May 14, 2024 • 30 mins
In this episode of the "Teaching Tax Flow" podcast, we jump into the critical subject of long-term care (LTC) planning. Bringing on board expertise and personal insights, guest Brooke Crane Acre explores what individuals need to consider while preparing for potential LTC needs. Brooke shares stories and advice to help listeners understand the significance and nuances of LTC.
Two contrasting examples from Brooke's personal life paint a picture of what long-term care can look like and underline the individual nature of care needs. The discussion covers the evolution of LTC insurance, highlighting modern policies that provide more control and assurance to policyholders. Brooke discusses using qualified assets for LTC coverage, the importance of having a documented plan, and the emotional and financial benefits of in-home care.
Key Takeaways:
- Long-term care planning is essential as we age, and it's optimal to start considering it around the age of 55.
- Modern LTC policies have evolved, allowing for more flexibility and assurance, ensuring it's not a "use it or lose it" scenario.
- Family involvement is crucial; individuals should communicate and document their care preferences and appoint responsible parties for decision-making.
- LTC insurance can be tailored to include inflation protection, ensuring the policy's value grows with time and cost of living increases.
- Planning ahead with LTC insurance means peace of mind for the future, potentially mitigating the burden on both the individual and their family.
Notable Quotes:
- "What long-term care is, is support and services to help you meet your personal and medical needs as we all age." - Brooke Crane Acre
- "If you don't use it, you don't lose it. And that is what to me is very important when we're planning for long-term care, is that that money is always yours." - Brooke Crane Acre
- "It's a lot easier now to document that and to have someone say, okay, this is what mom wants, or this is what grandma wanted, or this is what my sister wanted, as opposed to not asking that person." - Brooke Crane Acre
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Legacy Lock (www.teachingtaxflow.com/legacy)
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Intro (00:04):
Welcome to the Teaching Tax Flow podcast, where the goal
is to empower and educate you tolegally and ethically minimize
taxes paid over your lifetime.Hey, everyone, and welcome back
to the Teaching Tax Flow podcastepisode 83 today. We are gonna
discuss what you need to knowabout long term care. So as
(00:26):
always, let's take a briefmoment and thank our episode
sponsor.
Ad Read (00:33):
This podcast is brought to you by Legacy Lock. If you
are new to estate planning orsimply need to review your
current plan, Legacy Lock makesit as easy as pie. Legacy Lock
is a unique platform thatenables you to easily complete
your attorney drafted documentsconveniently from the comfort of
your home or office. Your firststep to this peace of mind is
simply visiting teaching taxflow dot com slash legacy.
John Tripolsky (00:56):
We know that you're in this for a long term
relationship with teaching taxflow. So that being said, we are
going to talk about today whatyou need to know about long term
care, also referred to as LTC insummer guard. And, of course, we
got this guy back on here withme again, this beautiful bald
man goes by Chris Piquero.What's happening, man? Welcome
(01:17):
to your own show as always.
Chris Picciurro (01:19):
It's thank you for introducing me back to my
own show, John, and it almostfeels like you know? The fact
that our wives never listen tothis unless we tell them we
mentioned them, and then theystill won't listen, it's kinda
like that strategy where I feelwhen I get get into my own home
and it's clean, it's like, hey,honey. We should probably have,
(01:40):
the so and so's over for dinner,and then I know that's gonna be
precipitated by the housegetting cleaned, you know,
having someone come over so sojust like when I go out in my
own house and it's clean all ofa sudden, I I always feel
welcome when you welcome me backinto this fine podcast. I know I
always say this, but I amextremely honored and excited
about our guest today, andsomeone that you've we both have
(02:04):
known for decades. So That'svery true.
John Tripolsky (02:09):
In decades not to age us, but and we say
decades because it's experiencebased. And, you know, another
fact, sir, it's your own show,and you're on the the cover art.
So now you're you're prettyfamous whether you know, don't
get a big head. Don't get a bighead. You know?
