March 11, 2026

The Caregiving Plan You Didn’t Know You Needed: Protect Your Family, Your Freedom, and Your Money

The Caregiving Plan You Didn’t Know You Needed: Protect Your Family, Your Freedom, and Your Money
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Season 2

The most expensive mistake in long-term care planning is waiting until you need care to talk about it. Drawing on their own caregiving experience, Bonita & Raymond Lavine break down the choices families actually face—home care, assisted living, or nursing care—and the strategies that help you keep dignity and control. This episode will help you replace uncertainty with a practical plan that safeguards your freedom and your money.

Ask Good Questions is broadcast live Wednesdays at 6PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask Good Questions is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements radio show programs, services, or

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products mentioned on air or on our web. No liability

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explicitor implies shall be extended to W FOURCY Radio or

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its employees are affiliates. Any questions or comments should be

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directed to those show hosts. Thank you for choosing W

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FOURCY Radio.

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Welcome to to Ask Good Questions Podcasts, broadcasting live every Wednesday,

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six pm Eastern Time on W four CY Radio at

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w four cy dot com. This week and every week,

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we will reach for a higher purpose in money and life,

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as well as a focus on health and wellment. Now,

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let's join your host, Anita bel Anderson, as together we

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start with Asking Good Questions.

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Hello, and welcome to the Ask Good Questions podcast. And

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I hope that we are going to have a fantastic

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time today because we have a guest that we're going

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to talk about a very important topic today. I'm your host,

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Benita bell Anderson, and i'd like to invite my guest

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Raymond Levine, to the Proverbial podcast stage.

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Welcome Raymond.

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I think I got I think I got you good.

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Oh I'm sorry. Okay, I don't know if you can

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edit that. My screen went out, so my apologies.

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Oh boy, okay, No, you're here. I'm Sena. We're all

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seeing you.

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So this is.

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He is actually in my neck of the woods.

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Normally I'm actually still in Hawaii for another couple of months,

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but he's actually in Washington State, which is where I'm from.

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And so let me tell you a little bit about Raymond.

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He turned out to be someone I met that is

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very passionate about long term care.

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Yes, long term.

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Care, and he wants to talk to people about caregiving

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plans that they really have. You know, they're just not

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this is not on their radar. It should be, you know,

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maybe an individual benefit or something that an employer should

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be providing. The challenge is, that Raymond says, is that

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long term care benefits are seldom understood, I agree, or

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advocated for by benefits or property casualty brokers, let alone

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financial advisors like me.

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He thinks that those a lot.

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Of times it can be seen as a benefit, like

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for a middle class or middle income benefit and also

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that the affluent don't eat it because they have sufficient funds.

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Well, that's that's just not the case. And a lot

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of and a lot of a lot.

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Of times, so the illusion is that there's going to

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be adequate funds available.

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So today with Raymond, we are going.

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To break down the choices that families actually face. And

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we have both been through this. I have had several

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long term care scenarios in my own family. Raymond has

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as well. And the strategies we're going to really be

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talking to you about the strategies that help you keep

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dignity and control somewhat and that this episode is going

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to help you replace uncertainty with a practical plan. So

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that's my that's my uh, that's my story. I'm sticking

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to it. We're going to ask some good questions today, Raymond. So, Raymond,

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do you have anything you want to add to that?

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Yes?

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Can we do a real of you to promote me

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before I talk to anyone, that I'll have you as

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my real spoke spokesperson.

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Sure you bet. We can talk about that later. Fair enough,

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you just show us this episode of the podcast. So, Raymond, so,

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like in a little description.

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For this podcast episode, we talked about a caregiving plan.

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Well what do you mean?

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What are the core parts that every family should should

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be aware of.

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Well, let's start off with what is caregiving? And it's

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a term that people often are in but they don't

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know it. But what is caregiving? What does it mean? Well,

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when you're a parent, caregiving means you're taking care of

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your children. Sometimes to tell us of taking care of

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your spouse, but that's a different topic. But caregiving by

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definition of the insurance company is activities of daily living.

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What does that mean? Well, it means that somebody, you know, uh,

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something has happened where you need caregiving, because it's not

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the illness or the accident or the frailty that you

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need caregiving. By the insurance definition, it's activities of daily living.

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So sort of getting into insurance terminology, but it really

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means that somebody needs to help another person with various

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activities meaning eating, bathing, addressing, transitioning. It may be a

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cognitive but like in uh the infomercial, but there's more,

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because caregiving isn't just doing something for somebody, Uh, it's there.

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There's more because there are three things that I In fact,

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actually I got another term today I was reading about

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it is that I've been saying that when you need caregiving.

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There are two things that happen to a person. And

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it doesn't matter age. It doesn't matter how well educated

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you are, how much education you have, it doesn't matter

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about how affluent. There are three things that most people

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in most cultures want and need. One does people want attention,

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especially if you need careget You want somebody to pay

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attention to you. And if you don't believe me, go

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into a go into a restaurant and have and don't

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have anybody come to your table. You're gonna find you know,

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people will complain. It's all attention. I just thought i'd

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give a visual example. The other thing that I think

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happens with is nobody wants to feel invisible. And it's

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sort of attention too. You don't want to be invisible.

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And the third part of this, you know, if you

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want to call it the stool, uh has to do

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with you don't people don't want to feel vulnerable. And

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I'll give you you know an example, Christopher Reeves. You know,

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the actor was vibrant, he was six or four, good looking,

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making money, making pictures falls off a horse, he's paralyzed.

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You think that Christopher Reeves felt vulnerable, Yes, he felt vulnerable.

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He had to have family and friends tell me and

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Robin Williams to call him. They were roommates in New

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York Julliard. Side story, but the point is that Robin

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Williams would call him to UH to motivate him and

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give him mental health. But here's somebody that you know,

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went from riding a horse falling off feeling vulnerable. So

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no matter how famous you are, how wealthy you are,

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if you are in a healthcare situation, you are vulnerable

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and nobody wants to feel like that. So what do

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I do is that I, you know, I don't get

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involved in caregiving, although I've had you know, caregiving situation.

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In fact, actually the next couple of months, my wife

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is going to need knee surgery, so there's gonna be

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a lot of caregiving going on. But what I do

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and people say, well, he sells insurance, Well yeah, I

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mean I sell a specific kind of insurance. But why

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should anybody think about it? Because I provide the money,

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the money so that families can pay for caregiving services,

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so that the family doesn't have to be fully involved

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in the caregiving and all the responsiblity because there's a

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lot of other responsibility. People just think, as they said,

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caregiving is just doing stuff. Well, it's more than that,

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because you may have to take care of somebody's finances, administration, driving,

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making phone calls for prescriptions. If I'm going on and

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you want to stop asking another question because I could get.

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Well, you know what I want to ask you.

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I mean, that's a great that's a great example. What

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do you think do you feel like there's like hope

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and prey assumptions that you hear from families about long

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term care that are like not wanting to address it,

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and they're just like, oh, I hope that we can.

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What do you hear people say when they're like given

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excuses about not dealing with this.

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Well, it's like the person going to the library that

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wants to find out about the Nile River and uh

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the librarian gets a stack of books and the uh

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uh the student says, I don't need that much information,

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but uh uh. For a lot of people, they're in denial,

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and denial is oh, you know, I'll hope you know something.

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You know, it'll it'll all work out. Well, I'll die fast,

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I'll do all you know, all these you know for

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and hope is not a strategy and it's not a

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Hope is not a solution. It's just you hope that

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and in reality it uh uh, you know, it's nice

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to have hope. It's nice to say, oh, I did

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all these wonderful things, you know, being a caregiver. But

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the uh uh, there's a lot of emotion in it. Uh,

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there's a lot of expense and there's a lot of

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you know, uh, you know, people also think about it.

