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Who is going to pay?: Long-term care information

Finishing Well / Hans Scheil
The Truth Network Radio
June 30, 2018 8:30 am

Who is going to pay?: Long-term care information

Finishing Well / Hans Scheil

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June 30, 2018 8:30 am

Most people have more difficulty accepting the possibility of incapacity than they do facing the reality of their own death. The biggest consequences of failing to plan for long-term care are suffered by the family. This episode will dive into the 4 different types of long-term care insurance, how Medicare covers long-term care, and how to get a plan in place for long-term care coverage.



To learn more, or get the long-term care chapters of Hans' book "The Complete Cardinal Guide to Planning for and Living in Retirement", visit CardinalGuide.com.  

 

Hans can be contacted at Hans@cardinalguide.com  or 919-535-8261.  

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Welcome to finishing well brought to you by Cardinal.com certified financial planner on Schild best-selling author and financial planner helping families finish well over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well where we have for treatment today. You're like me and and wondering about some of these things and how can I make sure that my life finishes. Well, I think you're to be more than blessed by how God is giving us this fully lasted here at the Truth Network cons trial and Hans is a certified financial planner, but more than that Hans God had you in a specific place and time. In some people's lives when it comes this topic of long-term care where you got to see you know God, what if you got for me here. Yeah, I mean in my book with the very first chapter talks about my whole journey you are what brought me here and establish my voice and specifically dealing with my mother in 2011 I was dealing with her before that interior with her Alzheimer's and her care. My sister passed away who was her primary caregiver. Suddenly, in 2011 and we were left with a mom that lived six, 700 miles away still lived independently relied on my sister and she's now deceased. So then I became along with my sisters. Her primary caregivers and she live 700 miles away. And so we learned a lot about Alzheimer's and we learned a lot about people with dementia and we learned a lot about caring for them providing for them.

Writing for their medical needs or physical needs. We relocated my mom through a lot of resistance from her because she was happy retired in the community.

She was in and met her friends there and brought her back to Carrie North Carolina and just really responsible for her care and that men were opening up with the discussion of long-term care which is one chapter in the book and is not the first chapter and so but were going to start there and then were gonna bounce around the book a little bit in my mother's story is through this is is really in this book throughout, but were also going to talk about client stories and real client Ryan and then that's that's something that you gotta put a face on these issues because it's one thing to say, wow, do you have long-term care, you think you can live forever. Do you think you can end up the mess.

But when you actually see the face of it, it looks like this and you felt God, now cannot touch talking on you when these things were happening. Is there a story like that. The comes to mind.

Half brother is like Michael and Christina in the book that you know they're there clients I've change their names with their real people and over and Carrie in Raleigh area and Michael was in inner in a very bad way.

He had trouble with alcoholism in his his second wife, who is not the mother of Christina had died like three years prior, and my guess is she probably helped keep Michael somewhat together and he he he deteriorated quite a bit after her death, and he didn't literally didn't open his mail, he didn't manage his money. You know unfortunately there was some money there and some assets and some income coming in. There was all in direct deposit, but Christina came into the picture with him when somebody from the borrower or somebody that knew him through his only social network which is the neighborhood bar that he walked to found her because he was just he was passed out and I'm capable of think it will take care of himself so she went down there rescued him got a minute assisted living got them situated. She couldn't even bring them into her own house or she has four daughters and but I had met her yet and she got to some other professionals to try to get them and a lawyer, CPA, a person that specializes in veterans benefits. So he was a veteran.

He is a veteran yes I served in Vietnam. He he was at the time. I believe 71 and she was after that veterans aid and attendance which she had only learned about from the facility didn't really know what it wasn't letter to this guy that did this for her and then you know I don't go into a lot of detail about look that was just put it that these people really didn't do right by her, and you can read about it in the book the whole story. The book by the way, is the complete Cardinal guy do planning for and living in retirement. available@cardinalguy.com of course again so he 71, the ease of veteran he's there.

I had Christina in the comedy well actually the guy with the veterans didn't really know how to move any money around community. How is would send his clients back to their financial advisor. Their parents financial advisor.

The person that was managing the money was, hard to do with him because he'd been AWOL from anybody for years so he called me over there to just while she was in there and there were middle of a problem is that they now need to start moving her money around and he thought he had an idea of like where it all on a go for this veterans planning but I just matter right there in a bitter conflict where the attorney was there and these people that like I said hadn't necessarily done her right hand totally done wrong either at me just they had sat on staff and they were not communicating well.

