An Idea From My Dad

Let me lead off with where I ended last week …. Give me a call with your next LTC case. At worst, I will confirm whether we can compete and win or not. At best, you have options that you might not have known about. I firmly believe that we can do more for you and your clients.

A couple weeks ago, Kelly Hall from the OneAmerica Advanced Sales team joined Michael Florio and me on LTC Coffee Break.

LTC Coffee Break Shot 8/30/2022

She shared a boatload of information about opportunities for Asset Care in the realm of taxes and deductibility for both individuals and businesses. Take a few minutes to check it out.

View that or any in the archive on the LTC Coffee Break Channel.

Having Kelly share her insight into taxes, long term care, and leveraging resources got me thinking about my dad and his succession plan. Dad is 20 years older than me and is still active in his business. At 77, he still can outwork men half his age and he puts my younger brother and my son (both of whom work for him) to shame.

To the point, Kelly shared the tax opportunities of funding an Asset Care policy using company resources. (I am not going to go over the details here – if you want to know, check out LTC Coffee Break from August 30. The long and the short of this is simple – the family business has a buy sell agreement in place but it is limited in scope to death. When we talked about the succession plan and how things were to work out, the glaring hole in the plan was how to protect the company and people’s jobs if either of my parents were to experience a long term care event.

What I did was take a page from earlier in my career when I was still a producing agent and in place of a disability income provision in the buy-sell, we inserted long term care. So – if either mom or dad need care at home or in a facility, we have a dedicated pool of resources for them to utilize without infringing upon the company in any way.

So, here is a little nugget for you. Look into your client base – look for those family-owned businesses or professional practices like dentists, doctors, attorneys, etc. where there are senior level owners looking to pass the torch. I’ve found that in both instances (family-owned businesses and professional practices), the majority owners work longer than the typical retirement age of 65.

To reiterate my start, then give me a call and we can see what we (at OneAmerica) can do for you.

You can contact me via email at or call me at (678) 512-9627. Or, your can speak with my internal Justin Fox by calling him at (844) 658-3725.

If you happen to be in the Mt. Laurel area on September 21, I am hosting what we are calling our “Regional” Care Solutions University. Space is limited and registration is required.

This event will take place at the Doubletree Hotel at 515 Fellowship Road in Mt. Laurel and will run from 8:30 a.m. to noon.

The program will start promptly at 8:30.

Coffee and a continental breakfast will be served.

I hope that you will join us …

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