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When we think of caregiving, you almost think of the

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person that needs the caregiving and we often forget the

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people that are involved in caregiving. There's a lot of drama,

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there's a lot of expense, and there's a lot of

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mental health and physical health for the caregiver. And if

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you don't have the resources to uh then your responsibility

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and it can it can be devastating for those that

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need caregiving and those that will be caregivers. That's why

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I'm an advocate or if you really, if we can

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stay on the podcast, that's why I'm a pain in

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the ass about this is that uh, it's really it's

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it's you know, it's as up close and personal as

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you're ever going to get. And I'll say, I'll keep

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this family. It's as close and personal as intimacy or

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child or childbirth or you know how it couldn't get more.

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It couldn't get more personal.

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I remember when I was car.

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And don't ate it.

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I hope, well it is, it is, But I was

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just thinking.

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I'm remembering with my own sister, who she's been gone

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now for about six years, but I remember the day

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one day that when I was caring for her and

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she was she looked at me and shook her head

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and said, I never thought it.

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Would be like this. That's right.

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You know, it was just sad. It was just sad,

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and it was just hard on all of us. But well,

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talk to me about you know, your own family. I

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think you had some caregiving with your parents. So what

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was the moment when you realize that that that you know,

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this planning can change everything.

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Well, my parents were lawyers, and you know, they were

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knowledgeable people about a lot of things, but they weren't

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insurance fires other than what they needed to buy, they

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were you know, they didn't When I say that, I mean,

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it's not like they bought, you know, a lot of

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extra insurance for things, because the usual term is I

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don't want to be insurance poor, and that's as reasonable.

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You don't want to buy more of different things because

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somebody scares you into it. You know, these meet like

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cancer insurance or you know, there are a lot of

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you know, specific things that you can buy. But it's

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like by you know saying, uh, uh you buy a refrigerator,

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do you get a do you get a warranty? The

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point that I'm making on this is that the best

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investment that you can make is to invest in yourself.

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And uh with my parents, they didn't do that until

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they were uh un till it was towards the end.

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And what I mean by that is my father three

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times in his life. Actually my mother died at one

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hundred and three and uh and I'll get back. She

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needed launch she bought a long term care plan and

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they did and they and they try to buy it

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in uh their seventies. After my father had his third

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along you know, and this that this was the final

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illnes this and took him about two and a half

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three years to die. But at that point, through the

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bar association, they got offered you know, long term care benefits.

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And I think that by then my parents got the plot.

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Meaning two times before he had been in a car

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accident and he broke it. He heard his back severely

225
00:14:19.879 --> 00:14:22.200
and he was out for months. And then the second

226
00:14:22.200 --> 00:14:24.200
time he fell off a horse and broke his hip

227
00:14:24.200 --> 00:14:26.080
in his arm and he was out for a year

228
00:14:26.120 --> 00:14:29.759
and a half. And my mother had a thriving estate

229
00:14:29.840 --> 00:14:34.519
planning practice, and she each time they didn't hire, you know, caregivers.

230
00:14:34.679 --> 00:14:38.519
She she was the caregiver, so you know, she spent

231
00:14:38.600 --> 00:14:41.080
time away from her practice, and.

232
00:14:40.960 --> 00:14:44.440
You know, and wouldn't you think that they would do

233
00:14:46.159 --> 00:14:46.919
of all people?

234
00:14:48.279 --> 00:14:51.360
Right, Well, you don't ask your parents that. It's just

235
00:14:51.440 --> 00:14:53.840
you know, it's like, you know, it's like they'll say

236
00:14:53.840 --> 00:14:56.639
it a vice versa, but you usually don't say it

237
00:14:56.639 --> 00:14:58.519
back to your parents, like, you know, well why didn't

238
00:14:58.559 --> 00:15:01.960
you Why why didn't you do that? But a side story,

239
00:15:02.080 --> 00:15:05.919
one of the things even I believed until you know,

240
00:15:05.960 --> 00:15:10.480
in the last maybe twenty years, is that most people

241
00:15:10.600 --> 00:15:15.679
think of caregiving as nursing home insurance or assisted living.

242
00:15:16.240 --> 00:15:18.360
And most people that you know, why do I want

243
00:15:18.399 --> 00:15:21.960
to buy a nursing home policy? I don't want to

244
00:15:22.000 --> 00:15:27.080
be in a nursing home. But the fact is that

245
00:15:28.039 --> 00:15:32.000
caregiving plans, long term care giving plans have evolved a lot.

246
00:15:32.679 --> 00:15:37.200
There have been problems with it over time with premium increases.

247
00:15:37.279 --> 00:15:39.240
We can go into that if you want to later,

248
00:15:40.399 --> 00:15:45.559
but long term care plans are comprehensive. Now. You can

249
00:15:45.600 --> 00:15:48.759
either you buy it and you can either be at home,

250
00:15:48.799 --> 00:15:51.720
which is what most people want. But it may be

251
00:15:51.759 --> 00:15:54.159
that you need to go to a care center called

252
00:15:54.320 --> 00:15:58.519
nursing home assisted living. Why, Well, depends on you know

253
00:15:58.600 --> 00:16:02.159
where you live, how you live, Uh do you have?

254
00:16:02.519 --> 00:16:04.440
You know what kind of care do you need? And

255
00:16:04.480 --> 00:16:08.480
sometimes it might be uh, you know a a there

256
00:16:08.679 --> 00:16:11.559
is a good reason to be in a care center. Now,

257
00:16:11.600 --> 00:16:14.159
I will never go to a care center because I'm

258
00:16:14.159 --> 00:16:17.120
in and I can't and be honest with you, I

259
00:16:17.120 --> 00:16:20.600
can never be in a homeowners association because I'll get expelled.

260
00:16:21.320 --> 00:16:24.360
I just have that. I have that. I just I

261
00:16:24.399 --> 00:16:27.639
have I have that. I have that personality. So so

262
00:16:28.240 --> 00:16:30.159
if I'm going to need caregiving, I'm going to have

263
00:16:30.200 --> 00:16:33.639
to be at home because no care center, no care

264
00:16:33.720 --> 00:16:39.000
center take me. And it's not because not a pleasant person.

265
00:16:39.360 --> 00:16:41.679
I just have a personality. But anyway, the point is

266
00:16:41.720 --> 00:16:47.240
with my parents, she got my mother, uh was able

267
00:16:47.279 --> 00:16:50.600
to get long term care benefits and my father couldn't

268
00:16:50.600 --> 00:16:54.120
because he had pre a pre existing condition. My mother

269
00:16:54.279 --> 00:16:56.320
used it for eighteen years. And as I tell this,

270
00:16:56.480 --> 00:17:00.159
I think I told you when we spoke before or

271
00:17:00.679 --> 00:17:06.359
is that my mother was very affluent and she made

272
00:17:06.400 --> 00:17:09.119
you know, several million a year. So I asked my mother,

273
00:17:09.640 --> 00:17:12.000
watch you buy making this money, because this is the

274
00:17:12.000 --> 00:17:15.880
thing of well, I'll self fund, I'll self ensure, and

275
00:17:16.000 --> 00:17:19.079
my mother, uh being again a state planning attorney said,

276
00:17:19.559 --> 00:17:23.440
nobody has that much money. Nobody has that much money

277
00:17:23.720 --> 00:17:28.559
to pay for their lifestyle and their care services. Because

278
00:17:29.759 --> 00:17:32.359
my mother is sort of the classic case of you know,

279
00:17:32.440 --> 00:17:35.839
she started off, you know with maybe ten to twenty

280
00:17:35.960 --> 00:17:39.079
hours a week of a caregiver, and eventually it became

281
00:17:40.160 --> 00:17:44.279
twenty four hours a day, two or three shifts, seven

282
00:17:44.359 --> 00:17:47.119
days a week. And so I tell people, you know,

283
00:17:49.119 --> 00:17:50.920
do you really want to spend you know, it used

284
00:17:50.920 --> 00:17:53.599
to be, you know, you pay somebody fifteen twenty dollars

285
00:17:53.640 --> 00:17:56.440
an hour. It's now you know, maybe thirty forty five

286
00:17:56.599 --> 00:17:59.160
dollars an hour. So if you do it fifty dollars

287
00:17:59.200 --> 00:18:03.960
an hour times twenty four times seven times thirty times twelve.

