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The U.S. Treasury Department has released a report from the Federal Interagency Task Force on Long-Term Care Insurance recommending government actions to foster innovation in long-term care (LTC) product design, improve the efficiency and relevance of LTC product regulation and promote financial literacy on LTC matters.

Denise Gott, CLTC, is CEO of ACSIA Partners

Featuring Carroll Golden, CLU, ChFC, CLTC, CASL, LECP, FLMI

Annuities can be an important part of long-term care planning, Tom Riekse, ChFC, CLU, CEBS, Managing Director at LTCi Partners, told attendees of NAIFA’s Limited and Extended Care Planning Center webinar. “Unfortunately, there has probably not been as much emphasis on how they can work together in a plan for care as there should be based on some of the great benefits available.”

The National Association of Insurance and Financial Advisors (NAIFA) and the Certification for Long Term Care (CLTC) announce a new series of preparatory classes for NAIFA members. The new virtual series and exam will allow more NAIFA members to earn their CLTC designation. The class series is the latest byproduct of the strong partnership between NAIFA and CLTC.

Do your prospects ask for a specific amount of LTCi, or do they look to you for advice on how the coverage should be structured and how much they might need?

They (you) may have read the studies of how much a nursing home costs, which might be a starting point. However, the costs can vary as much as 100% between the highest and lowest cost areas of the US. Thus, the first step might be to inquire where your prospects plan to reside in their retirement.

Years from now, those of us who lived through the Coronavirus Pandemic will think about the early rush to buy toilet paper and how odd that seemed. As of today (and things could change), there is plenty available at Costco, but they are limiting people to just one 30 pack. Just how long does a 30 pack last? Well, someone has created a Coronavirus Poop Calculator (thepooptool.com) to help people figure that out. For a family of 4, a 30 pack of Costco toilet paper should last 90 days. Amazingly and unexpectedly, it seems all Americans are involved with Toilet Paper inventory management.

We can chuckle a little bit about toilet paper. However, it's not just household products we are taking inventory of.

For a long time, Baby Boomers have been the lifeblood of many finance-based industries, and the financial advisor business is no exception. Baby Boomers, considered to be anybody between the ages of 55 and 75, are perhaps the last generation that practices similar financial habits to the generations that came before them.

They own homes, businesses, and other assets, making them easily the wealthiest generation in American history with an estimated $68 trillion in wealth. And, while pondering our own mortality is never fun, it’s an indisputable fact that, as Baby Boomers continue to age, they will need trusted financial advisors to guide them through the uncharted waters of long-term care as well as complete the transference of wealth to their Gen X and Millennial children when applicable.

From retirement plans to long-term healthcare options and beyond, knowing how to provide valuable and targeted guidance to your Baby Boomer clients will ensure mutually beneficial partnerships for everyone involved. Keep reading to learn more about the importance of long-term and extended care planning and how LegacyShield can be a valuable tool for you, your clients, and their loved ones.