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    The Coming Baby Boomer Crisis: How to Protect Yourself
    The Coming Baby Boomer Crisis: How to Protect Yourself
    The Coming Baby Boomer Crisis: How to Protect Yourself
    Ebook152 pages1 hour

    The Coming Baby Boomer Crisis: How to Protect Yourself

    By David Almond CFP® MSFS

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    About this ebook

    The Coming Baby Boomer Crisis and How to Protect Yourself!
    Many quality books address exclusively long-term care insurance. This book is not one of them. Although creative long-term care insurance options are covered, the content focuses on how to protect retirees from their two main concerns which are running out of money and the high cost of healthcare.
    There is a 70% chance we will need long-term care sometime in our life which is the number one reason people go broke in retirement. The Coming Baby Boomer Crisis helps put you in control by sharing the secrets few people know, such as: How to protect yourself against running out of money when faced with the high cost of healthcare even if you don’t own traditional long-term care insurance.
    When there is Still Time to Plan Ahead
    When there is still time, it is essential to have a long-term care pre-planning line of attack which is critical as we age. This book will provide you with creative financial strategies you can use to protect your life savings and stay financially independent.
    When Your Family is in a Long-Term Care Crisis
    The good news is, as of now, you can protect your assets even if you or a loved one is currently in a care facility and does not have long-term care insurance. There is much misinformation out there, for example, a person has to spend down to $2,000 before they will receive help from the state and the federal government. NOT TRUE. The Coming Baby Boomer Crisis and How to Protect Yourself will reveal ways you can receive benefits and still keep all or much of your savings while maintaining your dignity and financial independence.
    LanguageEnglish
    PublisheriUniverse
    Release dateNov 29, 2018
    ISBN9781532060373
    The Coming Baby Boomer Crisis: How to Protect Yourself
    Author

    David Almond CFP® MSFS

    David Almond, CFP®, MSFS has been a Certified Financial Planner since 1989 and has a master’s degree in financial services. He is a past long-term care instructor for the state of Washington and served on the board of directors for Baptist Manor, a Portland Oregon nursing facility. He is a contributing author to the book, Age without Rage and also the author of The Seven Steps to a Worry-Free Retirement.

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      Book preview

      The Coming Baby Boomer Crisis - David Almond CFP® MSFS

      Copyright © 2018 David Almond, CFP®, MSFS.

      Author Credits: David L. Almond

      All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the author except in the case of brief quotations embodied in critical articles and reviews.

      The information, ideas, and suggestions in this book are not intended to render professional advice. Before following any suggestions contained in this book, you should consult your personal accountant or other financial advisor. Neither the author nor the publisher shall be liable or responsible for any loss or damage allegedly arising as a consequence of your use or application of any information or suggestions in this book.

      iUniverse

      1663 Liberty Drive

      Bloomington, IN 47403

      www.iuniverse.com

      1-800-Authors (1-800-288-4677)

      Because of the dynamic nature of the Internet, any web addresses or links contained in this book may have changed since publication and may no longer be valid. The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher, and the publisher hereby disclaims any responsibility for them.

      Any people depicted in stock imagery provided by Getty Images are models, and such images are being used for illustrative purposes only.

      Certain stock imagery © Getty Images.

      ISBN: 978-1-5320-6036-6 (sc)

      ISBN: 978-1-5320-6037-3 (e)

      Library of Congress Control Number: 2018912349

      iUniverse rev. date: 12/11/2018

      CONTENTS

      Acknowledgments

      Introduction

      Chapter 1 Caring for an aging parent

      Chapter 2 Who pays for care? Medicare, reverse mortgages, health insurance, and the ACA

      Chapter 3 Annuities…Providing income security and asset protection

      Chapter 4 Crisis planning- Medicaid for those currently in care

      Chapter 5 Pre-planning using long-term funding solutions

      Chapter 6 Legal tools needed to protect your assets and estate plan

      Chapter 7 Finding a trusted advisor who can help

      Chapter 8 Where to go from here

      Chapter 9 Conclusion

      About the Author

      A PRACTICAL HANDS ON GUIDE TO LEARNING:

      • Who Pays for Long-Term Care

      • How to Protect Yourself from the Two Worries Retirees Have, Running out of Money and the High Cost of Health Care

      • How You Can Protect Your Savings and Provide Income Protection for Life

      • How to Legally Shelter Your Money Even Without Long-Term Care (LTC) Insurance

      • How to Create Tax-Free Income to Pay for Long-Term Care

      ACKNOWLEDGMENTS

      W ithout certain people, this book wouldn’t have been possible. My wife, Pam Almond, worked alongside me on many asset-protection cases, always giving great counsel, and is one of the wisest and smartest people I have ever known.

