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PODCAST

Preparing For Tomorrow podcast

Diane Stoddart, Certified Long Term Care Consultant, CLTC

Diane Stoddart, Certified Long Term Care Consultant, will show you how to protect your family and loved ones from the financial, physical and emotional burdens and consequences when long term care is needed. In each episode, Diane will help you to navigate through long term care concepts, terms and options and to discuss what strategies are available that can best protect both your family and your nest egg. We will invite guests to sit with us and share ideas regarding various parts of our lives

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All Episodes

15:18

How can we use the SECURE ACT to design tax-free LTC...

Preparing For Tomorrow podcast ·

2023/06/14

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was put into effect in 2020. It delays our RMDs on IRAs until age 72 (yay!), but it also requires most inherited IRAs to be fully liquidated within 10 years rather than allowing beneficiaries to stretch withdrawals over our own lifetimes. Listen and learn how LTC planning can leverage those distributions to create tax-free benefits for care. If you don't need extended care, there is a tax-free death benefit that goes back to

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14:20

How long will I have to pay premiums?

Preparing For Tomorrow podcast ·

2023/06/07

Kim in California wants to know how long premiums will need to be paid on a LTC policy. You decide that, based on what your income and asset levels are today and will be throughout retirement. Some plans use lifetime premiums, while others offer shortened pay and single deposit options (like getting a 15 year mortgage vs. a 30 year mortgage). Which is right for you? When designing a plan, it's important to also design a sustainable funding strategy. Let's figure this out together as we create

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12:31

What are the biggest mistakes people make when...

Preparing For Tomorrow podcast ·

2023/05/31

This episode is from August 10, 2021. Kristina asks about mistakes people make or things people fail to consider when planning for future long term care needs. There are several, but three stand out to me as I have worked too often with people who looked at options many years ago and are looking again today. Others planned ahead but didn't consider future costs in their strategy. We also need ot consider that, the longer we wait, the m,ore likely a chronic health condition may prevent us from

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14:43

Do I need LTC insurance if I don't have a family to...

Preparing For Tomorrow podcast ·

2023/05/24

This episode is from September, 2022, and shares some things to consider when kids aren't a part of our retirement equation. Topic to consider - Hope is not a plan. We hope we'll never need care. We hope that, if we do, that we have enough money to pay for it. What if we don't have a family to protect? Do we really need LTC insurance? Many people with no kids have had better opportunities to save throughout their lives. They've lived well and comfortably for as long as they can remember.

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14:03

A plan for wherever you live and whoever is helping

Preparing For Tomorrow podcast ·

2023/05/17

This is a case study from 2022. My client Sandy doesn't know in which part of the country she plans to retire, so we designed a plan that will help her provide for herself in any of the regions she is considering. It's important to consider what life will be like in 20-30 years when we're planning for LTC needs. And it's important to research projected future costs of care to understand the real risk we'll face. In 25 years, home care and assisted living costs can easliy be $240,000 annually.

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13:11

Why is it important to have dedicated funds for care?

Preparing For Tomorrow podcast ·

2023/05/10

This is one of my favorite past episodes. This is from January, 2022, and my friend that I share here is now paying $18,000/month for her mom to live in memory care. Mom is healthy, other than her mind being absent most of the time, so we have no idea how long she will live there. But, as of now, her kids are spending over $200,000 annually from her investments to pay for care. Losing their inheritance is not the primary concern. Taking care of mom is. But as the accounts rapidly deplete for

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14:43

LTC insurance buys your family time to make better...

Preparing For Tomorrow podcast ·

2023/05/04

This episode was originally published in June,2022, so some numbers are slightly outdated. With a long battle of dementia looming, Bonnie's family is pretty sure she doesn't have enough insurance to pay for as long as she needs. They know that she has at least 3 years of benefits, and that buys them the time they'll need to plan for a transition to Medicaid, if needed. They won't need to sell her house right away, and she can live there alone for now, with help from her LTC insurance and home

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12:23

Can we buy a small LTC policy today and add more...

Preparing For Tomorrow podcast ·

2023/04/26

This week, Diane shares three things we need to consider if we are designing a long term care plan with multiple policies purchased over multiple years. Age, health and insurance industry and company changes could cause us to pay a lot more for coverage later. Or we may end up not eligible to buy additional coverage when we want to. However, if we absolutely have to build our plan in pieces, and if some event or industry change occurs that prevents us from doing so, at least we have some coverage

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18:20

Why can't I just get a quote?

Preparing For Tomorrow podcast ·

2023/04/19

Lately, we've been getting a lot of inquiries from adult children of parents who failed to plan for LTC needs. These people are disappointed that their parents either thought they wouldn't live this long, or if they did, they wouldn't need help living through each day. The kids are now considering that they may also live a long life and need help someday. Often, these kids want a quick quote for LTC insurance for themselves. It's not that simple, as there are a lot of questions to work through as

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14:39

LTC annuities with enhanced LTC benefits

Preparing For Tomorrow podcast ·

2023/04/12

Suze Orman talked about annuities on Sunday, and she brought so much valuable info to her listeners. You can listen and subscribe here - In addition to fixed and indexed annuities to create a future stream of income, you may be able to use an annuity to leverage LTC costs. If you have that emergency fund that is turning into a long term care fund the older you get, you can deposit some of that savings into an annuity that includes enhanced or added benefits for extended care needs. Or if you own

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13:55

Explain the phrase "protect assets equal to benefits...

