Qualified Money & Asset Care

Earlier this month on Coffee Break, we discussed using long term care as a funding source for long term care.  If you have not had a chance to check it out, please do.

Remember, qualified money is rolled over into a qualified deferred annuity with OneAmerica.  Upon receipt of the proceeds from the rollover, OneAmerica applies a 25% bonus to that money.  Then we distribution in 10 equal annual installments proceeds to pay the premium for an Asset Care policy (base plus the continuation of benefits rider).

One thing that I often neglect to discuss in any length is the Asset Care benefit design strategy.  Said another way, what can the distribution purchase?

Virtually any Asset Care policy design can be implemented.  We can do a limited duration or lifetime benefit strategy.  Inflation can be elected for the whole policy, for just the continuation of benefits rider, or not at all. And, that Asset Care policy can be either an individual or joint policy.

I will say that again – the Asset Care policy can be either an individual or joint policy! 

This is important – when that distribution is made from the qualified deferred annuity, that is considered constructive receipt.  This is why the joint plan design can be executed.

Think about it – my wife’s IRA money can fully fund an Asset Care policy that provides both of us with unlimited long term care insurance benefits. 

Again, if you don’t understand how the strategy works, please take a few minutes and watch this month’s Coffee Break.

And, remember, a new episode airs the second Tuesday of each month. I hope that you will join us.

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Of course, you can always contact my internal Justin Fox at (844) 658-3725 or via email at  justinfox.isp@oneamerica.com for a more in-depth conversation.  And, I can be reached via email at kevin.fisher@oneamerica.com or by phone at (678) 512-9627. 

At OneAmerica, what we do is unique and it is our objective to provide you with solutions for your clients’ needs. 

Thanks for taking time for me and we (Justin and I) hope to hear from you soon.

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