This course was created to teach advisors (CPAs, EAs, accountants, attorneys, financial planners, and insurance advisors) about the basics of long term care insurance including how it can and should be used in estate planning for low-medium-high income/net worth clients. In addition to the basics about Long Term Care Insurance, the material will cover “advanced” planning with Long Term Care Insurance through the use of a return-of-premium rider and paying for the policy in a tax-deductible manner through a corporation (in a discriminatory manner if possible for the owners).
While Long Term Care Insurance is not thought of as a potential malpractice or E&O problem for advisors, as expenses of Long Term Care Insurance increase, clients who do not have Long Term Care Insurance could pay hundreds of thousands of dollar for their long term care. If an advisor does not know and deal with this topic correctly for a client who ends up paying for their long term care out of their own pocket, malpractice and E&O problems could be filed by the client or ultimately the client’s estate should the client die.
Long Term Care Insurance
2. Is Long Term Care Insurance Right for Your Clients?
a) Is LTCI for the client or the heirs?
3. What Advisors Need to Know About LTCI
a) What is Long Term Care?
b) Who Pays for Long Term Care?
c) Why Do Clients Need Long Term Care Insurance?
d) What is Long Term Care Insurance?
e) How Much Does Long Term Care Insurance Cost?
f) Designing the Long Term Care Policy to Meet Your Client’s Needs
g) What Should I Look for in a Long Term Care Insurance Company/Product?
h) What Type of Coverage Should a Client Buy?
i) How Does the Client Receive Benefits?
j) Which Daily Benefit Should a Client Select?
k) When and Why is Inflation Protection Appropriate?
l) What Length of Coverage Should a Client Buy?
m) What Elimination Period Should a Client Select?
n) How Important is a Non-Forfeiture Option?
o) Long Term Care Insurance Premiums
p) What Special Benefits are Available for Married Couples?
4. Sample Policy
5. Tax Planning with LTCI
a) Won’t the Government cover these Long Term Care Costs?
b) I Do Not Think I Will Need It
c) The IRS Gives Us a Break
6. Would Your Clients Purchase Long Term Care Insurance if it were Free?
b) State Incentives
7. Asset Based Long Term Care
a) Asset-Based Strategy
b) Money-Back Guarantee
c) Qualified-LTCI Benefit
d) Complete-LTCI Benefit
e) Highly Rated Carrier
8. Conclusion on LTCI
9. Glossary of Terms