Qualified Money

In this week’s LTC Coffee Break, Michael shared one of our funding strategies with you and that is our turn-key solution for qualified money.

LTC Coffee Break Espresso Shot 4/26/2022

Hear this idea and many more when, we share a new episode every Tuesday at 10 a.m. only at LTCcoffeebreak.com.

There is more to LTC Coffee Break. You can also view any of our past episodes on the LTC Coffee Break Channel.

Last month, we interviewed LTC Legend Phyllis Shelton on full LTC Coffee Break – you should hear her words of advice including her thoughts on using qualified money as a funding source.

Enough of my shameless plugging of the LTC Coffee Break webcast – back to using qualified money as a funding source … one thing that I hear often from our peers is that “we can do that using a SPIA”.

Sorry, but a single premium immediate annuity and the turn-key Asset Care funding solution are not alike at all. The OneAmerica solution utilizes a deferred annuity to hold the money and then distributes it using an income rider. In the case of the turn-key OneAmerica solution, if the client 72 or older, distributions made to fund the strategy can count as Required Minimum Distributions.

Using a SPIA, those distributions are not countable as RMDs. If you would like more details on this, please contact me and I will introduce you to our Advanced Sales team. You can also check out the example that is posted on Ed Slott’s website.

So, right off the top, the OneAmerica turn-key solution carries a tax advantage as well as being a seemless transaction.

The second advantage that our solution offers is that Kevin’s IRA can be used to fund Kevin & Diana’s joint Asset Care policy.

The last point that I want to make is simply this – at OneAmerica, we offer solutions that are unique in the industry. Today, I shared 2 of those advantages – the turn-key funding strategy coupled with the joint policy. One thing that I did not mention was the plan design which can be limited in duration or last a lifetime.

I want to earn your business. Take a look in your book of business and consider those clients who are nearing RMD age as a viable candidate for this solution. Of course, we’d love the young client but we are not afraid of the seniors.

Learn more about OneAmerica’s asset-based long term care solutions by contacting me via email at kevin.fisher@oneamerica.com or call me at (678) 512-9627.

Remember to Join Michael and me on June 28 when we share our six pack of ideas at LTC Coffee Break … ltccoffeebreak.com