1035 exchange for long-term care insurance planning
To help create awareness for the tax benefits of using 1035 exchanges as part of long-term care insurance planning, a national educational campaign is being planned by the American Association for Long-Term Care Insurance.
“There are millions of Americans with trillions of dollars of life insurance that could be better used to pay for the very real risk of needing long-term care,” states Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The Association director shared plans to create an awareness and educational effort focused on using 1035 exchanges for the purpose of turning unneeded policies into valuable long-term care insurance funding vehicles.
“I think 1035 exchanges for long term care insurance could be one of the best kept financial planning secrets today for the millions of aging Americans who bought life insurance when they had children to protect,” Slome shared. “The kids have grown and are now gainfully employed. Now mom and dad need to consider long-term care planning so they don’t turn their adult children into unpaid caregivers.”
The Association director plans to undertake a multi-year educational campaign targeting both consumers and insurance professionals. “The goal is to familiarize consumers with what 1035 exchanges are and how they work and can provide a significant tax-advantaged benefit,” Slome adds. “We’ll obviously be educating insurance agents as part of the effort as we are looking for seasoned pros who can serve as resources when interested consumers call.”
As an initial step in the process, the Association established a new 1035 exchange information website at www.1035exchangeinfo.com. “Consumers already have made the American Association’s website the number-one resource for long-term care insurance costs and information,” Slome acknowledged. “We wanted a dedicated site where people could find specific information just on this topic.”
The American Association for Long-Term Care Insurance website offers comprehensive consumer information and no-cost access to obtain long-term care insurance costs from leading independent insurance specialists. To learn more about long term care planning go to www.aaltci.org or call 818-597-3227.
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