Chris Picciurro (02:23):
I don't have
a big head. I don't have anyhair, so I'm always wearing a
child's extra large cap. So nowthat there's anything to do with
what we're talking about today,but, I want you know, today,
we're really excited to talkabout a topic that the defeating
taxes community was asking for.I feel like it's something that
(02:44):
everyone should be consideringin their overall financial plan.
A lot of times we find taxpayerswait too long to address long
term care, and they don't haveas much control over their
assets as they would have ifthey did the proper planning.
So we're gonna welcome BrookAcre, certified financial
planner, one of my most dearfriends, and we are honored to
(03:09):
have her on the show. I've knownher for almost 20 years if we
start adding it up, and we haveworked together. We've partnered
been business partners. We'veworked together for forever. So
Brooke, welcome to the show, andI'm gonna try not to use any
nicknames on the show.
Brooke Acre (03:25):
Well, good afternoon, friends. I'm very,
very honored to be here andexcited to be here with the 2 of
you. I have a lot of funmemories of traveling and doing
roadshows with you. So this is adifferent spin doing a podcast,
but I know we can't get in asmuch trouble as we did when we
were back in the day on our roadtrip. So
John Tripolsky (03:46):
And, basically, what Brooke's saying is she's
she was a very good babysitter,and she's a much more
responsible individual, I think,than than me and Chris back
Chris Picciurro (03:56):
in the day. So I would agree to that.
John Tripolsky (03:59):
Let's get down to business. Let's talk let's
talk about this long term care.So, Brooke, actually, yeah. You
know what? I almost used anickname there.
Oh, man. I gotta hit the pausebutton. So let's actually talk
about from your perspective.What is the quote unquote
definition of long term care?And then let's get into, you
know, following that.
(04:19):
What are some of the the basicsof it? Right? So, like, what
should people consider when theyconsider long term care and also
some things that maybe it's not?So maybe debunk a couple myths
or scares that are out there.
Brooke Acre (04:31):
Yes. So, long term care as you mentioned, is also
known as LTC. And so, we a lotof times, we'll refer to it just
as LTC for a quicker term. Butwhat long term care is is
support and services to help youmeet your personal and medical
needs as we all age. One of thethings that I've seen throughout
(04:55):
my life, is being a mother andbeing a caregiver, is that it's
important the way people arecared for.
Whether it's children when youstart off as a mom, how, you
know, we are there for everyneed from feeding to changing
diapers to just their theirneeds. But, what happens is is
(05:16):
as we age, we also have thosesame needs, some people
unfortunately need more thanothers. So my mother, her father
lived to be 99 years old, and helived in his home and he was
great. He ended up passing away,at the age of 99 because truly
(05:39):
his body just was done living.He died of old age.
He was able still to cut thegrass, he was able to still be
at home, shower, feed himself,do all of those daily activity,
things, which we'll talk aboutin a second. So I watched him,
and then my dad's dad ended updying at 97, but he lived his
(06:02):
final years in an assistedliving center. And so seeing
both different paths and howboth of their end of their lives
ended really made me want tohelp people in that time of
need.
Chris Picciurro (06:16):
Well, we always say in our private CPA practice,
clients don't care how much youknow till they know how much you
care. So I could tell you frompersonal experience, Brooke
cares a lot. She brings a lot ofher own, even deciding to become
a financial advisor, taking lifeexperiences and taking that
passion and making it into acareer, and, again, long term
(06:39):
care, I think if we look at thedemographics of our society,
it's going to be much moreprevalent over the next 20 years
as our baby boomers we allcontinue to age, but that baby
boomer generation continues toage, and we see a monstrous
wealth transfer from thatgeneration to to the the next 2
(07:02):
to 3 generations. So, Brooke, asfar as the long term care, when
is it how does it differ at all,from life insurance, and should
it could they actually worktogether in some way?
