How to Protect IRA Assets from Long-Term Care?

In this episode, Chris Berry answers: How do you plan ahead to protect IRA assets against long-term care?

Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm. Register via this link or give our office a call at 844-885-4200.

Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning, and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi.

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How do you plan ahead to protect IRA assets against long-term care? Welcome to Berry’s bites, please join our host attorney and financial advisor Chris Berry.

First, I would say you know what let’s pay the tax and move the money out of the ira so now we’re out of that partnership with irs and we can do things like move the money into a castle trust right so let’s pay the tax and now move it into something that’s protected.

Second option is what i call asset-based long-term care where let’s say we have I’m just making up some numbers right now let’s say we have a million dollars of IRA money what we could do is we could keep 700 000 kind of in the market but then let’s carve out or chip off 300 000 that based on your age and health could be a hundred thousand dollar long-term care benefit slash death benefit and yeah this is using like insurance type products to do this so that would be another strategy is chipping off a portion of the IRA.

Third would be income solutions so let’s do the same thing let’s say we have a million dollar IRA, I’m just again making up numbers here so let’s keep 500 000 liquid maybe the remaining 500 000 has turned into an income stream for your life that’s saying okay you’re going to get 50 000 a year of income but then if you were to need long-term care that doubles now you’re getting a hundred thousand dollars of income for long-term care so those are both financial insurance-based solutions this has underwriting so you have to be relatively healthy this has no underwriting you just have to wait about two years before you trigger. Thank you.

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