Understanding Your Needs
Asset Protection -IRA, 401k, 403B
Let’s discuss strategies for protecting your assets.
Contact us about your Annuity Options!
Paying for Long Term Care
The harsh reality of paying for long-term care may be daunting. But it doesn’t have to be. Whether you’re currently in a nursing home or planning for an imminent stay, you may be able to avoid depleting your assets on care costs and to protect them from the nursing home.
Pensions can be defined in two ways:
A regular stream of income that is received from an employer for your lifetime and possibly to your spouse when you pass.
A pension can be a lump sum value that was held in a 401k, 403b, or SEP Plan. These amounts are generally rolled into IRA accounts when you retire.
IRAs
From a Medicaid perspective, these IRAs are countable assets that will have to be liquidated to pay for Nursing Home Care. Because of the tax status of these assets, a strategy must be implemented to protect them from Long-Term Care expenses.
Rolling over an individual retirement account (IRA) or 401(k) plan into an annuity is a common strategy for retirees. It can be a great way to ensure guaranteed income throughout retirement. Learn more here
Strategies
A couple of strategies such as changing the beneficiary or drawing down the asset over time may be right for you.
Remember it is important to define which type of pension you own and what the correct form of planning should be.
Senior Benefits Consulting can help.
Whether your family member's long-term needs lie within a nursing home or an assisted living setting, we are able to guide you in the pursuit of and qualification for benefits that may be available to you.
Call us! 1-978-521-9020