Brooke Acre (07:17):
Life insurance, as you know, you have to pass away
for your heirs to receive thelife insurance death benefit.
With long term care, it used tobe one of those things people
didn't wanna even look atbecause they said, well, I can't
afford this. And so the old wayof looking at long term care was
just like your life insurance oryour car insurance or your
(07:39):
homeowners insurance, you wouldpay a monthly premium for the
expectation that you would maybeneed a long term care to cover a
long term care event later inlife. What we see is that
clients would start off paying,for instance, $100 a month,
(08:00):
saying that in the event thatthey need long term care later,
they would get x amount ofdollars. For care.
Well as they age that insurancepremium would keep going up to
200. Then maybe up to 300. Maybeup to 500. So by the time
they're 90, they could be havingthis huge expense per month to
(08:22):
pay for this long term carecoverage. And when budgets get
tight, the first thing to getcut would be that policy.
Right at the time that theclient needs it the most, as
they're aging. And so, clientswould end up canceling their
long term care policy, and thenthey would need it and have
nothing. So that was the old wayof looking at long term care
(08:43):
insurance. The new way oflooking at long term care
insurance is to earmark moneythat you would not really be
needing right now, and utilizethat money for a couple
different purposes. 1, in theevent you or your spouse have a
long term care event and needit, you both would be able to be
(09:08):
on claim on that insurancepolicy.
The other thing is is,hopefully, none of us will ever
need it and never have a longterm care event, and live like
my grandpa to be 99 and die ofold age. At that point, that
money that you had set aside forlong term care would pass on to
your beneficiaries or yourheirs. And so it's not a use it
(09:30):
or lose it. So, you know, if youdon't use it, you don't lose it.
And that is what, to me, is veryimportant when we're planning
for long term care is that thatmoney is always yours.
John Tripolsky (09:42):
And that makes a lot more sense. Right? So I I
imagine telling people aboutthat. They're a lot more
comfortable. It's not likeyou're getting an auto insurance
policy.
Right? And, you know, the olderyou get, kinda compare it to, is
what you're saying the old wayis almost if you every month, I
don't know anybody that's donethis, but every month so you get
a citation for speeding. Right?Your policy is gonna go up. So
(10:03):
it's almost what you're sayingthe old way.
The older you get, your policy,your your premium in the sense,
would increase month over month.So it's kind of looked at, as
you mentioned, is, you know,it's on the bottom bottom of the
totem pole to get cut and andoff it goes. So for to clarify a
little bit too. So there is longterm care. Right?
So as you mentioned so that ismost likely and I I know a
(10:25):
little bit about this. I won'tgo into too much detail and try
to impress my mother-in-law ormy wife knowing that they're in
senior living.
Chris Picciurro (10:32):
Ron, you like older women. Don't do it.
John Tripolsky (10:34):
They don't live in senior living, but they work
in senior living. Let's clarifythat one. But that being said,
you know, sometimes it's, I'mgonna leave shopping references
out of this one. But, anyways,so that being said, I mean, it's
kind of a no brainer. Right?
If somebody goes into, say, aassisted living, that very
(10:57):
unlikely they're gonna leavethat and go back to independent.
Right? So go home. So that beingsaid too, as far as for long
term care coverage, policyinsurance, etcetera, whatever we
wanna call this, like, how howshould somebody approach that?
Like, what's their first stepsin saying, you know what?
Yes. I I want this. I want thiscovered. Talk to me about that.
(11:19):
So say they came to you.
What's maybe the process ofwalking them through it? Because
I'm sure it's not cookie cutter.Right? You just don't say, okay.
Cool.
You check the box. You'reinterested in it. Here you go.
So very, very high level. Whatdoes that look like for those
early stage discussions?
Brooke Acre (11:35):
Yeah. So that's a great question, John. So a few
things I wanna mention. Sonumber 1, as Chris had started
saying that I'm a certifiedfinancial planner, so I've been
helping clients plan for theirretirement for over 20 years.