288
00:18:04.200 --> 00:18:06.519
Do the arithmetic. It's expensive.

289
00:18:07.519 --> 00:18:11.960
Yeah, well, let's dial this back.

290
00:18:12.559 --> 00:18:17.440
I think there's a lot of misconceptions around Medicare because

291
00:18:17.480 --> 00:18:19.799
you know, most people past sixty five are going to

292
00:18:19.839 --> 00:18:23.920
have some form of Medicare. What does it typically cover

293
00:18:24.039 --> 00:18:27.319
and what what can you help people understand that it

294
00:18:27.559 --> 00:18:30.880
doesn't cover when it comes to extended care.

295
00:18:32.279 --> 00:18:35.400
Medicare is health insurance and this is also where people

296
00:18:35.839 --> 00:18:38.839
don't either don't know or as John Kenny said, they

297
00:18:38.839 --> 00:18:44.920
don't want to know, or they don't understand. And I'm

298
00:18:44.960 --> 00:18:49.960
not saying that to be condescending or dismissive because when

299
00:18:50.240 --> 00:18:52.920
I was looking at Medicare for myself, it's astonishing. It

300
00:18:52.960 --> 00:18:54.920
took me a while and a lot of YouTube things

301
00:18:54.920 --> 00:19:00.119
that understand about you know Medicare and also you know

302
00:19:01.559 --> 00:19:05.160
a Medicare supplement and a Medicare advantage plan and what

303
00:19:05.200 --> 00:19:07.480
the difference is. And it may seem simple, but it's

304
00:19:07.519 --> 00:19:09.720
not as simple. You know, you really have to understand.

305
00:19:09.720 --> 00:19:14.440
I understand it, but uh, and spend time internalizing it.

306
00:19:14.599 --> 00:19:18.680
Medicare is a health insurance plan for seniors, and it

307
00:19:18.720 --> 00:19:21.400
goes back to when when Harry Truman in nineteen forty

308
00:19:21.400 --> 00:19:25.559
eight suggested medicare, it didn't happen till nineteen sixty five.

309
00:19:26.119 --> 00:19:30.240
It is health insurance and it's not socialized medicine. It's

310
00:19:30.279 --> 00:19:36.720
actually an entitlement program. It is for people sixty five

311
00:19:36.799 --> 00:19:41.119
and older to have health care insurance which pays for

312
00:19:41.359 --> 00:19:44.480
your doctor and a pays for your hospital. Then you

313
00:19:44.519 --> 00:19:49.480
buy the supplemental plan to pay for what Medicare doesn't

314
00:19:49.480 --> 00:19:58.880
pay in services. Now, Medicare, if you need caregiving services

315
00:19:58.920 --> 00:20:03.480
because of surgery or some sort of after uh uh,

316
00:20:03.480 --> 00:20:10.480
surgery or rehabilitation, Medicare will pay a certain amount you know, uh,

317
00:20:10.519 --> 00:20:14.920
four caregivers to come in for yeah. Uh, but only

318
00:20:15.000 --> 00:20:18.880
for so long. It's it's it's how about if I

319
00:20:18.920 --> 00:20:25.319
say that it's it's recovery. Uh Uh, it's recovery benefits

320
00:20:25.880 --> 00:20:31.039
short term. Now that's Medicare. Uh and and and it

321
00:20:31.079 --> 00:20:34.839
will uh and it will also pay for hospice. Uh.

322
00:20:35.039 --> 00:20:38.480
You know, when you're actively dying, and you know, the

323
00:20:38.559 --> 00:20:41.640
idea is, you know you're actively dying with this six months,

324
00:20:42.920 --> 00:20:45.359
Medicare will pay for hospice. And many people have had

325
00:20:45.559 --> 00:20:48.799
very good If you can say that very good experiences,

326
00:20:49.079 --> 00:20:55.240
you know, with hospice kids, that's sort of a cognitive

327
00:20:55.319 --> 00:20:57.000
dissonance of Hi, you.

328
00:20:56.920 --> 00:21:00.240
Know, I really exact.

329
00:21:00.599 --> 00:21:07.519
But what but long term care benefits was designed to

330
00:21:07.599 --> 00:21:11.240
pay for the longer term when all the other social

331
00:21:11.319 --> 00:21:15.880
services aren't available that you had money to pay for.

332
00:21:17.119 --> 00:21:19.720
And again it was you know, start with nursing home insurance.

333
00:21:19.720 --> 00:21:23.960
But now it's you know, comprehensive, and you know, look

334
00:21:24.559 --> 00:21:28.279
in forty years, you know there's a lot unlike life insurance,

335
00:21:28.279 --> 00:21:31.160
there's a lot that the insurance companies have learned about

336
00:21:31.720 --> 00:21:36.160
long term care betefits. They've made some serious mistakes with

337
00:21:37.279 --> 00:21:42.440
the plan and the what I regret and what happens

338
00:21:42.519 --> 00:21:46.400
is that people's memory or the way people write about it.

339
00:21:46.640 --> 00:21:49.000
A lot of times will write negatively like it was

340
00:21:49.039 --> 00:21:52.599
such a good plan, but now there have been premium

341
00:21:52.680 --> 00:21:55.559
increases and there have been benefit changes and then so

342
00:21:55.680 --> 00:21:59.200
it's awful. Well, real estate market has had problems, But

343
00:21:59.279 --> 00:22:01.680
I don't know people not saying I never want to

344
00:22:01.680 --> 00:22:03.440
buy a home, I never want a home in the

345
00:22:03.480 --> 00:22:04.720
real estate or.

346
00:22:05.400 --> 00:22:08.160
Will have you? I mean, you've seen that, You've seen

347
00:22:08.160 --> 00:22:12.160
the studies like I'm sure I have where they tell

348
00:22:12.200 --> 00:22:15.319
you and it's very scary. But how likely is it

349
00:22:15.400 --> 00:22:19.759
that someone's going to need this long term care? And

350
00:22:19.759 --> 00:22:23.200
what ages do you most often see it starting?

351
00:22:23.640 --> 00:22:29.599
What do you think? What most people think is that

352
00:22:29.640 --> 00:22:33.640
you're going to need it in your sixties, seventies, eighties, nineties,

353
00:22:33.680 --> 00:22:35.480
and there is when you're old, you know, when you're

354
00:22:35.480 --> 00:22:39.359
perceived as old, that then you'll need the caregiving benefits.