In any case I get introduced to her and then I realized to I just invited her over my office the next day I said can you bring dad over there because were going to need him. She said I'd love to, you know, and so she brought her dad over my office the next day and all this mountain of paperwork and with the gist of it is is that if you have an older person or any person that that that quits communicated quit opening their male okay they mail gets returned there certain signals that they're not locked the account.

I mean it if they have a status report. I can't come up with the word now but you know a financial institution like like Fidelity or Charles Schwab or someplace like that which is where it was parked. It wasn't either one of those that's their procedures they just lock it down so and eventually can turn the money over the state and you have this problem with people with dementia that really have been handling all things themselves through their older ages, and then it got to a point where they just were able and they just cannot quit doing things so I got them over my office and we started looking. We had the power of attorney so she's power of attorney so she now has the right to do things with this we got him there, but they wouldn't even talk to her at the financial institution on the phone because it was locked down. Need to talk to him and of course to verify his Social Security number. All the same things Asher for your full name and which her mother's maiden name is and know that kinda stuff and so we took one shot at that it didn't work very well so we put all that stuff on flashcards for him. We rehearsed it and then we called back and see he was very congenial and just. Long story short, we we we got through that screen in the game is addressing a Ms. thing and then then he said that is going to be okay to talk to me and talk to her and then we faxed them the power of attorney and now were in control of the money so that we can actually see what's there. Other than the statement what's been done by the way, the sky and file tax returns and 10 years either. Okay, so, and then when you're applying for veterans aid and attendance. I was nave enough at that point to think that you gotta have the last two years and three years tax returns. I later learned that was incorrect and this leads to sort of a deeper spiritual issue that a lot of families are not keeping up in a we we think with their fine everything is just okay but keeping up with that I've actually is him sit there thinking about certain people.

My wife's family I'm like oh my word. I bet they have an opener you know it there's a lot of stuff like this that you run across in families and and how do we make sure this is gonna tell you it's it's a little bit worse and that people haven't paid their insurance premiums and I mean there's all kinds of things and pay their taxes like property taxes and it's just we missed it one year and then we didn't open the mail and then acquits, but what what what I meant to tell you is there's a lot of secrecy in families around. If you think about you think about your own family is when mom and dad were 65 and 70 and 75 they didn't want to talk to you about their money. That was kind and none your business okay and they wanted to be independent and they were independent and maybe they done some for your brother that they didn't tell you about and you know you're the daughter there that's can appear in into these things that so this is all set up by the kind of secrecy thing. Now they are in their 80s and so you brought up the point is is that just you probably have people allow you listeners are. You probably have people that just like Robbie is right now going through your mind as I wonder where they are. I, have some Anthony thing of really think about this if you're listening with many counselors plan succeed you may have heard that proverb, but to have a professional like yourself something that you really trust to be the Internet because you know if I go Sam in a mom what happened with this there dad, whatever that you know it's awkward but if you got some you like yourself. That was what Christine was with everything she had. You jump in there and help her.

Yeah, I mean, she had a whole pile of stuff to them and they've gotten to the point where you you really need to follow wherever mom and dad go to answer one of those questions like what happened to this or where is this where is that insurance policy. They're going to go to somewhere back at that file cabinet or the desk in the back room more somewhere you need to go with him and you just need to look at that and what I really need to do if you can come in and see me is I need you to take the whole stack packet up and bring mom and dad or if they can't make it in because of their health situation that may be a health situation is brought it on. Then you need to get their approval to just bring it in and then the first thing we can do is get you over to the attorney in and get a power of attorney done.

We may have to come call on mom and dad maybe you already have that the my point is is that this is not usually that simple. Just hold up the flashcards is there's a whole stack of papers 80 of percent of which are youth useless and then 20% that we need to serve them see you listening to. If you just want turn in anything.

What am I hearing what you're hearing is Hongqiao a new show finishing well and is brought to you by Cardinal guy.com.

Of course we want to let you know that we have got some really cool resources at their website, which is, as you might guess Cardinal guy.com, including these books planning for and living in retirement and the encompassing workbook and as were talking about, like long-term care this week.

You can go to their website right there in that there's a list of seven words and when you see long-term care. You can click on that and as you go down on the form you'll see there's a free PDF you can check out that workbook and think about some of the things that you might find out about your family. These questions that obviously affect us as we are facing these issues of long-term care again shows finishing well Hongqiao certified financial planner.

