A New Way to Pay for Long-Term Care that I Think You Should Know About
I think by now most people understand a life settlement as the sale of a person's life insurance policy to a third-party investor. In a life settlement, the policy owner transfers the ownership of that policy in exchange for an immediate cash payment from the buyer. I've handled this type of transaction and although it netted the policy owner about $300,000, the process was so painful that I wrote everything I learned and presented it at AALTCI and incorporated it into my latest book.
Well, there's a different way to do a life settlement that isn't an immediate cash payment. Instead, it puts the money into a benefit account so that claims can be filed against it for long-term care services, with any unused amount going to a beneficiary. All distributions are tax-free, unlike the immediate cash payment kind of life settlement that can have a tax ramification if the policyholder receives more than the amount paid in premiums.
To learn about this new way of doing a life settlement, I'm inviting you to register for a webinar taught by Chris Orestis with Life Care Funding on either March 31st or April 2nd at 4:00 EST. I'll be moderating and perhaps throwing in a comment or two, but Chris will be delivering most of the information. He is very good and I believe you will learn a lot.
Missed this webinar? Access it here:
How to use life insurance to pay for Long Term Care
Moderator: Phyllis Shelton, President, LTC Consultants
Presenter: Chris Orestis, CEO of Life Care Funding
Join us for an insightful Webinar to learn how your clients can use a life insurance policy of any kind to pay for any form of Long Term Care support and service they want. Today's agents are looking for every available long term care planning tool to help families and to bring new revenue streams into their practice. Converting life insurance policies into a tax-free Long Term Care Benefit Plan is an excellent tool for agents to add to their tool boxes, and an important option for families seeking funding sources to address immediate need for care.
In this session, you will listen to real world case studies of how agents helped families convert an unneeded life insurance policy into a Long Term Care Benefit Plan. We will also review the nuts and bolts of how the benefit works, new disclosure laws and legal liabilities every agent must know about, and we will review some simple questions to ask clients and 5 easy steps to bring this program into your practice.
Founded in 2007, Life Care Funding was the first to pioneer the concept of converting a life insurance policy into a Long Term Care Benefit Plan. Since the company's inception, they have built a national network of agents, attorneys, and advisors as well as over 5,000 Homecare, Assisted Living and Nursing Home companies that offer the Long Term Care Benefit policy conversion option to families directly across the United States.
Chris Orestis, CEO of Life Care Funding, is an 18-year veteran of both the insurance and long-term care industries. A former Washington DC lobbyist, he is a nationally known senior care advocate and author of the Amazon best-seller book "Help on the Way", a legislative expert, featured speaker, columnist and contributor to a number of insurance and long term care industry publications. Chris is a frequent guest about senior issues on national radio programs; and has also been featured in the Wall Street Journal, New York Times, USA Today, Fox Business News, and PBS.
His blog on senior living issues can be found at www.lifecarefunding.com. He can be reached at 888-670-7773 x 6623 or firstname.lastname@example.org.
LTC Consultants provides long-term care insurance training to agents and educates consumers with information about long term care insurance. This website contains reports and articles about caregiving, assisted living, nursing homes, aging, senior living and elder care, home health care and other long-term care related articles. Order Phyllis Shelton’s Protecting Your Family with Long-Term Care Insurance with articles about whether or not to self-insure or buy combo life insurance and annuity policies or a traditional LTC insurance plan. The book also contains ideas for people who don't qualify for LTC insurance such as Medicaid, life settlements, reverse mortgages, critical illness and also contains in-depth information about Medicare, Medicare Advantage and Medicare Supplements.