And as I said, I love what I do.
And I've really seen this need,as I mentioned with my
grandparents, is to kinda helppeople navigate through long
(11:56):
term care and creating what doesthat look like for them. It's a
topic nobody really wants totalk about. Long term care is
one of those, like, I hope andpray that those events never
happen to me or my spouse, andso if I just don't talk about
it, it's not gonna happen. So,I've really seen the need from
(12:17):
different clients having a longterm care event happen in their
life and what that has lookedlike and what financial impacts
and mental and emotional impactsthat's been on their spouses and
their children. So I havecreated a website that could
really help clients navigatethrough this.
(12:38):
And the number one thing is, iswe created a ton of videos and
content at your leisure you canlook at. And I think it's really
important with these educationalvideos that you can learn and
expand your understanding aboutwhat is long term care and what
options are out there. So Ithink that that's number 1 is
the learning phase and figuringout what your options are. The
(13:01):
second part of that is to plan.And to sit down and say, okay,
what, in the event somethingdoes happen to me or my spouse,
what does that look like?
What kind of care? Where do Iwanna have the care? And what
kind of care do I want? I knowJohn you just mentioned your,
you know, wife and mother-in-lawwork at a senior center. But you
can with these policies, you canhave the care right in your own
(13:25):
home.
Which to me is more powerfulthan anything. I had a client
who sat down and when we werecreating this plan said, I want
my Christmas tree up in myhouse. I want my Christmas
decorations up in my house. Idon't want to be at some
facility looking at someoneelse's Christmas decorations.
(13:48):
And that was when very importantto her.
And I think those are powerfulconversations to sleep in your
own bed and have care in yourown home. And so, sitting down
and creating that plan, becausethere is no one size fits all,
is every client has a differentneed from a financial to what
are their personal wishes. Andso I think sitting down and
(14:09):
really articulating what, who,and how do you want that care to
be facilitated is what we sitand do. And, so those are kind
of our 2 big things fromlearning to then kind of
creating that plan, and then youcan live and not have to worry
moving on, that you've had yourwishes done, and you have what
(14:29):
you want planned for you forthat long term care.
Chris Picciurro (14:33):
I have a question as far as when's the
ideal because, obviously, peoplethat that need long term care
right now is are only gonna makeup a sliver of our listeners. We
have a lot of people that haveparents or grandparents or a
significant other, familymember, friend that listen to
the podcast that they might bethinking of right now. When's
(14:54):
the ideal time for someone tostart considering looking at
planning for long term care andand starting to invest in that
type of that type of insurance.And then what are some of the
considerations? You made a greatpoint as where does it you want
that care to occur?
I could say, from personalexperience, Brooke and her team
helped my parents with long termcare, and I live obviously in in
(15:18):
outside Nashville, and they'reup in Detroit. So what we're
seeing a lot of times is we wethere's been a lot of mobility
with people in our generation oryounger, so that they might not
live right by their parents. Sowhat if the parent lives in
Michigan and they wanted andtheir child lives in Florida,
but they wanted the care tooccur in Florida? So can you
kinda walk us through some ofthose just, you know, 30,000
(15:40):
foot considerations that someonehas to think about when they're
working with you, and developinga long term care strategy?
Brooke Acre (15:47):
So that's a great question, Chris. You know, when
should you start consideringplanning for long term care? I
always tell everybody if you'rethinking about it, it's a good
time. Typically our clients areat age 55 is when we start
having these conversations. Ofcourse you know the normal 30
year old is not thinking aboutlong term care.
(16:09):
So 55 and older as you'regetting into that retirement,
you know, thinking ofretirement, thinking of how does
your future look, is when wereally start to plan on this
long term care. As you said, youknow, your parents are in a
different state. With theseplans, you know, you can create
(16:29):
them whatever's best for you.You can cover both spouse, so
husband and wife. So, if Godforbid either of you had a long
term care event, simultaneously,you could both be on claim.