What a cool thing to bring biblical principles of biblical wisdom to this very touchy subject of family so will be back in just a moment looking forward to seeing how the others on the right. We hope you are enjoying finishing well brought you by Cardinal guy.com is a Cardinal guy.com for free downloads of previous shows, including episodes about Social Security and Medicare, IRAs, long-term care, life insurance, investments and taxes as well as Han's best-selling book the complete Cardinal do I planning for and living in retirement. Plus the accompanying workbook. If you want to follow along with today's topic download free PDF Cardinal guy.com by going to the seven worries tab of today's show topic, just scroll down to useful documents once again for free resources past shows you get Han's book the complete Cardinal do I planning for and living in retirement or the workbook go to Cardinal.com you have a question, comment or suggestion for future shows.

Click on finishing well radio show and send us a word. Once again that's Cardinal guy.com Cardinal guy.com now finishing well brought by Arnold guide.com welcome back to finishing well and if you're just tuning in, talking about story of the family. They found themselves in a crisis right that they hadn't been opening their mail they had been checking this that the story was that here was his need for long-term care and somebody had the resources to do it but trying to unwind that was a bit messy but before we go much further in the story of Christina tell us a little bit Hans about you what what what you mean by long-term characters are in I'm 62 and I'm thinking well that a nursing home. What is a mess first thing you think is nursing home is certainly is where all this was birth today's date and time you can spend your first year two of a long-term care event at home getting home healthcare. Yeah, you can spend the whole event.

You can never go to a nursing home with with with the home healthcare, and in most cases this is that you never is a pretty extreme term so so you know today's Dan time this I watch this happen.

I've been offering long-term care insurance for 30 years and insist the prevalence of home healthcare is just so much greater now were also talking about assisted living, which you know it really is a modern-day nursing home. I mean it it it and if you been in any of these places but the people there are happy just that they're getting cared for well and they have lots of sewing facility. If you're like in that position where some of us have parents that are there some of us are are there. We won't go there yet.

Anyway, how do you suggest that kids approach their parents on that subject. Well, I think that they've got to go back in and sit down and usually the parents are fully aware that this could be happening sometime between now and when they finish their life okay, that would be between now and the end and in many times you just got one parent left the other parent went through so so there's more awareness of the probability or possibility of a person needing care and these are discussions that people needed need to have their kids need to raise him with their parents because the burden is going to fall upon them, and it's in the Bible that meant to leave a lot of that to you Robbie to help is the pastor here. The can state that we we have a responsibility to look after our parents just like Christina did. Yeah I would say honor your father thought this kind of a big one. Not to mention Jesus you know I'm in Mark chapter 7. Some around verse nine that they were taking care of their parents are honoring their father and mother sent out all about loving our parents well at this stage in life when I can provide you is the education and then the tools to actually do that right and there's all sorts of resources along these lines that we don't necessarily connect to long-term care. But there's aspects of Medicare so security all those things that connect to that will absolutely mean the whole business of retirement in the United States of America is about government programs. Whether you're rich, poor, and between a EEE. It is an know with long-term care. You really don't have much in government programs for the common ordinary people other than Medicaid. You know will talk about that in a sec, but I think what you're referring to, and Michael and Christina stories veterans aid and attendance.

I mean ultimately that's what we help Michael get and it's paying him $1700 a month and change tax free and has been for probably 2 1/2 years. He's really a young person on that program in his low 70s and is much needed money, and it's paying for some of the care you know after my mother got qualified on that and I really was a student during that process I decided to go in the business of helping people do this and you really know. It suggested that you get some resources other than the people of the veterans humming that you and and we had of that program as it would matter is outside resources that all he still qualified for that regardless.

He is after he does some financial planning with us so that I do still have an income test. They have an asset test and they have other veterans speaking out, and they also have service requirements so but it's very easy to do financial planning is very very easy for us to set their finances up in such a way, through the use of the children that they completely legally qualify for this we did for my mother done it for you know That not say 100 clients yet, but somewhere short of that we done for a lot of and this is where that CFP thing, comes the end, which is a good point to talk about. That is really cool that you have the other aspects like Medicare and so security whatever but then that the financial planning goes along with it has to do with that. Essentially, certification, and yet when you're CFP there's 80,000 of us in the United States so there's plenty of us around in every ZIP Code that I'm speaking to you go online you find that stuff in my books and you can find CFP I'm a CFP with a specialization in working with seniors and retired folks and people older ages. Typically, all my clients aren't like Michael there just going into a nursing home. Many of them are 60, 65, 70, and they're just going on Medicare and their more planning for this financially planning for it that if this happens to me how I can pay for and it really more importantly than how you pay for how you can access resources that are suitable to you and suitable your family and nurture children that are gonna bear the burden of this and people become keenly aware of that because if you're the one getting the care you're knocking to be doing the management.

