Description

75% of people will require some form of long-term care and the intricacies of long-term care insurance can be confusing.

The complexity of insurance policies and the law itself can mean that even a few small words in a deed or a will can make all of the difference your estate planning. It is crucial that you sit down with an expert to create a holistic estate plan that will protect your quality of life and your assets.

In this episode of The Chris Berry Show, I'll explain the ins and outs of long-term care insurance and tax-free ways to pay for your long-term care.

In this episode you'll learn...

Chris' positive focus for the week.
The complications of joint ownership of property with anyone but your spouse.
What can happen when an attorney without the right knowledge about estate planning sets things up for you.
The difference a few little words can make in your estate planning.
Why it's so crucial to sit down with an expert when you're considering putting together your estate plan.
Tax-free ways to pay for long-term care.
The 6 says to pay for long-term care.
Why you don't want to rely on the government for your long-term care needs.
The biggest problem with the pure traditional long-term care insurance.
How pure traditional long-term care insurance is like renting a house versus asset based long-term care insurance is owning it.
How long-term care insurance works.
How long-term care insurance classes the six activities of daily living and why it matters.
What an elimination period is and why you need to factor it into your financial planning.
How the underwriting differs between types of long-term care insurance.
How the monthly and lifetime limits may change your plans to rely solely on long-term care insurance.
How to protect retirement accounts from long-term care costs.
How we're raising money to fight Alzheimer's.
How to find a Walk to End Alzheimer's near you to participate in.

Q&A

In each episode, I take questions from listeners. If you do have any questions that you want answers to, feel free to email us at askchris@thechrisberryshow.com. Here are the questions I covered in this episode:

Paul asked: "My mother passed away with a will leaving a house to me once her husband passes or moves out. However, he has deeded the house himself. Will the house go to his heirs?"
David asked: "Should I purchase term life insurance or whole life insurance?"
Vernon asked: "My 82 year old mother suffers from dementia, and is no longer able to live on her own. She'll be moving into a nursing home, but the nursing home is taking all of her income, leaving her 60 dollars a month. So who pays property tax and maintenance once she is in nursing home on Medicaid? Are my sister and I responsible?"