution. We used to only have the use-it-or-lose-it long term care policies... And now with the leverage care solution, we have three basic options that we can choose from, that are all viable solutions that can help us solve this long term care crisis, not only for us individually but for our families." Answers for Elders listeners can receive a free copy of David's special report Leveraged Care Solutions: Answers to Today’s Long-Term Care Crisis, and other free Special Reports, when you subscribe to the "Generational Wealth Strategies" newsletter. Answers for Elders listeners can subscribe at a discounted fee of $77 a year, a $172 savings. Subscribe here to get the discounted rate: https://www.generationalwealthnewsletter.com/offer/gws-answers-for-elders-2 David's office is at 888-892-1102, or visit his Estate Planning Specialists website at https://epmez.com/. Learn more:* David T. Phillips: https://epmez.com/our-team* Generational Wealth Strategies newsletter: https://www.generationalwealthnewsletter.com/* The Vitality Revolution podcast series: https://answersforelders.com/vitality-revolution/* Humana: https://www.humana.com/* Answers for Elders: https://answersforelders.com/welcome-to-answers-for-elders/ Hear more podcasts about financial wellness at https://answersforelders.com/financial-wellness Answers for Elders is part of the SeniorResource Network: https://www.seniorresource.com/Check out our affiliate podcast Alzheimer’s Speaks: https://alzheimersspeaks.com/See omnystudio.com/listener for privacy information.