The interesting thing to me is that the family aspect of it that when we start to run out of ways to care for ourselves right in and we don't even necessarily like, in this case even open our mail or whatever because we've become disabled. It's the family that end ends up being the one to step in and try to take care of you. You do this planning for your kids or your spouse visits. Also, the spouse five times as are women. That's the healthy spouse is the man get sick before the woman does. And then, but it's the whole family is as people age, and the children and a lot of times it might be just one kid there might be one adult child is right there proximate work a couple of them were there financially able to take the time to do this and so we get involved in the care a little bit but were all about the money. I mean we visits take all the resources and put them down in you know they all become at risk when when when when this happens, and then even if you have sufficient resources. That's a question which Wednesday a tap how you shop for care to have the proper legal documents in place and like getting this veterans I don't do that to me. We have a veterans accredited attorney that were affiliated with works right my business and she she's the one that actually knows the veterans.

I'm the CFP certified financial planner. That's looking at the whole picture and arranging a plan she's doing the veterans part of it in the legal documents part of and it's interesting and I can't help it relate to things as a car salesman.

But the truth sets you free, so to speak, and so many families have been hiding their financial truth from their kids or their spouse or whatever the situation may be, but at this point in time. What would seem prudent to keep it out close to the vest on the speak turns out to be an absolute nightmare. If you don't have somebody in the between helping you get that to the truth of all he yeah me a big part of mine is a counselor to sit down with that child lunchtimes only one of them is going to come in the other one lives in a different city.

They're not as interested.

A lot of times it's a daughter not always. There some guys but it's just one of and then we gotta get mom sit down in there and dad and we gotta tell all you know and we got up just become very adept of that is starting small. We gotta find all the things like dad prepared his will and he lent you know, brother or son some money to solve a problem for him that he got into any never told anybody about that and now he's got something in his will that says that that son gets less so he gets equalized in the inherence in Dan's dad okay Dansk on his will is Artie been probated in mom sit here telling y'all about that or not telling you about it and just got a get all that kind of stuff out and that's what I do in specially when things become a crisis. That's why it's so important at a younger age to really sit down and talk about these things and some is knowledgeable and that that's what is a word finishing well let's yes it show we have here on the Truth Network with Hans Shiley's a certified financial planner again. This is brought to you by Cardinal guy.com or you can find phenomenal resources if you go to Cardinal guy.com here's the book, which you know is briskly inexpensive when damages announces like it well on on units on Amazon if you get it for a dollar 99 each of them the e-book and you can buy the paper book for 799. Free shipping. It is our 99 if you got a Kindle and you can go to Cardinal guy.com) and click on that link and next thing you know you've got all this information on all these seven worries that this book is kind of describe granite we can talk about long-term care and we told you that there's a PDF test on this item but tell our listeners what the seven worries arm with LC there at the website with a cut to go in the order they happened to you in the book Social Security when you started, how are spousal issues.

Medicare how you understand it would educate you on it which UGG should you do about it now to start handing your EDF DNase to magic like alphabets and I've been working with it for 40 years and we demystify that long-term care which we been talking about on the show is the third area IRAs. We talk about IRAs and there's something specific to IRAs that you need to plan, which is now you live off your IRA and retirement and then there's estate planning issues with IRAs and beneficiaries as minimum distributions when you get into your 70s, Sherry perhaps how to donate money to your church and get a real benefit out of it. If you're over 70 1/2. Next, the subject is going to be investments which would include the IRA, but more of the investment return and how you set up an account risk you're taking. Then we've got estate planning and life insurance and to talk about that assess which are current situation is and then the book is going to get into that tell some stories that are in there about real clients and then the workbook is going to give you some more facts and figures and that kind of thing isn't quite as interesting and then the last worry is income taxes for the 62+ so we go through those seven things and their confusing in their own right.

But all this stuff is interacting with each other like soup manages your social purity affects your long-term care affects your investments affect your IRA so we do financial planning to try to set people right now to finish well and finishing well. As you can tell from listing today show has so much to do with family. Think about it as you begin your those last years of your life. What happens with your family. You know what happens financially with all the things that you set aside in all those all has to do with what with many counselors plan succeed. Proverbs 1522. Go to Cardinal guy.com see all those things and will help you attorney next week. If we can have more of this finishing well with Hans child. Thank you so much and had many great times we hope you enjoyed finishing well brought you by Cardinal guy.com visit Cardinal.com for free downloads of the show previous shows on topics such as Social Security, Medicare, IRAs, long-term care, life insurance, investments and taxes as well as constant best-selling book, the complete Cardinal guy to planning for and living in retirement and the workbook once again for dozens of free resources past shows get Hans book go to Cardinal guy.com if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again that's Cardinal guy.com Cardinal guy.com


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