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TRC Financial Insurance Services and affiliates are presently licensed to sell insurance and annuity products, as well as other securities products in the following states: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Washington, West Virginia and Wisconsin. Residents of other states should consult with a local registered representative for insurance services and securities products. Proper state registration is mandatory prior to conducting business in that state. This is not an offer to sell securities, which may be done only after proper delivery of a prospectus and a client suitability review. CA License - #0E14614 \ CA License #0B40789 \ CA License #0B52893 - The principle place of business and the state of domicile for TRC Financial is: 1 Post, Suite 150, Irvine, CA 92618. Securities offered through Registered Representatives of M Holdings Securities, Inc., a Registered Broker/Dealer Member FINRA / SIPC. Check the background of this Firm and/or investment professional on FINRA's BrokerCheck. TRC Financial is independently owned and operated and is a Member Firm of M Financial Group. Please go to www.mfin.com and click on “Disclosure Statement” at the bottom of the home page for further details regarding this relationship.

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Affluent Caregiving Funding Considerations

November 22, 2017

 

 

Affluent individuals view longevity as a top risk when planning for retirement. One longevity risk is the difference between health expectancy and life expectancy. This gap may require caregiving and could require significant income to fund the plan of care depending on the duration and type of care that is needed.

 

Affluent clients have resources to receive top-level care either at home or in a facility, but how that care is funded can pose challenges. These key considerations should be discussed with an advisor:

 

Liquidity

  • Will assets need to be liquidated to fund care?

  • Is net worth tied up in a business, real estate, or other investments?

  • Should additional costs be considered when liquidating? (Taxes, market timing, fees, etc.)

 

Retirement Portfolio Impact

  • If using income generated from a retirement portfolio, will principal be eroded if additional income is needed for caregiving expenses?

  • Will caregiving expenses divert funds away from other planned lifestyle and planning choices? For example: everyday lifestyle needs, a spouse’s future expenses, charitable/legacy goals.

  • How will a surviving spouse or other dependents be affected?

 

An existing funding source may be identified for use in the event caregiving is needed. In other situations, a client may choose an insurance policy to leverage their assets to provide a larger pool of dollars that can be used to fund their plan for care. A popular option is using a life insurance-based policy with a primary focus of providing benefits that will help cover long-term care expenses.

 

The best solution for a client will be based on their own situation. Generally, affluent clients are attracted to life insurance-based solutions due to premium guarantees and knowing their premium remains an asset, being used for either long-term care benefits, life insurance benefits to a beneficiary, or obtaining the cash value through a policy surrender or return of premium option.

 

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