How would you pay for nursing home care or other types of long-term medical care? Many people believe that Medicare will cover the bills. But the fact is Medicare only pays a portion of your long-term care expenses – and that’s only for short-term skilled care and for the first 100 days. With the average nursing home stay lasting 892 [...]
Categories: long term care Tags: bankruptcy, long term care expenses, nursing home
Traditionally, life insurance is purchased during your working years to replace your income for your family in case you died. But if you?re retired, do you still need senior life insurance? Yes. There may be three reasons to own a policy: 1. Because many couples are dependent upon two social security checks or two pension checks, and when one spouse [...]
Categories: life insurance Tags: senior life insurance
You may hear a lot about retirement planning. Estate planning is an essential part of retirement planning, although many people are not aware of all that it encompasses. So they put it off until it is often too late. Let’s take a look at what estate planning addresses and why it is important to begin it ASAP.Estate planning addresses these [...]
Categories: estate planning Tags: estate planning
Irrevocable Life Insurance Trusts (ILITs) are planning tools used to keep life insurance proceeds outside of the taxable estate. The life insurance may be desired to pay estate taxes or to provide liquidity for an illiquid estate. For example, say Mr. Smith age 76 owned a commercial building worth $8 million as his only asset and his oldest son uses [...]
Categories: life insurance Tags: crummy, estate tax, ILIT, irrevocable, life insurance trust
Seniors often buy long-term care insurance to feel comfortable knowing that there can be an additional source of income available for special care in their residence or a nursing home. But who will make sure that you will get the type of care you need and when you need it? A care coordinator can become your advocate to find and [...]
Categories: long term care Tags: care coordinator, long term care needs
For millions of Americans, the choice between term insurance and permanent insurance can be a confusing one. A number of variables factor in to whether one is more appropriate than the other for most consumers, such as debt level, health and longevity, and the size of one’s estate. There are a number of arguments on both sides stating why one [...]
Categories: life insurance Tags: permanent insurance, term insurance
A life settlement (aka senior settlement) involves selling an existing life insurance policy to a third party for more than the policy’s cash surrender value, but less than the net death benefit. Life settlements involve policyholders who generally have a life expectancy of between two and ten years. Life settlements can be a valuable source of liquidity for people. Generally [...]
Categories: life insurance Tags: life settlement, senior settlement
Trusts play a big part in estate planning today. There are many different types of trusts. What you do not know about them can hurt you and your beneficiaries’ financial health. A trust is a legal entity?just like a corporation or a person. It holds assets for a beneficiary. A trust document states the purpose of the trust and how [...]
Categories: estate planning Tags: beneficiary, grantor, irrevocable, trustee, types of trusts
You can use life insurance to pay for final expenses, estate taxes, or leave an estate for the use of your heirs. Here are some policy types to choose from: Term insurance has no cash value, so its premium covers only the risk of death during that year. Many insurance companies offer level premium term insurance. Premiums may remain level [...]
Categories: life insurance Tags: term insurance, universal life insurance, whole life insurance
There has been a lot said in our past posts regarding how long term care insurance is an important part of retirement planning. After all, with long term care expenses averaging almost $58,000 per year, most people need the protection. But have you ever thought about how long term care insurance may perhaps help you protect the assets you hope [...]
Categories: estate planning Tags: estate, long term care expenses, retirement planning
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