At a minimum, advisors are going to great lengths to document their files to demonstrate
the discussion occurred. For those acting in a fiduciary capacity, this should be an even higher
priority. If a fiduciary cannot demonstrate that the topic was addressed and the portfolio, they
are managing is significantly reduced by a long-term care situation, it is entirely possible the
family/beneficiaries may question the planning in the future.
Harvesting their “wins”
For many clients, the older permanent plans they purchased when their children were
young and their needs were much different, may be a favorable source of long-term care
insurance funding. Some advisors report that client portfolios have performed extremely well
(as I write, the market is nearly at a record high) and their clients have interest in harvesting
some of their “wins” and using the cash to fund a hybrid plan.
Regardless of the source of funds used to pay for coverage, the long-term
care discussion is one that every holistic advisor should be having with their
clients. The need for coverage is extremely clear and the plans available
are more attractive than in the past. To quote an old cliché, failing to
plan is planning to fail.
The long-term care
discussion is one that
every holistic advisor
should be having with
their clients.
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