Preparing For Tomorrow podcast ·

2023/04/05

Jeremy in Minnesota asked Diane to explain the phrase "protect assets equal to benefits paid". This is referencing the federal LTC Partnership Protection Act, and Diane explains how this law works to protect the middle and upper middle class from financial destruction when an exhaustive extended care needs show up. Partnership protection is approved in 44 states. In this episode, Diane shares how a Partnership qualified LTC policy protects assets and eases stress throughout the family. Jim & Holly

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15:41

Don't have LTC insurance? You still need a plan

Preparing For Tomorrow podcast ·

2023/03/29

This week is chock full of questions we need to be asking to make sure our LTC plan is really going to work. We say we want to stay home, but what are the deeper questions we need to address to be sure that will work? The 3 parts to a plan are 1) where do we want to live? 2) who do we want to have with us? and 3) how will we pay for this? We're digging deeper into what these questions and our answers really mean for us and for those around us. You may not want or qualify for LTC insurance, but

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13:01

How does a 1035 exchange work to add LTC benefits to...

Preparing For Tomorrow podcast ·

2023/03/22

Do you own a life insurance policy that has built cash value over the years, and now your need for that coverage has lessened as your net worth and liquid assets have grown? Listen and learn how you can 1035 exchange that plan for one that also includes LTC coverage. If you never need extended care, a death benefit goes back to your estate, and the premiums are guaranteed to never increase

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14:22

Same premium; very different tax deductions

Preparing For Tomorrow podcast ·

2023/03/15

This episod is from April 2022, and Aaron in Ohio was seeking tax deductions for his corporation. He brought me a quote to review, and we found that using the exact same premium amount, how three different tax deductions can be designed just by moving some variables. There are multiple ways to design a plan to create different results. When I work with my clients, I ask a lot of questions, and we work together to desing plans customized for each family's unique situation. During tax season, we

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08:36

What tax deductions are available with LTC insurance?

Preparing For Tomorrow podcast ·

2023/03/08

As we are all working to file our business and personal income taxes by March or April, I thought I would bring this episode back as we are always seeking more tax deductions. LTC insurance may be tax deductible, depending on how you file your taxes - as an individual and as a business. This episode is from July, 2020, when our tax deadline was moved to July due to COVID. The numbers are from 2020, but the principle stands. in 2023, if you file as a w-2 employee, you 'll need to meet 7.5% of your

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14:36

If I have enough money, do I really need LTC insurance?

Preparing For Tomorrow podcast ·

2023/03/02

BuddyIns is holding a webinar on March 23rd at 1 PM eastern to discuss this very topic with LTC guru Phyllis Shelton. Email me at , and I'll send you an invitation to register and attend. If you register and can't attend, a link will be sent to you to listen at your convenience. There are many ways to reply to this question, and I may end up replying again over the next couple of weeks. Today, we are talking about family. When we buy LTC insurance, we are not really buying it for us. We buy it

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14:03

Why should I start planning today?

Preparing For Tomorrow podcast ·

2023/02/22

This eposide from May, 2022 is chock full of statistics. When we're younger, it's more fun to use our money for travel, cars, and fun. We don't want to think about paying for care needs that could be decades away, but we need to plan early to get the best rates and to have a higher liklihood to be approved. The youngest person to ever file an LTC claim was 27. The longest claim to date has paid over $2.6 million over 20+ years, and the client only paid in about $36,000 over 13 years bedore

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03:55

How can we continue to bring you valuable content?

Preparing For Tomorrow podcast ·

2023/02/15

We are pausing the recordings for a little while to allow time to thoroughly review the content we've delivered over the last 3+ years (over 150 episodes). I'll be listening to all of our past recordings and organizing them to see more clearly what we may be missing and where we may be focusing too much. We'll continue to publish our favorite episodes weekly to continue to help you to learn, and I'll be sure to keep you informed of updates inte LTC industry as well as with new state and federal

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13:08

Premium increase or Waiver of Premium, which would...

Preparing For Tomorrow podcast ·

2023/02/08

Over the last couple of months, I've been helping a women get her LTC claim approved so she won't have to face a rate increase that is scheduled in February 2023. She clearly needs help and can qualify for benefits, but she was using the wrong language. Listen to her story, and learn from her prior mistakes. What do you need to know? 1) Don't just accept what an agent tells you about the policy. Instead, read the policy and ask questions. Make sure the person helping you design an implement a plan

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27:18

When I Met Alzheimer's Face to Face

Preparing For Tomorrow podcast ·

2023/02/01

I've met many people, and I've seen the podcast downloads grow a lot in the last two years. I'm taking you back to one of our earliest episodes to share my "Why". I became a long term care specialist because my heart yearns to help you not go through what I and my family went through in the same degree. Currently, there is no way to prevent Alzheimer's disease from overtaking a person's brain, but there are ways to make it just a little easier on the family as they work to help as much as they

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244 results

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