Asset Protection

Long Term Care

For an effective asset protection strategy, it's critical to consider long term care insurance because the cost of nursing home care currently averages $50,000 per year by the AARP's estimate, and poses a serious risk of future cost burden.

Whether or not to insure against this risk is a personal decision, but the cost of coverage can ensure freedom from exhausting assets at the end of your life.  Why should you consider long term care insurance?

Would you prefer to leave your hard-earned assets to your loved ones or favorite causes?  Would you prefer to provide for your surviving spouse and children?

Can you rely on the Medicaid system to provide nursing care?  Could that limit your ability to control the quality of care?  Furthermore, the Deficit Reduction Act is making it more difficult to use Medicaid for nursing care expenses.

Long term care insurance helps offset these potential costs and minimizes your risk of asset depletion.  However, these contracts are diverse and complex.  The key is to work with an advisor who asks the questions you may not know you should ask, such as:

1).  How solid and well-diversified is the insurance company?  Policy price is important, but the claim you are covering may not occur for many years.  Will price be a factor then, or the assurance that your claim can and will be paid?

2).  What does the policy cover?  What are the levels of coverage for home care and skilled facility care?  What actually triggers a claim?  While no one wants to incur a claim, you want to know that if you do, you are covered.

3).  How does Medicaid or Medicare affect the type of coverage you should buy?  Is there a reason to have a longer waiting period or a shorter one?

4).  How much coverage do you need?  How do you integrate the assets and income you have with the amount of coverage you choose to purchase? 

5).  How is your benefit paid, through reimbursement, indemnity or cash accrual?  Which is best for you and why?

6).  How long a period should you cover, a lifetime or just a few years?  Can you make a change in that decision later to control cost and still provide adequate coverage?

7).  What about rate increases?  How do you plan and adjust for them?  How do you ensure the policy is adjusted for increasing costs in care each year while structuring the contract to keep it affordable?

Many factors affect your long term care coverage decisions.  An experienced F.R. Owen advisor can help you assess your needs and reassess them over time to maximize your asset protection and minimize your future nursing care cost burden.

Estate Planning

You've put a lot into building your estate.  Years of hard work, love and togetherness have created the foundation of your family.  Upon your death, you don't want your estate to be devastated by neglect and poor planning. 

Whether you're developing a will to distribute your assets or building a trust fund for each grandchild, F.R. Owen & Associates can help you leave your loved ones fond memories and security instead of a complicated financial burden.

Asset Allocation 

You've worked hard for your money.  F.R. Owen & Associates will show you how to make your money work hard for you.  Your investment portfolio can and should be built around your lifestyle.  Factors such as your age, risk tolerance and personal goals will determine the best strategy. 

We've been helping people build financial futures for over twenty-five years.  Just tell us where you want to go, and we'll help you get there.