If one of you was on claim for 5years and then, you know, passed
away and then the other onedoesn't need care for another
10, 15 years, that policy isstill there. So, you know, both
(16:53):
of you can be on claim and youit covers so it does cover both
spouses and it is you can usequalified assets, which in the
past you couldn't. So forexample, if a client has an IRA
and, for easy numbers, they have$1,000,000 in that IRA. Just for
simple math. Most clients willnever utilize all that
(17:17):
$1,000,000 of assets.
And so, what we do is we take aslimmer or, you know, a $100, a
$150. Again, each client wouldbe different, but for just a
simplicity purposes, we wouldtake a sliver of that IRA assets
and cover both spouses for longterm care. As I said earlier, in
the event that either of youneed it, it's there. If neither
(17:39):
of you need it, it passes on toyour children or your whoever
your beneficiaries are. So it'snot a use it or lose it.
Chris Picciurro (17:46):
Well, that's a great point because we we know
that the power of using, youknow, being tax efficient, so if
you could use tax deferreddollars to do this policy, that
is very powerful because ifyou're if you're using after tax
dollars, then it becomes muchmore expensive. If someone has
(18:06):
someone in their family that hasspecial needs, you know,
obviously, that that would bethere's some there's some
concerns there. Would that playa role at all in any type of
long term care playdly?
Brooke Acre (18:18):
Well, there if a a parent has a special needs child
then they would definitely needto have some planning in place
for them. Usually it would notcover the long term care policy
that we're talking about, youknow, wouldn't be covering them.
If it's a child of a parent,it's usually the parents or the
(18:39):
spouse, husband, and wife thatwould be covered on these
policies. We could look into ifthey did have a special needs
child and wanted to get somesort of plan. It would have to
go through some underwriting,but you know all things are
always possible.
The other thing that we see alot that, you know, nobody, as I
said, wants to think abouthaving a long term care event.
So, what we're seeing thoughmore and more is the dementia
(19:04):
and Alzheimer's. And so, youknow, I had a client who was
healthy and was able to be athome, the husband and wife. And
he was able to, you know, stillfunction and wasn't a burden on
her, because he could dresshimself, beat himself, you know,
with some instructions. But ashe got older and the dementia
(19:27):
really started to affect him, hewas leaving the stove on.
He was putting things in themicrowave that shouldn't go in
the microwave. And so, he wasalmost becoming a hazard to both
of them. He even one night gotup and thought he had to go to
work and went out the frontdoor, in the middle of the
night. And so, you know, havingsomeone come to your house and
(19:51):
be there so that you can haverest and you don't have to
always be worrying about thatspouse, was really powerful for
her. So, they had a long termcare policy.
And so she was able during theday to keep an eye on him and do
all of that. However, atnighttime, she wanted someone
there just in case he woke upand did something that, you
(20:12):
know, could hurt both of them.And so for her, they were able
still to stay in their house,utilize their policy, and just
have someone be there at night,you know, to kinda keep an eye
on him in the house in the eventsomething happened.
John Tripolsky (20:26):
And then really with any policy, so so back
backtrack a little bit more too.We're talking about, you know,
somebody in their thirties,forties is a little naive to it
in a sense. And, you know, youdon't wanna think the the worst
of a good situation that you'llever need it. So as far as for
setting something up, say youdid have somebody mid thirties,
early forties wants to get thisset up. I'm gonna imagine that
(20:47):
it this is not a set it andforget it.
Right? You just don't set it uponce and then worry about it if
you ever need to in the future.I I mean, because obviously
there's a a lot of influence inthere. Right? So cost of living
is a big thing.
I mean, even just seeing in thepast 10 years, at least from my
experience and my wife fromother law, just the the, call it
a a widespread pricingvariation. I mean, do you have
(21:10):
you have a some facilities thatare couple thousand a month? You
have some that are 10, 15, 20000a month, depending on whatever
some of the needs are. So howdoes that work with setting it
up? And then is this somethingyou have to look at continually
every year?