355
00:22:39.680 --> 00:22:45.319
It's likely, however, people in there, you know, at any

356
00:22:45.400 --> 00:22:55.960
age for an accident, an accident, an illness and diabetes, stroke,

357
00:22:56.440 --> 00:23:01.319
heart attack, cognitive issues that can be you know, early

358
00:23:01.599 --> 00:23:05.640
uh early age demandsia. I don't want to just say

359
00:23:05.680 --> 00:23:09.640
Alzheimer's because uh, you know, but you can, but you could,

360
00:23:09.680 --> 00:23:13.119
but you can have a cognitive Here's another thing that

361
00:23:13.160 --> 00:23:15.599
people think. There are a lot of people have neurological

362
00:23:15.640 --> 00:23:23.960
diseases MS or other uh uh neurological diseases. People can

363
00:23:24.000 --> 00:23:28.759
get severe arthritis, So there are a lot of healthcare

364
00:23:28.839 --> 00:23:32.799
issues or something in the d n A that that

365
00:23:32.920 --> 00:23:36.440
you may need caregiving services at a much younger age.

366
00:23:36.759 --> 00:23:44.039
Now here's the other thing, uh is that people are

367
00:23:44.039 --> 00:23:48.440
people are you know, Americans are living longer. If you

368
00:23:48.480 --> 00:23:51.880
look at the statistics you know, the girls live longer.

369
00:23:52.000 --> 00:23:54.359
I'm not sure if that's really going to happen, you know,

370
00:23:54.440 --> 00:23:56.279
for all, if the boys will catch up or the

371
00:23:56.799 --> 00:24:00.319
girls will uh uh, you know, not not not live

372
00:24:00.319 --> 00:24:04.079
as long. But the assumption is that women live or

373
00:24:04.079 --> 00:24:07.400
the girls live longer than the men. So therefore, you know,

374
00:24:07.519 --> 00:24:13.799
let's calculate. But however, people are living longer, that doesn't

375
00:24:13.839 --> 00:24:16.720
mean they're living with greater better health.

376
00:24:17.039 --> 00:24:21.960
Right right, Yeah, I definitely want to have to have

377
00:24:22.079 --> 00:24:22.680
better health.

378
00:24:22.720 --> 00:24:27.799
Part I do too. And however, if you even if

379
00:24:27.839 --> 00:24:32.000
you need caregiving, even if you're not healthy, you know,

380
00:24:32.039 --> 00:24:34.400
I want to give you know, some positive things about

381
00:24:34.440 --> 00:24:38.039
this is that just because you're not healthy and you

382
00:24:38.039 --> 00:24:41.160
will have a caregiving plan whatever it means. You have

383
00:24:41.200 --> 00:24:44.119
a reverse mortgage, you sell your life insurance, you get money,

384
00:24:44.599 --> 00:24:46.839
uh you know, you take money out of your however

385
00:24:46.960 --> 00:24:50.559
you do it. My concern is you can still have

386
00:24:51.319 --> 00:24:54.599
a good life. You really can, and I mean I've

387
00:24:54.599 --> 00:24:58.279
seen this personally. You can still have you know, a

388
00:24:58.279 --> 00:25:01.000
a a life where you're not in visi you don't

389
00:25:01.000 --> 00:25:04.319
worry about attention, and you don't don't feel as vulnerable.

390
00:25:04.400 --> 00:25:07.960
You can go out and do things and I see

391
00:25:07.960 --> 00:25:10.359
this every day when I go out. You know, I

392
00:25:10.400 --> 00:25:15.119
see people canes, walkers, wheelchairs. Uh uh uh uh they

393
00:25:15.559 --> 00:25:20.200
have the oxygen of things. What are recent living in

394
00:25:20.960 --> 00:25:21.680
Washington State?

395
00:25:22.200 --> 00:25:22.319
Uh?

396
00:25:22.480 --> 00:25:25.400
Somehow old older people? You have caught up where I

397
00:25:25.559 --> 00:25:27.400
just you know, I see I see all these people.

398
00:25:27.519 --> 00:25:32.279
Of course, being in this business, I become more observant.

399
00:25:32.319 --> 00:25:35.000
I've become I've become more aware. And you know, in

400
00:25:35.039 --> 00:25:37.599
that sense, I'm really gratified that you know, I'm in

401
00:25:37.640 --> 00:25:41.519
the business I'm in. I'm in because it's it's given me.

402
00:25:42.200 --> 00:25:45.440
Uh you know, it's helped me to understand not only

403
00:25:45.440 --> 00:25:48.680
in myself and my family, but what other you know,

404
00:25:48.799 --> 00:25:51.000
to observe how what other people are going through. So

405
00:25:51.039 --> 00:25:53.079
it's made me. It's made me, I think a better

406
00:25:53.119 --> 00:25:54.440
person and more empathetic.

407
00:25:56.039 --> 00:25:57.039
Well what do you think?

408
00:25:57.559 --> 00:25:57.720
Uh?

409
00:25:58.039 --> 00:26:01.079
We kind of mentioned this at the beginning about affluent people,

410
00:26:02.440 --> 00:26:06.039
and I think you know, affluent families can get blindsighted.

411
00:26:06.079 --> 00:26:11.119
What's the illusion around will just pay out a pocket taxes?

412
00:26:12.519 --> 00:26:15.599
Meaning and I made you think i'd be if you

413
00:26:15.720 --> 00:26:18.400
have to use your and there's there's not nothing in

414
00:26:18.440 --> 00:26:20.680
the I R. S Code that I'm aware that if

415
00:26:20.720 --> 00:26:24.039
you need if you're using the your your your income

416
00:26:24.440 --> 00:26:28.640
or your assets to pay for caregiving. There's no tax benefit.

417
00:26:28.759 --> 00:26:32.559
There's no tax Uh, there's no tax incentive. So what

418
00:26:32.720 --> 00:26:38.640
you're putting in there's you're you're paying a double expense actually,

419
00:26:38.720 --> 00:26:41.720
or an added expense. When is your lifestyle? You know,

420
00:26:41.839 --> 00:26:45.119
the utility bills don't stop because you have or the

421
00:26:45.200 --> 00:26:48.240
ability say, oh you have your CAREGT. Oh you know,

422
00:26:48.279 --> 00:26:51.400
well you don't. You don't have to pay utilities. You

423
00:26:51.440 --> 00:26:58.079
don't have to pay your property taxes, you do exactly, so,

424
00:26:58.319 --> 00:27:02.920
so the expenses continue. However, now you're adding an expense,

425
00:27:03.480 --> 00:27:08.240
not an asset, but an expense of if your spouse

426
00:27:08.839 --> 00:27:13.079
is actively working or retard whatever the situation may be.

427
00:27:14.000 --> 00:27:16.920
That it's you know, is your is your spouse if

428
00:27:16.960 --> 00:27:21.000
you have one, are they be able to help you?

429
00:27:21.400 --> 00:27:24.400
If you have children, you really want your children to

430
00:27:24.799 --> 00:27:28.519
give up their careers and families are suspended? Uh? And

431
00:27:28.559 --> 00:27:31.160
they and they will. But there's an there's an expense.

432
00:27:31.240 --> 00:27:36.240
So you're going from whatever income you're making and add

433
00:27:36.359 --> 00:27:41.440
thirty forty fifty percent to that. Can you handle the

434
00:27:41.559 --> 00:27:47.799
lifestyle and the extra expense even even even even if

435
00:27:48.000 --> 00:27:51.279
even even if you whether you say I have several

436
00:27:51.319 --> 00:27:56.160
million in assets, it's what are the assets producing and

437
00:27:56.640 --> 00:27:59.880
caregiving expenses? If you think, you know, whatever you're feeling

438
00:28:00.119 --> 00:28:05.119
are about. Inflation is an inflation in caregiving is a

439
00:28:05.160 --> 00:28:11.640
lot higher than everything else. It's going up incrementally. Caregiving

440
00:28:11.720 --> 00:28:12.359
is expensive.

