Estate & Tax Planning with Long Term Care Insurance
Long Term Care Planning - How as a professional you can help your clients find
a solution now for this problem in the future.
Lee Watson, CLTC, Orlando, FL:
What is our client thinking when you introduce the subject of Long Term Care Planning?
· Clear definition of "Long Term Care" (what it is and where you receive it)
· LTC's impact on portfolios and retirement lifestyle (I can afford it. OK, and your wife’s lifestyle, afterward?)
· LTC's impact on caregivers and family (ripple effect)
· Options for paying for LTC by Medicare and Medicaid (100 day qualifications, spend down limits)
· Health qualifying for coverage (automatic No’s)
· Options for paying for LTC through life insurance and/or traditional LTC insurance
Bart Bradshaw, JD, CLU, Richmond, VA:
Estate and Tax Planning with LTCI
-Traditional LTCI
How benefits are taxed Premium deductibility for (a) individuals; (b) C Corporations; (c) Pass-though entities·
Gifting to pay LTCI premiums1035 exchanges to traditional LTCI
-Linked Benefit LTC
Tax treatment of premiums, rider charges, partial withdrawals
How LTC and death benefits are taxed
Ownership issues (trusts, family members and business entities)
Gifting to pay premiums1035 exchanges to linked benefit LTCI
Open to Q&A for both speakers
Speakers Bios:
As an only child, Lee has lived the LTC experience twice with his Mother on different claims over the years. His Mom turned “90” this year and is still living independently. He says, “She has taught me a lot about this business….LTC is an event …. and one you cannot predict. When she had care, money was our first thought, but we soon realized it really was about the consequences to Mom’s well-being and the family around her”. Lee and his wife, Debbie, have two adult daughters. He is an avid sport cyclist and likes to ride the many trails in the region. He has recently taken up fly fishing. He and his wife are active in his church’s Reader’s ministry.
Bart Bradshaw, JD, CLU, Richmond, VA:
As a member of Genworth’s advanced marketing team, Bart provides technical expertise in the areas of estate, business, and retirement tax planning, as well as life insurance, annuity and long term care insurance product taxation. He joined Genworth in May,
2005. Bart has worked in the financial services industry for over 16 years, including positions in advanced marketing, compliance and operations. Prior to that, he spent 5 years as a family law and estate planning attorney in Georgia. Bart was the author of The Bank
Insurance Compliance Kit Series (1998), and has published tax planning articles in magazines such as Family Business, the Journal of Accountancy, and Law Practice. Bart received his B.A. from the University of Central Florida, and his J.D. from Mississippi College School of Law. He is a member of the Georgia Bar Association and
is FINRA Series 7 and 24 licensed.
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