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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

10:40

Make that inherited IRA create tax-free LTC benefits

Preparing For Tomorrow podcast ·

2024/09/05

On Sunday, Suze Orman discussed the finally finalized rules for inherited IRA's. Listen here: Today, I'm going to share a case study to share what one of our clients did with some of the IRA funds she inherited from her mom. Some of you know that "non-eligible" beneficiaries of IRA funds are required to withdraw all tne money in the IRA within 10 years and pay taxes on those withdrawals. If you don't know, listen to Suze's podcast episode from Sunday, September 3, 2024 with the above link. Nicole

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08:22

What's better than leaving an inheritance?

Preparing For Tomorrow podcast ·

2024/08/29

The two most common reasons people tell me they're looking into LTC insurance are: 1) They don't want to bankrupt their spouse emotionally, physically or financially, and 2) they don't want to burden their children with the responsibility to care for them or to have to pay for their care. Many who say this are caring for a parent who hadn't planned. Many of us in our 50s and 60s don't think we'll ever need care, even though we are providing for our parents. Why do we deny that we could end up

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11:46

Tom said he doesn't think he'll ever need LTC, so why...

Preparing For Tomorrow podcast ·

2024/08/22

Tom shared that there is dementia in his wife's family but not in his. He wants a policy for her but doesn't think he'll need one. My mom's husband said the same thing several years ago, and now he has dementia, at age 68. She's going to be upset that I am sharing this, but it's so important to consider how your decisions affect your family. You may never need long term care services, but what if you do? Who is going to have to step up and change their lives to help you and for how long? Who is

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09:14

Asking the intrusive health questions gets more...

Preparing For Tomorrow podcast ·

2024/08/15

This week, we're talking about health qualifying for LTC benefits. What to do... What not to do... LTC planning is all about timing. If you apply at the wrong time or with the wrong company, you could be declined for something that would have been approved had we waited for the right time or company. We don't want to make this mistake. It takes a lot longer to overturn a decline than it does to wait until the best time to apply for a more likely approval. LTC underwriters really are nice people.

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13:17

Questions I hate to get

Preparing For Tomorrow podcast ·

2024/08/08

Too often, people contact me when it's too late to access all their LTC planning options. Some people believe they are planning ahead at age 80. Some people wait to inquire until after a diagnosis either limits their options or makes them altogether uninsurable. The earlier we plan, the more choices we have, AND the more benefits we can obtain for the least amout of premium. Business owners can deduct LTC premiums, so it's helpful to pay for the plans while you still own the business, to get

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10:53

What questions do we get most often?

Preparing For Tomorrow podcast ·

2024/08/01

This week, my husband, Paul, asks me multiple questions that we get quite often. I'm guessing you've asked at least one of these questions if you've been considering LTC insurance to protect your family from an extended care need. Please email me additional questions you may have, and I'll be glad to answer you. I may even use your question for a future episode. In fact, I challenge you to ask me a question I've never heard before. Schedule time to strart designing your plan at

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13:56

Why is it important to work with a LTC Planning...

Preparing For Tomorrow podcast ·

2024/07/25

There are many professionals from whom you can purchase LTC insurance, but an LTC Planning Specialist is going to have the most knowledge and training about all the options that can be available based on unique needs of each person or family. This week I'm sharing what to watch out for when you work with different kinds of professionals. I'm not saying that every representative who does not specialize in LTC will not do a good job. I'm sharing things to watch out for because this is one of the most

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12:03

What's a 1035 exchange?

Preparing For Tomorrow podcast ·

2024/07/11

Several people are asking if they can use their life insurance policies for long term care needs. Some newer life insurance plans include a chronic illness rider that let's you use the dealth benefit while still alive and needing help living through your day. Those plans don't consider that needing care wil cost much more in the future, however. Older life insurance policies generally don't allow early use for LTC needs. You can exchange those plans for a plan that wil pay for LTC. Some of the LTC

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09:40

What if I die before using all my LTC benefits?

Preparing For Tomorrow podcast ·

2024/07/04

Teresa wants to know what happens to any LTC benefit money she doesn't use. There are plans that pay your family back if no care or little care is needed, but that's not why we buy insurance. Insurance by definition is a guarantee against the risk of loss or harm. We buy insurance in caswe we need it. Any help our family gets will more than likely be accepted with gratitude. Without outside help, caring for someone is a full-time job in itself. Then we need to take into account all the other

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10:36

They said I was too big to qualify for LTC insurance....

Preparing For Tomorrow podcast ·

2024/06/26

Alicia's insurance agent told her she was too short for her weight and no LTC insurance can be offered to her. Turns out that agent only represented one company. Other companies will consider her build (height/weight). Many people are either very small or very big. There are alternative solutions to planning for future care needs that can help those outside of the weight limits of most companies. Some companies don't ask about build or health at all, while some have more lenient health

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10:31

My lifetime of mistakes that you shouldn't make -...