441
00:28:14.279 --> 00:28:18.920
Well, I am working with a long term, a long

442
00:28:19.119 --> 00:28:21.920
time client, someone that has been with me for a

443
00:28:22.000 --> 00:28:26.400
very long time. And she's a retired pharmacist. She has

444
00:28:26.519 --> 00:28:33.400
just put her husband into memory care. So and this

445
00:28:33.559 --> 00:28:37.079
is you know, this is going to cost her about

446
00:28:37.079 --> 00:28:40.559
ten thousand a month, and all of her other expenses

447
00:28:40.599 --> 00:28:44.279
are still continuing. And it's sad, and it's emotional, and

448
00:28:44.720 --> 00:28:48.319
you know, all the things with you know, losing your partner.

449
00:28:49.079 --> 00:28:51.720
It's I don't know. I mean, what do you think

450
00:28:51.839 --> 00:28:54.920
most shocked families the most once care is needed? What

451
00:28:54.960 --> 00:28:55.720
do you think.

452
00:28:57.079 --> 00:29:03.519
Everything everything your life when you need when there's an

453
00:29:03.599 --> 00:29:08.279
illness or accident or everything changes, you know, I mean,

454
00:29:08.400 --> 00:29:11.519
it's it's you know, use the metaphor, you know it's

455
00:29:11.559 --> 00:29:15.440
a light switch. You know your life will change. You

456
00:29:15.440 --> 00:29:18.000
know when I had my I've had two heart attacks.

457
00:29:18.200 --> 00:29:22.440
I guarantee you there was a like it affected my life,

458
00:29:22.920 --> 00:29:25.519
you know, instantaneously in court and court and of course

459
00:29:25.559 --> 00:29:30.440
my fa my family because if you're not prepared, and

460
00:29:30.519 --> 00:29:34.599
many people aren't, then a lot of things, there are

461
00:29:34.599 --> 00:29:36.079
a lot of things that you're going to have to

462
00:29:36.119 --> 00:29:40.119
do in your life that if you're not prepared, are uh,

463
00:29:40.160 --> 00:29:43.319
it's it's it's not only stress for those that have

464
00:29:43.440 --> 00:29:46.599
whatever issue they have, but for the family, because there

465
00:29:46.599 --> 00:29:48.920
are things you got to find out. You know, uh,

466
00:29:49.160 --> 00:29:54.279
what prescriptions are you taking? What's your Social Security number?

467
00:29:54.640 --> 00:29:56.920
What's your what your uh? Uh? Do you have your

468
00:29:56.920 --> 00:30:01.200
health card? You know? Uh? Uh? What powers of attorney?

469
00:30:01.240 --> 00:30:02.079
What passwords?

470
00:30:02.119 --> 00:30:02.279
You know?

471
00:30:02.599 --> 00:30:07.759
The uh? Who's your doctor? You know? Does your family know?

472
00:30:07.880 --> 00:30:10.319
You know who your doctors are? Uh? Do you know

473
00:30:10.400 --> 00:30:14.400
the phone numbers? You know? Uh? Uh uh? There are

474
00:30:14.559 --> 00:30:19.440
so many you know things besides oh somebody is isn't well?

475
00:30:19.680 --> 00:30:23.279
Is that it's information? They're all going to ask for information,

476
00:30:23.359 --> 00:30:24.880
and I guarantee you they're all going to say do

477
00:30:24.880 --> 00:30:27.799
you have insurance? Every you know, they're all going to

478
00:30:27.839 --> 00:30:30.319
say you have you haven't have insurance? Or you know,

479
00:30:30.559 --> 00:30:33.799
uh or how's your credit card balance?

480
00:30:35.279 --> 00:30:39.480
Yeah, well, let's talk about let's talk about the kids

481
00:30:39.880 --> 00:30:40.480
for a minute.

482
00:30:40.480 --> 00:30:40.680
Here.

483
00:30:40.839 --> 00:30:44.920
What happens to an adult child's finances when there's no

484
00:30:45.079 --> 00:30:49.480
plan and I'm thinking about retirement and college funding and

485
00:30:49.559 --> 00:30:51.279
their career and their marriage.

486
00:30:51.880 --> 00:30:52.079
You know.

487
00:30:52.319 --> 00:30:55.400
Let you know, what are your thoughts about those adult

488
00:30:55.480 --> 00:30:56.960
children that get involved in this?

489
00:30:58.279 --> 00:31:01.119
Any study that you will find and you can you know,

490
00:31:01.200 --> 00:31:04.359
find your own study. They all say the same thing

491
00:31:04.359 --> 00:31:06.400
because I, you know, I read about this stuff all

492
00:31:06.480 --> 00:31:12.119
the you know, every day, or I is it if

493
00:31:12.279 --> 00:31:14.279
children are involved? Fact, I mean there's been you know,

494
00:31:15.119 --> 00:31:19.400
movies that have been done about this and television shows.

495
00:31:19.559 --> 00:31:21.920
You know, it is traumatized, but you know, it tells

496
00:31:21.920 --> 00:31:26.480
the story of you know, it's devastating to everyone because

497
00:31:26.759 --> 00:31:29.160
if you have to take care of them, you know,

498
00:31:29.200 --> 00:31:31.880
do you live across the street west? You know, families

499
00:31:32.200 --> 00:31:35.599
you know one hundred years ago, you know they were families,

500
00:31:37.440 --> 00:31:43.200
they lived in the same community twenty twenty six. Is

501
00:31:44.160 --> 00:31:49.319
things are different. People don't always live in the in

502
00:31:49.359 --> 00:31:51.039
the same area. A lot of times they don't even

503
00:31:51.119 --> 00:31:53.640
live in the same state for various reasons. And of

504
00:31:53.680 --> 00:31:56.759
course also depends on marital status. You know, some people

505
00:31:56.759 --> 00:32:00.200
are you know, on two or three families. So the

506
00:32:00.759 --> 00:32:06.440
point is that, uh, if your children don't live uh nearby,

507
00:32:07.000 --> 00:32:10.960
you know, Uh if they have to drive, I don't

508
00:32:11.000 --> 00:32:12.960
notice the gas station saying oh, you're going to see

509
00:32:12.960 --> 00:32:18.599
your parents for caregiving? Oh you know it's free. You know, Uh,

510
00:32:18.640 --> 00:32:21.119
there's gonna be uh. Or if you have to fly,

511
00:32:22.400 --> 00:32:24.119
you know, you might say, oh, I have a hardship.

512
00:32:24.160 --> 00:32:27.799
Maybe maybe maybe maybe they'll give you, uh some sort

513
00:32:27.799 --> 00:32:30.920
of discount. But the point is that if a child

514
00:32:31.079 --> 00:32:35.920
has to go and visit the parent, then and there's expense.

515
00:32:36.200 --> 00:32:40.920
But but but there's more is that you're coming into

516
00:32:41.000 --> 00:32:45.359
a situation of uh, you don't know how long if

517
00:32:45.359 --> 00:32:48.160
you're not aware of you know what the situation. Uh

518
00:32:48.200 --> 00:32:52.039
have they been paying their bills? How have they been eating?

