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Embed code for: KALEY INSURANCE SEMINAR POWERPOINT
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Our mission at Kaley Insurance consists of listening to individuals goals, reviewing their current financial situation, and providing the best possible products to achieve those objectives while minimizing risk.
Being an independent agency, we serve our clients by having many top companies to choose from to best suit their needs. We are licensed insurance agents in both Minnesota and Wisconsin.
With so many companies and options available today, Tim uses his experience to give your family the knowledge and the tools they need to make a sound financial decision. Known for his family first approach to life and the ability to make complex situations easier to understand, Tim is honored to have earned the trust of countless families.
Ever since graduating cum laude from Augsburg 2005, Lauralee has put her B.A. in Business Administration with Finance Specialization to good use. After many successful years as a National Bank Examiner for our Federal Government, Lauralee decided her talents would be better served helping people understand insurance and the many benefits to meet their unique financial goals.
Our Continued Education
Fundamentals of Estate Planning
Retirement Planning Strategies
Financial Planning for Today’s Consumer
Insurance for Estate Planning
Individual Retirement Accounts
Ethical Practice Standards for Today’s Producer
Medical Assistance Eligibility and Long-Term Care
Universal Life Insurance
Benson Law Office,Ltd.
Is a general practice law firm located in Siren, Wisconsin that provides comprehensive legal services to businesses and individuals. Benson Law Office is a family owned business that was established in 1969 by George W. Benson and is now operated by his sons, Ryan M. Benson and Adam C. Benson.
40 hours a week for 40 years
Titles and Registrations
3 Areas we will take a look at
What is one of the largest consumers of American wealth today?
$ 200 a day X 30 days = $ 6,000 a month
30 months ( average stay)
How can we pay for care?
Long Term Care
For a couple turning 65, there is a 70% chance of one them will need long-term care.
Traditional Long Term Care
Expensive for most
With many unused policies the premiums paid into the policy stay with the company, not passing to beneficiary.
Is there a gap in coverage?
Average Policy Coverage
$ 150 a day X 30 days = $ 4,500 a month
We are left with a gap of $ 1,500 a month
Problem : If we are left with a gap
Solution: Life/LTC Policy
It’s there for those who need it.
Many have too much for Medicaid and not enough for Traditional Long Term Care.
What are “Not Countable” assets for Spend Down?
Clothing, Jewelry, Furniture, Etc.
Prepaid Funeral Plans
Items NOT “ Owned “ by you or your spouse
What are “Countable” assets for Spend Down?
Everything you own or own with your spouse that can be spent or turned into cash.
Cash, Checking, Savings, CDs, Government Bonds, Mutual Funds, IRAs, 401Ks, 403Bs, TIAA-CREF and other retirement accounts, Tax-Deferred Annuities, Cash Value Life Insurance, any Car beyond the 1st Car, Boats, Trucks, Livestock, Equipment and Machinery, Commercial Real Estate, Land, Etc.
Single vs. Married (2015)
The annual Tax-Free gift limit as of 2016 is $ 14,000 per beneficiary.
The current Look- Back period is 5 years.
APT (Asset Protection Trust)
Up to $ 15,000 per spouse
Enables families to pre-pay for the costs of a funeral without having to commit to any particular funeral home.
Creating such a trust does NOT violate the 5 year past asset transfer (“lookback”) rule.
Can be used to fill an existing gap in coverage or as a stand alone policy.
Flexible loans and tax-free income
Tax-free death benefit
Significant asset protection device for dealing with
The probate process
The mandatory spend-down provisions for qualifying into a nursing home (if you avoid the 5 year look back).
There are two guarantees in life, one is death and the other is…..
How much was your first gallon of gas?
How about a box of cereal or gallon of milk from 10 years ago till now?
3.3 Trillion dollars
$ 1 a second
Effects on the Estate
CD at 1% ( national average .50%)
If we are at a 3% inflation rate what is happening to that money?
Two things people are doing more now than ever before in our history ?
Working 7 to 10 years longer
Going back to work
Qualified assets in positive market.
Qualified assets in a negative market.
Rule of 100
How it works
Example of 25 year old person
Example of 70 year old person
Life and Annuity Insurance Industry
There are more than 2,000 life insurance companies in the U.S. and they collectively own, manage, or control more assets than all the BANKS in the world combined.
Collectively they own, manage, or control more assets than all of the OIL COMPANIES in the world combined.
During the Depression the insurance companies, not the federal government, bailed out the banking industry.
Term Life Insurance
Protection for a specified period of time with a tax-free death benefit
Pays death benefit only if insured dies during term of coverage
They do not accumulate cash value
Generally not renewable beyond a certain age
Whole Life Insurance
Policy is designed to provide coverage for your whole life
Level premiums and tax-free death benefit
Guaranteed cash value with a specified rate of interest
Premium paying period may last longer than your income producing years.
Flexible Life Insurance
Flexible premiums, cash values, and tax-free death benefit
Competitive rate of return
Potential to build tax-deferred cash value that can be accessed for various needs
With market-risk, inflation, and taxes…
Will we have enough income to last through retirement?
An annuity is a contract between an individual and a life insurance company, usually purchased for retirement income.
Because all earnings are tax-deferred , those looking to accumulate additional funds for retirement find annuities to be a valuable tool.
A fully guaranteed contract.
Principal, interest, and the amount of benefit payments are guaranteed.
Investment risk assumed by insurance company.
Fixed Annuities Let’s assume a 3% fixed guaranteed rate
NOT a fully guaranteed contract.
Provides the opportunity to experience large gains; they may, however, also produce a loss.
Typically carry higher expenses than mutual funds with the same objective.
Variable Annuities Let’s assume a 3% fee
Fixed Indexed Annuities
Cash values tied to the performance of an index.
Participate (generally with a “cap”) in the gains but not the losses.
Reduces the purchasing power risk of a fixed annuity without the market risk of a variable annuity.
Fixed Indexed Annuities Lets assume a 12% cap
Appointed by a judge to protect and manage the financial affairs and/or the persons daily life due to physical or mental limitations.
Appointed by a judge to take care of a minor child or an incompetent adult and/or manage that persons affairs.
Health Care Directive
A written statement of a person’s wishes regarding medical treatment, often including a living will, made to ensure those wishes are carried out should the person be unable to communicate them to a doctor.
Health Care Power of Attorney
A legal form that allows an individual to empower another with decisions regarding their health care and medical treatment.
Financial Power of Attorney
A legal form that allows an individual to empower another with decisions regarding their financial matters.
Benson Law Office
Living Will and POAs
Will and Living Docs
Will with TOD Deed
Thank Youare two guarantees in life, one is death and the other is…..
Health Care Directive