Is that something that you workwith your clients on kind of
doing an annual review? Whatdoes that look like as far as
(21:32):
for kind of quote, unquotemaintenance mode of a policy
like this?
Brooke Acre (21:37):
Yes. That's a great question. So, you know, the
first step is just getting aplan in place. And then what we
do is we do keep reviewing theplan every couple years, making
sure that it is staying with thecost of living, kind of where
you're at from a financialstandpoint and what your goals
are. We do have options in thesepolicies to add, an inflation
(22:01):
protected portion.
So for our younger clients,especially, it's something that,
you know, we would want to addto the policy. So it does take
into account that, you know,right now, an adult day care is
about $20,000 a year. In a fewyears, that might be 40, $50.
You know, if you wanted a semiprivate room in a nursing home,
(22:22):
we're looking at $90,000 now,which in the future could be a
150. And so those are thingsthat we have to consider and
continue to review it.
But, there isn't a lot ofchanges that have to be done
because if we set it up rightthe first time, it should grow
with you as you age.
John Tripolsky (22:42):
And it so clearly, this this ties directly
into everything we do atteaching tax flow, and that's
really emphasizing theimportance of planning. Right?
So this is not a, oh, I need itnow. I will get it next week or,
oh my gosh. I my wife hasdementia, and, oh, man, I need
to get a plan in place rightnow.
It doesn't work that way. Right?It's like getting a a auto
(23:02):
coverage policy after you hit atree. Like, doesn't work.
Chris Picciurro (23:07):
I mean, I think I've most taxpayers will be,
will have to manage, you know,later in life medical costs,
care costs, and you could eitherdo things very tax efficiently
and in a planned manner using,you know, long term care
policies, you working with theright professionals, or you can
(23:30):
not. Right? And you could bevery reactive. And there are
several benefits to beingproactive, both financially, tax
wise, and, you know, kind oflike you say, you don't wanna be
in the situation we used to tellour little kids, you get what
you get and don't throw a fit.So we wanna be the people that
(23:52):
that have done the planning.
And this is something we talkabout also on in in Teaching Tax
Laws, building your your boardof directors. So I'm gonna put a
bow on it, Brooke. What are someof the other people, that should
be involved with with a clientthat's doing long term planning
other than, obviously, you know,their financial adviser? Any
other professionals should beinvolved in talking through,
(24:15):
this decision or or familymembers?
Brooke Acre (24:19):
So that's a great point. Family members are really
what's important. And a lot oftimes you'll see, you know, you
you might have 2 or 3 kids orone kid, or you may have no
kids. You might have asister-in-law or brother-in-law,
and you think, okay, well, Godforbid something happens to me.
This is who I want to take careof me.
That might not be the rightperson that should take care of
(24:41):
you. Or you might assume thatthat's the person you want to
take care of you. And then whenyou if God forbid you do have a
long term care event, thatperson says, oh, I can't take
care of your finances or I can'ttake care of your, you know,
health needs. So that's why whenwe do start to create this plan,
we go through, where do you wantcare take in place? Who do you
(25:05):
want to be in charge of yourcare?
What are the things that youwant to happen with your care?
Because it's a lot easier now todocument that and to have
someone say, okay, this is whatmom wants, or this is what
grandma wanted, or this is whatmy sister wanted, opposed to not
asking that person, and then allof a sudden someone gets thrown
(25:28):
into it and says, well, I don'thave time to take care of
grandma, so we're just gonna goput her in a in a home. No. We
wanna have that document doneand say, this is where grandma
wants care, this is who shewants to be in charge of it, and
this is who she wants to makeher financial decisions for her.
And having those conversationswith those family members so
that they are already aware ofthat and what the goals are of
(25:49):
grandma or mom or sister orbrother.