519
00:32:52.079 --> 00:32:55.400
What's the condition of you know with you know, whether

520
00:32:55.599 --> 00:32:59.559
whether living are the uh uh you know the parents

521
00:32:59.640 --> 00:33:02.160
been bay and they've been eating, you know, and you

522
00:33:02.160 --> 00:33:04.200
can open up the refrigerator, you know if it has

523
00:33:05.160 --> 00:33:08.960
expiration twenty twenty, you know you're in serious trouble. But

524
00:33:09.039 --> 00:33:11.200
here's the thing that you know that people will call

525
00:33:11.240 --> 00:33:13.960
me and say, can you help me? I don't know.

526
00:33:14.000 --> 00:33:16.079
I don't know where their financial papers are. I don't

527
00:33:16.079 --> 00:33:18.799
know where their health insurance. I mean, they don't they

528
00:33:18.799 --> 00:33:20.279
don't know where their documents are.

529
00:33:22.200 --> 00:33:26.000
Yeah, yeah, it's crazy. Well let's let's get into some

530
00:33:26.160 --> 00:33:26.880
action things.

531
00:33:27.000 --> 00:33:29.880
I always like to have people, you know, have something

532
00:33:29.920 --> 00:33:30.920
that they can take away.

533
00:33:32.079 --> 00:33:33.720
If a listener wants to like.

534
00:33:33.759 --> 00:33:36.880
Quote unquote own a caregiving plan or start going down

535
00:33:36.880 --> 00:33:40.480
this road, what are the first three steps did you'd

536
00:33:40.559 --> 00:33:42.079
have them take this month?

537
00:33:43.559 --> 00:33:46.279
There are there are there, There are a number of

538
00:33:46.279 --> 00:33:48.519
things if you have I mean, if you want to talk,

539
00:33:48.599 --> 00:33:51.000
you talk to somebody like me. You know I'm going

540
00:33:51.079 --> 00:33:55.240
to I'll be authentic. U. The first thing I'm going

541
00:33:55.319 --> 00:33:58.839
to ask you if they want to think and know

542
00:33:58.920 --> 00:34:02.279
about getting a caregiving plan, The first question I ask

543
00:34:02.440 --> 00:34:04.960
is what do you want your caregiving plan to do?

544
00:34:05.359 --> 00:34:07.759
Not Oh we have this plan and this plan this time,

545
00:34:07.799 --> 00:34:09.719
we can do this and this is I want to

546
00:34:09.719 --> 00:34:13.159
find find out what are the important about caregiving? What

547
00:34:13.199 --> 00:34:16.639
do you want your caregiving plan uh to do? With

548
00:34:16.719 --> 00:34:20.159
the three things that I say is that, uh, where

549
00:34:20.159 --> 00:34:22.920
do you want your caregiving? If you needed caregiving? Just

550
00:34:23.000 --> 00:34:25.559
like where do you want your caregiving? Most people say, well,

551
00:34:25.599 --> 00:34:27.079
I want it at home, you know.

552
00:34:27.559 --> 00:34:27.719
Uh.

553
00:34:27.800 --> 00:34:30.519
The family might say, well, you know, who wanted to

554
00:34:30.559 --> 00:34:33.880
go to a care center? The second thing is I asked,

555
00:34:33.960 --> 00:34:36.239
who do you want to be responsible for your caregiving?

556
00:34:36.800 --> 00:34:38.880
You know who's out there? You know, you like your kids,

557
00:34:39.039 --> 00:34:41.840
they like you. Are you going to uh or family

558
00:34:41.960 --> 00:34:45.079
or friends? Who is capable of doing caregiving for you?

559
00:34:45.360 --> 00:34:47.920
Because you know, they've got to think about it. I think,

560
00:34:48.599 --> 00:34:50.840
you know. Here's the other thing is people have to visualize.

561
00:34:50.880 --> 00:34:53.360
I mean really, it isn't just telling people. You really

562
00:34:53.440 --> 00:34:55.840
got to visualize, you know, do you really you know

563
00:34:56.119 --> 00:34:57.880
this is what your kids You're going to ask your

564
00:34:57.920 --> 00:34:59.599
kids to do? Do you really is that what you

565
00:34:59.679 --> 00:35:01.760
really want? You know? Do you want them to really

566
00:35:01.800 --> 00:35:04.840
bathe you? You know, can they lift you? You know?

567
00:35:04.960 --> 00:35:08.320
Do you really want them to look something? They may

568
00:35:08.320 --> 00:35:12.079
have to do your finance? You want to see the finances.

569
00:35:13.280 --> 00:35:16.119
And the third question that I that I asked us,

570
00:35:16.480 --> 00:35:18.280
how are you going to pay for it? What? You know,

571
00:35:18.360 --> 00:35:23.199
what what resources do you have? And people will you know, say, well,

572
00:35:23.239 --> 00:35:25.440
you know I can, I can pay for a year

573
00:35:26.360 --> 00:35:31.360
on my own, And I'll say, well, so you know

574
00:35:31.480 --> 00:35:34.519
you're okay with spending six thousand a month? Seven thousand?

575
00:35:34.960 --> 00:35:37.360
Oh yeah, so well what happens if it goes.

576
00:35:37.760 --> 00:35:41.320
How about ten? That client I just talked about is

577
00:35:41.360 --> 00:35:42.599
going to be one thousand a month?

578
00:35:43.679 --> 00:35:46.199
And it may be you know that is later on. Again,

579
00:35:46.280 --> 00:35:49.639
it depends on the situation. Sometimes it's incremental. Sometimes it's

580
00:35:49.719 --> 00:35:52.360
the wham bam, meaning you know, yeah you need this

581
00:35:52.400 --> 00:35:54.559
and this is this and this is what it cost.

582
00:35:54.719 --> 00:35:56.480
But you see, there's the other thing is what is

583
00:35:56.559 --> 00:36:00.239
ten thousand dollars? What's what's it going to get you?

584
00:36:00.360 --> 00:36:02.480
Is it going to really get you? A? Well? Here

585
00:36:02.559 --> 00:36:04.519
here here. Let me say it this way. When I

586
00:36:05.079 --> 00:36:07.920
ask people, you know, how much attention do you want

587
00:36:08.360 --> 00:36:11.679
if you need a caregiving and I'll say, you know,

588
00:36:12.480 --> 00:36:14.519
the question will asks us, you know what the ratio

589
00:36:14.679 --> 00:36:17.960
is for attention if you're at home versus if you're

590
00:36:17.960 --> 00:36:20.760
in a care center, and theresa, I don't know. So

591
00:36:21.280 --> 00:36:25.840
if you're at home, the attention if you have something

592
00:36:25.960 --> 00:36:28.960
is at least one to one good ratio. You might

593
00:36:29.000 --> 00:36:32.199
have two or three or four to one even better ratio.

594
00:36:32.920 --> 00:36:35.280
Now if you're in a care center, depending on you know,

595
00:36:35.800 --> 00:36:39.039
do you have a really fancy schmancy one or do

596
00:36:39.079 --> 00:36:42.360
you have you know, sort of the you know, the

597
00:36:42.360 --> 00:36:47.719
regular care center. So it might be the attention is

598
00:36:47.960 --> 00:36:51.920
prompt or it might be you know, one to fifteen,

599
00:36:51.960 --> 00:36:54.760
one to twenty, and if they're all needy, they all need,

600
00:36:54.840 --> 00:36:57.239
you know, need attention. Do you really think you're going

601
00:36:57.280 --> 00:37:01.280
to get that attention? Fat? So? So what does ten

602
00:37:01.360 --> 00:37:05.800
thousand mean? Uh, it depends, I would just tell you personally,

603
00:37:05.840 --> 00:37:10.559
it depends on what attention you need. And obviously you know,

604
00:37:10.639 --> 00:37:13.480
here's the other thing. And I'm saying, you know quickly,

605
00:37:13.599 --> 00:37:17.760
maybe you know more information, But it depends also on

606
00:37:19.039 --> 00:37:21.199
what things you know. If you if you're you know,

607
00:37:21.639 --> 00:37:24.840
the needing the character, how much attention do you need.

