Speaker
Kerry Morris
Session Details
SPONSORED SESSION: Mom Fell Again™ - Financial Survival for Families in the Grip of Dementia
Finance & Insurance
Date: Wednesday, August 28, 2024
Time: 10:15 am
Session Learning Objectives:
- How to incorporate Longevity Care Planning into my practice.
- Why it is critical that implement Longevity Care Planning to protect my clients and my practice?
- How to better serve existing clients and at the same time attract new clients with Longevity Care Planning.
My goal is to awaken and enlighten the financial advisory population as well as the entire caregiving industry to the good news of “Longevity Care Planning”. This planning is a godsend for an aging nation because it takes a holistic approach to solving the massive financial costs of aging. Utilizing this holistic approach enables an advisor to successfully provide an amazing variety of solutions and strategies which are simply unknown, overlooked, and/or ignored in the financial industry. I strongly feel that the legal and regulatory environment will be the standard platforms to require this robust type of planning called Longevity Care Planning. You see, traditional and conventional strategies such as traditional long-term care insurance as an example, may be outdated, inadequate, and not optimal recommendations when there are now today new breakthrough strategies to reduce, eliminate, and mitigate the potentially devastating high cost of aging. It is my goal to educate the financial industry about the variety of these strategies in order to solve this nation’s massive growing aging problem.
Here are examples of what many advisors simply are not aware of today. Examples of multi-billion-dollar top-rated insurance carriers that provide fabulous strategies. One is, of course, asset-based long-term care. But this now has taken a whole new development in enabling IRAs, 401k’s, and qualified plans to provide a benefit.
Another, what I consider as a breakthrough solution, one that the entire care community is ecstatic about and gaining popularity, is something that we call Forever Funding™. It’s where an insurance company is able to actuarially enable a care patient to submit a deposit whereby, they stretch out the payments forever. This alleviates stress and concern. It’s kind of like in some ways how pensions work and or a state lotto in terms of lifetime income. This is truly a breakthrough for the care and senior living community where the person getting care can stay in place and not have to worry about running out of money.
A qualified longevity care advisor should know all about these subjects and how to coordinate and structure these senior benefits appropriately. Here’s what a specialist is educated on: Medicare, Medicaid, veteran’s benefits, social security coordination, reverse mortgages, state partnership programs, home care plans, income doublers, custodial care, immediate care, assisted care, nursing home care, short-term care, the Pension Protection Act, and living benefit plans. Over 99% of advisors are not trained nor educated in these areas, and when it comes to aging, they will not be able to provide competent advice. You’ve heard the saying, what you don’t know can’t hurt you. What it really should say is, what you don’t know can hurt your clients. In today’s environment, what you don’t know can get you sued. It’s my goal to awaken advisors and educate them about longevity care planning to better serve their clients and protect their practice in light of a vast aging public.
Session sponsored by HonorShield, LLC.
We are a network of HonorShield trained specialists led by Kerry Morris, CFP®, CFEd®. Earlier in his career, Kerry spent his days helping families survive financially who were already at the point of having to pay for care. He witnessed first hand the impact these unplanned expenses had on families and knew then he had to do something about it. As a Certified Financial Planner™ practitioner and Certified Financial Educator®, Kerry has been building comprehensive financial plans for years and knew there had to be a better way to solve this problem than he had seen from an industry that had mostly pushed Traditional Long Term Care Insurance. Hence, Longevity Care Allocation was created.