JourneyOfLife
06-06-2013, 06:27 AM
Pun intended!
If you did not plan for LTC and think you or a spouse might end up on Medicaid because of LTC, you might find this interesting.
Your clients who are nearing retirement age might often wonder why they bother maintaining the life insurance policies they have funded for years. With children grown, the need to provide for beneficiaries in the event of an untimely death has already been eliminated. Further, these policies are considered assets that can have a significant impact when determining Medicaid eligibility.
Despite this, recent proposals in several states can give older clients a reason to maintain their policies and provide peace of mind in Medicaid planning. Under these proposals, ownership of a life insurance policy can actually help clients in long-term care planning as more state Medicaid offices embrace the use of life settlements in conjunction with Medicaid coverage.
Here is the article. In Medicaid Planning, Don’t Surrender Life Insurance—Trade It for LTC Instead (http://www.advisorone.com/2013/06/03/in-medicaid-planning-dont-surrender-life-insurance)
If you did not plan for LTC and think you or a spouse might end up on Medicaid because of LTC, you might find this interesting.
Your clients who are nearing retirement age might often wonder why they bother maintaining the life insurance policies they have funded for years. With children grown, the need to provide for beneficiaries in the event of an untimely death has already been eliminated. Further, these policies are considered assets that can have a significant impact when determining Medicaid eligibility.
Despite this, recent proposals in several states can give older clients a reason to maintain their policies and provide peace of mind in Medicaid planning. Under these proposals, ownership of a life insurance policy can actually help clients in long-term care planning as more state Medicaid offices embrace the use of life settlements in conjunction with Medicaid coverage.
Here is the article. In Medicaid Planning, Don’t Surrender Life Insurance—Trade It for LTC Instead (http://www.advisorone.com/2013/06/03/in-medicaid-planning-dont-surrender-life-insurance)