608
00:37:24.880 --> 00:37:27.320
Maybe there's something a lot of things you can do yourself,

609
00:37:27.800 --> 00:37:30.719
but as time goes on that you need more attention.

610
00:37:30.800 --> 00:37:33.239
There are more and more things that need to be done.

611
00:37:34.400 --> 00:37:38.320
And so therefore it's either if you're at home there

612
00:37:38.320 --> 00:37:39.960
are more things that people need to do, or you

613
00:37:40.000 --> 00:37:41.960
need to bring in people because you need you know,

614
00:37:41.960 --> 00:37:47.280
if you need oxygen or if you're getting prescriptions and

615
00:37:47.320 --> 00:37:53.400
stuff or therapy. Maybe you know, you can hire people

616
00:37:53.400 --> 00:37:55.719
to come in, or you can take something one way

617
00:37:55.760 --> 00:37:59.320
or another. You have to have somebody else, you know, help,

618
00:38:00.039 --> 00:38:02.159
uh help you well.

619
00:38:01.920 --> 00:38:05.159
Raymond, you know I'm wondering about you know, there might

620
00:38:05.199 --> 00:38:08.800
be guess. And there might be some some out there

621
00:38:08.920 --> 00:38:13.039
that are saying, but I can't qualify medically, or they

622
00:38:13.039 --> 00:38:16.800
can't or they can't afford traditional long term care insurance.

623
00:38:17.480 --> 00:38:20.320
What alternatives are you going to say? What would you

624
00:38:20.480 --> 00:38:24.159
someone's telling you that, what would you say? What alternatives

625
00:38:24.159 --> 00:38:24.599
are there?

626
00:38:25.199 --> 00:38:28.760
Okay, some of the some of the basic reverse mortgage,

627
00:38:29.119 --> 00:38:31.400
and I'm not a poster. You know, if you want,

628
00:38:31.440 --> 00:38:34.559
if you want a home and you have assets, you know, uh,

629
00:38:35.440 --> 00:38:38.400
you know, a reverse mortgage might be a good idea.

630
00:38:39.360 --> 00:38:41.599
What I would also say is that if you want

631
00:38:41.639 --> 00:38:44.079
to keep buy and if you can't, buy a life

632
00:38:44.079 --> 00:38:48.400
insurance policy so that it will pay off the reverse mortgage.

633
00:38:48.440 --> 00:38:50.239
So if you want to leave your home as a legacy,

634
00:38:50.320 --> 00:38:52.960
buy a life insurance policy. Obviously, you know most people say,

635
00:38:52.960 --> 00:38:56.239
well they'll buy a term, a term policy or depending

636
00:38:56.280 --> 00:38:59.920
what it is, you know, a cash value. So reverse mortgage,

637
00:39:00.119 --> 00:39:02.480
you know, might be a better bit. If you own

638
00:39:02.599 --> 00:39:06.920
life insurance, life insurance is uh uh, if it's convertible

639
00:39:07.000 --> 00:39:11.159
or if your own cash value, uh, then ask me,

640
00:39:11.719 --> 00:39:14.840
I'll get you a life sell sell your life insurance.

641
00:39:14.920 --> 00:39:16.800
In fact, let me also just say, if you own

642
00:39:16.880 --> 00:39:20.679
life insurance and don't let it lapse, and don't try

643
00:39:21.000 --> 00:39:23.440
sell it. Sell it to a life settlement and get

644
00:39:23.440 --> 00:39:25.719
and and and get cash. So don't sell your life

645
00:39:25.760 --> 00:39:29.000
insurance and don't let it lapse because I'll let it

646
00:39:29.079 --> 00:39:31.599
lapse or I'll just turn it in sell it if

647
00:39:31.639 --> 00:39:36.440
you can another another way you could. Another thing if

648
00:39:36.480 --> 00:39:41.360
you have no asset is medicaid. Now you might be eligible.

649
00:39:41.480 --> 00:39:44.280
You know, here's the thing. People think that they're entitled.

650
00:39:44.320 --> 00:39:47.800
You're not. You're eligible, but you're not entitled because you

651
00:39:47.880 --> 00:39:52.599
have to have qualifications. So uh uh, I'm uh. I

652
00:39:53.039 --> 00:39:56.920
might feel I'm entitled to things. The reality is you

653
00:39:56.960 --> 00:39:59.079
know that you're eligible and you have to be uh

654
00:39:59.599 --> 00:40:03.039
and just be. And if you want to do it

655
00:40:03.079 --> 00:40:05.159
before and you want to transfer assets, you know, I

656
00:40:05.159 --> 00:40:07.639
say to people, I'll have to let medicaid, but I'll

657
00:40:07.679 --> 00:40:11.119
transfer my assets. Said fine, then talk to another care attorney.

658
00:40:11.199 --> 00:40:14.239
Pay fifteen thousand or whatever, because they're going to charge

659
00:40:14.239 --> 00:40:16.480
for the services. You really want to you know, you

660
00:40:16.519 --> 00:40:18.960
really want to transfer your asset all right, then medicaid

661
00:40:19.880 --> 00:40:25.199
or transfer transfer the asset. Now. Here's if you have

662
00:40:26.000 --> 00:40:29.960
an annuity or if you have assets not really needed

663
00:40:30.039 --> 00:40:36.559
for retirement benefits. Even if you have pretty lousy health

664
00:40:36.639 --> 00:40:39.719
or almost no health, I can still get you a plan.

665
00:40:40.119 --> 00:40:43.239
You transfer the assets to an annuity that has long

666
00:40:43.320 --> 00:40:47.159
term care provision to it. Now here's the thing that

667
00:40:47.199 --> 00:40:49.760
people say, well, I supposedly you know if you at

668
00:40:49.840 --> 00:40:51.920
least it needs at least one hundred thousand, I'll go

669
00:40:51.960 --> 00:40:55.679
through this quick one hundred thousand. Then it will leverage.

670
00:40:55.679 --> 00:40:57.639
It might be two or three, so the one hundred

671
00:40:57.639 --> 00:40:59.760
thousand really becomes two or three hundred thousand. And then

672
00:40:59.800 --> 00:41:01.679
some we will say, well, if I put it in there,

673
00:41:01.719 --> 00:41:04.840
I'll lose my money. It'll go to money heaven. No,

674
00:41:04.920 --> 00:41:07.239
it won't. I mean it might if you if you

675
00:41:07.360 --> 00:41:09.840
use it enough. But if you if you don't use

676
00:41:09.840 --> 00:41:13.199
all the benefits, then the the assets that are left

677
00:41:13.239 --> 00:41:17.119
in the annuity, UH will go tax free to a beneficiary.

678
00:41:17.400 --> 00:41:23.280
So you're either using it or beneficiary, but you're not.

679
00:41:23.559 --> 00:41:27.880
But you're really not losing it. It's not and it's

680
00:41:27.880 --> 00:41:30.039
not fraud and it's not a scam. I mean it's

681
00:41:30.119 --> 00:41:31.480
it's it's a real thing.

682
00:41:31.800 --> 00:41:36.719
I agree with you on this, Raymond. Where can you

683
00:41:36.760 --> 00:41:39.880
believe we're almost out of time? I always I'm just

684
00:41:39.960 --> 00:41:43.239
like I always this always goes so fast, so we

685
00:41:43.320 --> 00:41:46.239
need to close. I want to have some clarity around

686
00:41:47.280 --> 00:41:48.760
how people can move forward.

