According to the 2015 Social Security trustee report…

Total expenditures in 2014 were $859 billion. Total income was $884 billion.

Social Security’s cost exceeded its tax income and its non-interest income, as it has since 2010. This relationship is projected to continue through 2024 and beyond.

It’s never too late to look at guaranteed lifetime  income options to supplement your Social Security benefits.

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November is Long Term Care Awareness Month – Seven Things You Should Know

…time again to devote your efforts to understand the importance of planning for your future long-term care needs.

This can be challenging…especially for those who find it hard to see themselves needing help with the most basic daily activities, like bathing or dressing. Yet, taking accountability for their future care and planning for that day is something everyone should do.

Here are seven things you should consider when developing a plan for long-term care:

1. Planning for long-term care is important. Most people plan to live a long life. But with age comes the need for help with some of the things they always did for themselves. According to the U.S. Department of Health and Human Services, 70 percent of people who reach age 65 will need LTC services at some point in their lives.

2. LTC services are expensive. Mutual of Omaha’s cost-of-care survey revealed that just one year in a nursing home can cost nearly $80,000 (based on national averages). Home health care is less expensive, but people still can expect to pay over $36,000 per year on average for care they receive at home.

3. You can’t rely on Medicare. Many people mistakenly believe their LTC needs are already covered. In reality, Medicare only covers services for a short time – typically just long enough to help people get back on their feet after an illness or injury.

4. There’s a hidden cost to family caregivers. It’s easy to say, “My family will take care of me.” But a spouse may not be physically able to provide all the care that’s needed. And children have their own family and career obligations. The fact is family caregivers frequently suffer from stress and illness themselves. Not to mention lost wages if they have to give up a job or reduce work hours.

5. The best time to start planning is now. How will you pay for the care you need? Where will you live? Who will take care of you? These are questions people need to ask themselves now while they’re young and in good health. The need for LTC services can arise at any time. Having a plan in place when that day comes can help alleviate the emotional strain many families face. It also can help ensure your clients get to make the important decisions about the care they receive and the setting they prefer.

6. The cost of waiting can be high. The ability to obtain a Long Term Care Insurance ( LTCi) policy is based on age and good health. So it’s important for people to understand that if something happens to cause a change in their health status, they may not be able to purchase LTCi at any price.

7. Some coverage is better than none. Many people who think they can’t afford an LTCi policy neglect to consider what would happen if they didn’t have one. Without a policy to help pay the bills for LTC services, they may have to liquidate assets, sell stocks, dip into savings or retirement accounts or sell property to come up with the cash they need. Even a modest LTCi policy offers some protection for their important assets

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Rosalynn Carter – Caregiver Quote

Rosalyn Carter Caregiver Quote

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Yes, you can take greater control

The 2015 budget released by the Office of Management and Budget includes severe cuts to skilled nursing facility reimbursements. The White House proposal is intended to cut federal spending on healthcare by $402 billion over the next 10 years. Many Skilled Nursing Facilities (known as SNF’s in the business) provide a high quality of care on a skeletal budget already.

The result: payments will be reduced with no decrease in the amount of care needed, especially for the most vulnerable – the elderly and infirmed.

Why put yourself in the midst of this situation? Long term care insurance enables you to take greater control of where, when, how, and what level of care you desire and require.

A long term care insurance specialist can design the suitable plan for you, tailored to your budget and specific family needs. Make sure your agent is Long Term Care Certified and can assist you with your State Partnership programs.


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When and how to collect Social Security retirement benefits.

It’s not a simple subject, and considerably more than just looking at ages 62, 67, and 70. As a matter of fact, your maximum lifetime benefit is found by running over 20,000 calculations and exploring advanced strategies such as Restricted Application and File and Suspend.

Has your agent/advisor invested in and incorporate state-of-the art technologies to support in customizing solutions and tailored to your specific situation?

You’ve paid into Social Security for years. You owe it to yourself to maximize your benefits when the time comes. Seek an advisor who specializes in helping clients maximize Social Security retirement benefits and how to provide a recommended strategy for you.


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Multiple ways to buy Long Term Care Insurance

3 options may be considered when buying Long Term Care Insurance.

1. A stand-alone Long Term Care (LTC) insurance policy, or;

2. A fixed Annuity with Long Term Care (LTC) benefits, or;

3. A life insurance policy with a Long Term Care rider.

Each has its pros and cons. An experienced Long Term Care insurance specialist should be able to advise you on which option is suitable for your specific situation. Remember, not all Insurance agents are certified to sell Long Term Care insurance.


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Don’t Choose the Wrong Annuity

When you and your Financial Advisor and Attorney decide to invest Charitable Remainder Trust assets in a deferred annuity contract, how do you choose the right annuity product and issuing company? The annuity product should not contain restrictive features that can limit income distributions or create negative economic impact on the charitable remainder interest. A deferred annuity has proven to be a powerful investment vehicle when used inside a Charitable Remainder Trust.  There’s a lot to this, look to an experienced advisory team who can help with case design, legal, accounting, tax, administration and trust transfers.

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In Maryland…

Approximately 770,000 people are taking care of aging or ailing loved ones, as reported in a recent AARP Bulletin, (January-February 2014). When you look into Long Term Care Insurance, make sure your Agent is Certified for Maryland Long Term Care Partnership. Not all agents carry this separate certification.

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Asset Protection for Doctors and Business Owners – Free Educational Webinars

If you would like to be notified about upcoming webinars conducted by Attorneys, please send us an email to:  with ‘webinar’ in the subject field. Please include name and contact number.

A sample webinar…

Attorney delivers a highly educational, interactive, and in-depth presentation on Asset Protection.

The presentation is done in an easy to understand manner that allows the listeners to not only truly grasp the concepts immediately, but enables them to implement the strategies the very next day in their lives.

While many people can make money, few know how to protect it.

Key issues include, but are not limited to:

Definition of Asset Protection and overview of what you should and shouldn’t do when protecting your assets.

A discussion of the special risks Doctors and Medical Professionals face with respect to their assets.

Overview of financial exemption planning and how you can use it in your Asset Protection planning.

When in your business growth you should consider Asset Protection.

Owning multiple businesses.

Marriage and Asset Protection

How your business risk affect your Asset Protection over time.

And much more…

The audience will be able to participate by asking their own Asset Protection questions in the Q and A portion of the Presentation. The Attorney strives to provide the audience with the ability to instantly implement their newly found knowledge in their everyday lives

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Robocallers scamming seniors with “free” medical alert offers

Read more…

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