Preparing For Tomorrow podcast ·

2024/06/12

This week, you just need to listen and learn from my mistakes. Some I made as a kid, and the most recent was over the last few years. I didn't want to seem intrusive when that is exactly how I should have been. Now, I am just sad. Sad that I didn't do what I've been encouraging you to do. I tried, but I didn't try hard enough. If you need caregiver support, go to The Alzheimer's Association has support info at Schedule time with me to plan today so you can be prepared for the storms of

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09:58

Case Study - he turned $100K taxable gains into over...

Preparing For Tomorrow podcast ·

2024/06/05

To deepen our look into LTC annuities, this week we review how Danny 1035 exchanged a $160,000 variable annuity to a LTC indexed annuity with tax-free benefits for extended care needs. His cost basis (amount he originally deposited) was only $54,000. He has a lot of liquid assets and doesn't need the $160K to live on today. He is also an uninsurable health risk for almost all LTC funding options other than Medicaid, which he wants to avoid. Listen and learn how we moved his $160K into over $435K

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13:46

Pension Protection Act - create tax-free LTC income...

Preparing For Tomorrow podcast ·

2024/05/29

This week, Diane shares how the PensionProtection Act passed in 2010 makes it possible to 1035 exchange non-qualified annuities into various LTC plans that generate tax-free income for extended care needs. Not all annuities are tax-free for LTC. LIsten and learn how different rules apply to different annuity forms. If you or somone you know has an annuity that they don't want to use due to many years of taxable earnings when withdrawn, consider 1035 exchanging that into an LTC annuity with tax-free

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12:05

We think we're saving on premiums, but what's the...

Preparing For Tomorrow podcast ·

2024/05/22

We think we can beat the insurance company by waiting as long as we can to purchase LTC insurance. In truth we're just beating ourselves up. Every year that we wait is one more year of no increase in benefits. By waiting just 5 years, we could eliminate over $100,000 in future benefits. I'm sharing two stories today. One client decided not to wait, and she'll have more than $100,000 in added benefits by not waiting. The other has waited over 13 years and still wants to wait. During that 13

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10:42

I promised your mom

Preparing For Tomorrow podcast ·

2024/05/15

This week, I'm sharing updates on the four clients with LTC claims that we shared on February 22nd. I have been walking with these families as they prepare for and begin extensive caregiving needs for their moms and wives. I can't imagine how hard it would be to navigate the claims process without guidance from an LTC Specialist. Some phrases I've heard along this journey are: "Everything changes every day. The stuff I needed to help with yesterday is completely different than what she needs

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21:05

Interview: Jay Zigmont with Childfree Wealth - Who's...

Preparing For Tomorrow podcast ·

2024/05/08

This week, I enjoyed a great interview with Dr. Jay Zigmont with Childfree Wealth. Their website is I learned that 25% of U.S. adults don't have kids. That's a huge part of our population that is underserved in the retirement planning community. Many planners consider that with our without kids, your plans should be similar, and that's simply not accurate. When we dont have kids, we know we need to have a plan for long term care needs. Many parents presume their kids will take care of them, or

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12:47

How can we afford to pay $270K annually for care in...

Preparing For Tomorrow podcast ·

2024/05/01

We need to start planning now, 30 years before we think we'll need help living. It'a hard to believe that care could ever cost that much, but in 2001, when I started working in the LTC industry, nursing homes were $1000/month. People I spoke with thought that was so unfair. Use Genworth's Cost of Care report to view projected future costs here Be sure to input 5% inflation growth to budget accurately. Most of us would be happy if care for dementia or mobility concerns was only $1000/month. In

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11:43

Home Care Costs Increased over 14% March 2023 to...

Preparing For Tomorrow podcast ·

2024/04/24

If we want to make sure we can stay home when long term care is needed, we need a plan. We need to afford the care we want. If costs of care continue to increase every year like they have been, this is not something most of us will self-fund without bankrupting ourselves or destroying family relationships. The first thing we need to do is admit that we'll probably need help living at some point. Bill Comfort with Certification for Long Term Care says, "If we don't die, wil live long lives. If we

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13:22

How can I be sure the insurance company will keep...

Preparing For Tomorrow podcast ·

2024/04/17

In other words, why shoud I trust the insurance company? All insurance companies, and especially LTC companies are heavily regulated and watched closely by all 50 states. States monitor complaints to ensure compliance. Regulators work with the consumer and company to assist with payments. Often, regulators explain to consumers why a claim isn't being paid and advise the consumer what they need to do to complete the claim requirements. Listen and learn how may ways the Elimination Period is defined

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13:30

Where is the urgency?

Preparing For Tomorrow podcast ·

2024/04/10

We live in an "I want it now" culture except when it comes to planning for extended care needs. Why do we feel the need to wait as long as we can to consider and design our LTC plans? Once someone learns that there is a need for LTC insurance in some form, it takes 5-7 years on average for that person to contact someone who can help them purchase coverage. I get that we don't want to plan for when something bad happens like we get dementia, have a stroke or need help getting through each day. But

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244 results

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