687
00:41:48.880 --> 00:41:50.519
So if someone listening today is.

688
00:41:50.480 --> 00:41:55.719
Doing nothing, but we've convinced them to get going on this,

689
00:41:56.280 --> 00:42:00.199
what's the single most important action they could take in

690
00:42:00.239 --> 00:42:05.360
the next seven days to reduce this risk and maybe.

691
00:42:05.280 --> 00:42:07.639
Hopefully regain some peace of mind. What would be the

692
00:42:07.719 --> 00:42:09.639
single best thing they could do.

693
00:42:11.320 --> 00:42:14.960
The best thing they can do, obviously, you know, is

694
00:42:15.079 --> 00:42:20.280
talk to a person that's involved with long term care benefits. However,

695
00:42:20.880 --> 00:42:24.199
you know, the reality is, if you have a financial planner,

696
00:42:24.960 --> 00:42:28.039
if you have a wealth advisor, if you have a

697
00:42:28.280 --> 00:42:30.880
family and friends that you know you like, ask them,

698
00:42:30.920 --> 00:42:35.639
you know, what's your caregiving plan or what what? What? What?

699
00:42:35.639 --> 00:42:38.119
What have you done about it? Or what do you

700
00:42:38.360 --> 00:42:40.480
what do you know about it? And who would you recommend?

701
00:42:41.920 --> 00:42:48.119
So ask wealth advisor, h financial planners, accountants, people, elder

702
00:42:48.199 --> 00:42:52.159
care attorneys, uh, you know, ask them, you know do

703
00:42:52.199 --> 00:42:56.559
they advocate you know caregiving planning? And and what do

704
00:42:56.840 --> 00:42:59.199
what do they advise? So talk to the people that

705
00:42:59.480 --> 00:43:02.480
you know and trust. What are they thinking about it?

706
00:43:02.519 --> 00:43:05.199
What do they advocate advocate? And who should who should

707
00:43:05.199 --> 00:43:05.960
they be talking to?

708
00:43:07.159 --> 00:43:11.960
Right So with that, I think we've asked some good questions.

709
00:43:13.159 --> 00:43:16.519
I think that we've talked about some important things that

710
00:43:16.559 --> 00:43:19.639
people could take action on. Do you have any final

711
00:43:19.800 --> 00:43:21.719
thoughts for us today, Raymond?

712
00:43:22.400 --> 00:43:25.519
Well, the only other thought I have, and we've talked

713
00:43:25.519 --> 00:43:27.599
about a lot of really you know, really ask some

714
00:43:27.719 --> 00:43:30.559
really great questions and really products sometimes of any things

715
00:43:30.559 --> 00:43:33.079
to me that I think about but I don't always say,

716
00:43:33.559 --> 00:43:37.559
is that I would also encourage people to ask their employer,

717
00:43:38.039 --> 00:43:40.440
do you, you know, as part of an employee benefit,

718
00:43:40.559 --> 00:43:43.039
do you have a long term care plan? And if

719
00:43:43.079 --> 00:43:45.719
and if and if they don't say chie, it would

720
00:43:45.719 --> 00:43:48.159
be a good idea, you know, uh for the employer

721
00:43:48.239 --> 00:43:54.159
to uh uh talk to a benefits consultant or me

722
00:43:54.719 --> 00:43:58.800
about installing a long term care benefit plan. And one

723
00:43:58.840 --> 00:44:02.159
of the questions they could ask, you know, have have

724
00:44:02.639 --> 00:44:05.079
people in the company and people will know, you know,

725
00:44:05.079 --> 00:44:08.039
who's in the caregiving situation, who's let had to leave

726
00:44:08.079 --> 00:44:11.880
the company or going sabbatical or giving up a job

727
00:44:11.920 --> 00:44:14.760
as slements or promotion, So ask you do they have

728
00:44:14.800 --> 00:44:18.639
a long term care benefit? Because I'll say this very quick.

729
00:44:19.519 --> 00:44:22.199
Younger people are not really is motivated and really don't

730
00:44:22.199 --> 00:44:25.280
know about long term care plans. However, if a company

731
00:44:25.320 --> 00:44:28.719
does and they own a plan, and let's say even

732
00:44:28.760 --> 00:44:30.960
if it's a fifty starts a fifteen hundred or two

733
00:44:31.039 --> 00:44:33.519
thousand a month and you know, cost them, you know,

734
00:44:33.679 --> 00:44:36.559
thirty five forty dollars or fifty dollars a month at most,

735
00:44:37.639 --> 00:44:40.679
if they kept that plan for fifty years, if they

736
00:44:40.679 --> 00:44:43.280
assuming that you know, they don't need it till their

737
00:44:43.400 --> 00:44:46.280
seventies or eighties, and they're paying, and they'll pay the

738
00:44:46.320 --> 00:44:49.440
same premium and they have a cost of living, you

739
00:44:49.440 --> 00:44:52.159
know what a great investment. They probably never have to

740
00:44:52.199 --> 00:44:56.480
buy another plan on top of it. It's like a

741
00:44:56.519 --> 00:45:00.000
retire it's a good it is a really good investment

742
00:45:02.760 --> 00:45:06.679
for something that you might if you keep it, because

743
00:45:06.719 --> 00:45:10.480
you know, look, assuming your income grows, what's what's you know,

744
00:45:11.280 --> 00:45:14.840
uh uh uh, that's coffee money or beer money for

745
00:45:15.400 --> 00:45:17.800
and uh so as time goes on, you can still

746
00:45:17.800 --> 00:45:20.119
buy beer, you can still buy coffee. You can still

747
00:45:21.519 --> 00:45:23.639
keep your long term care plan. Because let me just

748
00:45:23.679 --> 00:45:26.280
all say, one of the differences is if you own

749
00:45:26.280 --> 00:45:29.519
a long term care plan from your company, it's portable,

750
00:45:29.559 --> 00:45:30.480
you can take it with you.

751
00:45:32.679 --> 00:45:36.679
Yeah, well, Raymond, with that, we need to close up

752
00:45:36.760 --> 00:45:40.840
shop today. So thank you so much for joining me,

753
00:45:41.679 --> 00:45:43.519
Thank you so much for being on the Ask Good

754
00:45:43.639 --> 00:45:47.519
Questions podcast, and thank you to all of you that

755
00:45:47.559 --> 00:45:51.079
are listening in and we so hope that you will

756
00:45:51.119 --> 00:45:54.079
take advantage of this. There will be information on my

757
00:45:54.159 --> 00:45:57.440
website about Raymond if you would like to contact him.

758
00:45:58.440 --> 00:46:00.719
And so with that, thank you, thank you for joining

759
00:46:00.760 --> 00:46:03.840
us on the Ask Good Questions Podcast. We will see

760
00:46:03.840 --> 00:46:04.679
you next time.

761
00:46:08.679 --> 00:46:12.280
Today's episode is over, but we did ask Good Questions again,

762
00:46:12.440 --> 00:46:16.559
didn't We don't miss out as we broadcast live every Wednesday,

763
00:46:16.679 --> 00:46:20.400
six pm Eastern Time on W four CY Radio at

764
00:46:20.599 --> 00:46:24.840
w fourcy dot com. Joined Benina Bellmerson next week for

765
00:46:25.000 --> 00:46:30.679
more conversations with experts on finances, retirement, behavioral finance issues,

766
00:46:30.719 --> 00:46:35.400
health and wellness and more. Until then, remember to ask

767
00:46:35.599 --> 00:46:36.840
good questions.