      A dear friend and mentor I have worked with for several years, Lisa Bertalan, is an elder-law and estate-planning attorney. She has given me great guidance and has helped shape me as the asset-protection specialist I am today.

      Amber (Gouin) Hinds is a friend and asset-protection resource. Amber is second to none as a Medicaid and long-term-care expert. I so much appreciate working with her.

      The author is not engaged in rendering legal, tax, accounting, financial planning, investment, or similar professional services. Examples in this book are used for illustrative purposes only and do not represent recommendations or actual results. While legal, tax, accounting, financial planning, and investment issues covered in this book have been checked with sources believed to be reliable, some material may be affected by changes in the laws or in the interpretations of such laws since the manuscript for this book was completed. For that reason, the accuracy and completeness of such information and the opinions based thereon are not guaranteed.

      In addition, state or local tax laws or procedural rules may have a material impact on the general recommendations made by the author, and the strategies outlined in this book may not be suitable for every individual. The author encourages the reader to seek professional accounting, legal, tax, financial planning, and/or investment advice before implementing any of the strategies discussed in this book.

      INTRODUCTION

      An investment in knowledge pays the best interest.

      -Benjamin Franklin

      The heart of the discerning acquires knowledge; the ears of the wise seek it out.

      -Proverbs 18:15

      I was referred to help a family where the wife was suffering from dementia. Their caregiver attended the meeting. As I was discussing ways to protect their savings from having to spend it all on care, we got on the subject of asset protection for single people. When the rules changed in 2005 regarding state and federal assistance to pay for long-term care, many thought it was too difficult to help single people save some of their savings. Not true.

      The caregiver looked at me, white as a ghost, and said, David, are you telling me a person can get Medicaid benefits without having to spend down their savings to $2,000?

      I responded, That is what I am saying.

      She explained she had called the state, which is like calling the IRS for tax-planning assistance, and they told her it was necessary to spend down to $2,000, which she did. She was trying to help her disabled father. The wrong information cost her family thousands of dollars.

      Unfortunately, there is a lot of misinformation disseminated to the public. Even social workers—bless their hearts—and some senior centers will give the wrong information regarding Medicaid and how to qualify. Sad to say, people who enter a nursing home, on average, will be out of money in eighteen months. Think about the fact that they have spent their working years accumulating their savings that can dissipate rapidly. No wonder long-term care is the number one reason retirees become impoverished.

      The two biggest fears retirees have are running out of money and health care. This book will show you how to protect yourself by arming you with the correct information and strategies few people know.

      I am writing this book for some important reasons:

      1. As in the story I just shared the majority of people don’t know how to protect their assets when it comes to health-care. Most retirees fear losing their savings to the high cost of care which doesn’t have to happen nor should it.

      2. As I mentioned and can’t be over stated, there is much misinformation when it comes to asset protection. People are told they have to spend their savings down to $2,000 before they can get Medicaid benefits, which is not true. Unfortunately, this misinformation comes from some social workers, senior centers, and state Medicaid offices.

      3. With 10,000 Baby Boomers retiring every day there is more stress on Medicaid to help pay for seniors long-term care costs. The majority of people are not aware the government has given us tax incentives to stay financially independent when faced with this expense. I want to share these options with you.

      4. How to create income security that can’t be outlived providing freedom from stock market volatility. Studies show retirees have more peace of mind when they have guaranteed income and don’t have to worry about market volatility.

      When I talk about ten thousand baby boomers retiring every day, I think we can all agree growing older comes quickly. I’m reminded of a recent meeting with a client at a restaurant. After having my meal, I excused myself and went to the restroom. As I came out, I told the hostess, who was probably nineteen or twenty years old, I really like your music. They were playing the seventies’ hits, and I am a huge fan of the Eagles, Journey, Foreigner, and other bands of that era. When I am in my car, I crank it up. Truth be told, I am still a kid at heart.

      The hostess looked at me without batting an eye and said, All the old people do.

      I said jokingly, What does that have to do with me?

      I was thinking, Ouch, that was a little painful, but the fact of the matter is I actually thought it was pretty funny. It didn’t bother me. As the saying goes, growing older is a privilege, and not everyone gets to do it.

      I went back to our table and told my client and the server what had happened, and we all had a good laugh. On our way out, the hostess and our server were bussing a table about twenty feet away.

      I said, I need your help.

      The hostess replied, How can I help you?

      I said, When I came in, I believe you checked in my cane, and now I need it because I have to leave.

      Since I don’t use a cane, we all had another good laugh. I guess it’s like the Nationwide commercial that says, Life comes at you fast. It sure has.

      I said to my client, "I was at the grocery store the other day, and the cashier asked me whether I get the senior discount, which is age sixty or above.

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