Chris Picciurro (25:52):
And and I would say in closing, it's much
easier. I mean, I know my wifeand I did our estate planning,
gosh, over a decade ago. I waslooking at the documents, so
it's much easier to have theseconversations when you don't
need it.
Brooke Acre (26:06):
Yes.
Chris Picciurro (26:07):
To the next day. Just and like Brooke said,
a lot of the folks that that weare caring for, that we love,
will that that might havedementia or or another condition
that their mental capacities aredeclining. You wanna make sure
that we understand what theirneeds and wants are while they
can communicate that to us aswell. So I I I Brooke, I really
(26:28):
appreciate it. I was gonna tryto make it through the entire
podcast without singing any typeof naughty by nature, like, you
know, he's not LTT, and you knowme.
But we always have naughtiesnaughties rap references in
here. Oh, I love that. I love
Brooke Acre (26:41):
that music.
Chris Picciurro (26:43):
I didn't mention that. I did hey.
John Tripolsky (26:45):
At least you didn't mention pickleball. You
didn't mention pickleball atall, the this one. I'm I'm
really proud of you. There yougo. It's it's all it's all about
growth and planning around thisplace.
So that being said, yes, Brooke.Thank you so much for joining us
and and dealing with us as muchas you, possibly can can
swallow, so we appreciate that.Thank you for your insight. We
(27:07):
will absolutely have you backon, though, as we touch on this,
and, you know, we'll we'll startto be a little bug in people's
ear. Right?
If it's something you've thoughtabout doing, maybe haven't done
it yet. You know, if if you're afirm believer in what we do not
refer to as tax season aroundhere. Get pa get past whatever
you think is is April 15th ofright around that time. If
(27:29):
that's a hurdle for you, getpast that maybe midyear after
that. Make that a goal oflooking at potentially a long
term care or LTC policy.
And, you know, we got a we got agood, good gal here that can
help you with that. So it'sChris Petcher. We'll drop all
the, contacts in the show notesthere as well as a couple
reference points, and we lookforward to having Brooke back
here as, I guess, as long as youwould join us. Right, Brooke? If
(27:51):
I don't know if you wanna hangout with us again.
That's up to you.
Brooke Acre (27:54):
Yes. This was fun. Definitely fun. I miss you guys,
and it's great to be part ofyour awesome Teaching Tax Flow
podcast.
John Tripolsky (28:03):
Oh, man. Listen to that. That's a that's not a
paid promotion, but it is agenuine one. I I assume so. It'd
make my little marketing heartsing.
So that being said is I alwayslike to close out with, we will
see everybody back here nextweek on the Teaching Textful
podcast, same time, same place,different topic. Hey, everybody.
(28:30):
Thanks for hanging out with ushere on this episode of the
podcast. Obviously, thank you,Chris. Thank you, Brook, for
joining us.
It's almost like getting the oldold crew back together. As you
guys heard a reference ofearlier in the show here, we've
known each other all for about20 years or so, so 2 decades.
It's longer than I know some ofour listeners have been alive
for. So there we are. We'regetting a little older, but as
(28:52):
we mentioned in this show, thisis definitely not just a tax
planning tool, right, but a lifetool, something that we all
should take pretty serious evenif you're in a position now in
your life where you think, youknow what?
I won't need this. I'm good. I'mgonna live to be a 100, healthy
as an ox. Things happen. Right?
So as we always say, planning onthe tax side, this is a great
(29:15):
tool, especially, do a littlelife planning, something you can
look into. Obviously, you canreach out to Brooke, Reach out
to, and really any individualthat's on your personal board of
directors, as we mentioned aswell, and we always do in a lot
of episodes. So lean on thosepeople for some great advice,
and as I did not mention in theshow, but I do believe we
mentioned it in previous ones,We have a great roster coming up
(29:39):
especially over the next 2months of some fantastic guests,
some great topics Chris andmyself are gonna discuss here on
the podcast. So we look forwardto hearing from everybody on
feedback on those shows and alsokeep sending over those ideas.
We love them.
See everybody soon.
Disclaimer (29:57):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough cabin advisors, a
registered investment advisor.Securities are offered through
cabin Securities, a registeredbroker dealer.
The content of this podcast doesnot constitute an offer of
(30:19):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
Welcome to the Teaching Tax Flow podcast, where the goal
is to empower and educate you tolegally and ethically minimize
taxes paid over your lifetime.Hey, everyone, and welcome back
to the Teaching Tax Flow podcastepisode 83 today. We are gonna
discuss what you need to knowabout long term care. So as
(00:26):
always, let's take a briefmoment and thank our episode
sponsor.
Ad Read (00:33):
This podcast is brought to you by Legacy Lock. If you
are new to estate planning orsimply need to review your
current plan, Legacy Lock makesit as easy as pie. Legacy Lock
is a unique platform thatenables you to easily complete
your attorney drafted documentsconveniently from the comfort of
your home or office. Your firststep to this peace of mind is
simply visiting teaching taxflow dot com slash legacy.
John Tripolsky (00:56):
We know that you're in this for a long term
relationship with teaching taxflow. So that being said, we are
going to talk about today whatyou need to know about long term
care, also referred to as LTC insummer guard. And, of course, we
got this guy back on here withme again, this beautiful bald
man goes by Chris Piquero.What's happening, man? Welcome
(01:17):
to your own show as always.
Chris Picciurro (01:19):
It's thank you for introducing me back to my
own show, John, and it almostfeels like you know? The fact
that our wives never listen tothis unless we tell them we
mentioned them, and then theystill won't listen, it's kinda
like that strategy where I feelwhen I get get into my own home
and it's clean, it's like, hey,honey. We should probably have,
(01:40):
the so and so's over for dinner,and then I know that's gonna be
precipitated by the housegetting cleaned, you know,
having someone come over so sojust like when I go out in my
own house and it's clean all ofa sudden, I I always feel
welcome when you welcome me backinto this fine podcast. I know I
always say this, but I amextremely honored and excited
about our guest today, andsomeone that you've we both have
(02:04):
known for decades. So That'svery true.
John Tripolsky (02:09):
In decades not to age us, but and we say
decades because it's experiencebased. And, you know, another
fact, sir, it's your own show,and you're on the the cover art.
So now you're you're prettyfamous whether you know, don't
get a big head. Don't get a bighead. You know?
Chris Picciurro (02:23):
I don't have
a big head. I don't have anyhair, so I'm always wearing a
child's extra large cap. So nowthat there's anything to do with
what we're talking about today,but, I want you know, today,
we're really excited to talkabout a topic that the defeating
taxes community was asking for.I feel like it's something that
(02:44):
everyone should be consideringin their overall financial plan.
A lot of times we find taxpayerswait too long to address long
term care, and they don't haveas much control over their
assets as they would have ifthey did the proper planning.
So we're gonna welcome BrookAcre, certified financial
planner, one of my most dearfriends, and we are honored to
(03:09):
have her on the show. I've knownher for almost 20 years if we
start adding it up, and we haveworked together. We've partnered
been business partners. We'veworked together for forever. So
Brooke, welcome to the show, andI'm gonna try not to use any
nicknames on the show.
Brooke Acre (03:25):
Well, good afternoon, friends. I'm very,
very honored to be here andexcited to be here with the 2 of
you. I have a lot of funmemories of traveling and doing
roadshows with you. So this is adifferent spin doing a podcast,
but I know we can't get in asmuch trouble as we did when we
were back in the day on our roadtrip. So
John Tripolsky (03:46):
And, basically, what Brooke's saying is she's
she was a very good babysitter,and she's a much more
responsible individual, I think,than than me and Chris back
Chris Picciurro (03:56):
in the day. So I would agree to that.
John Tripolsky (03:59):
Let's get down to business. Let's talk let's
talk about this long term care.So, Brooke, actually, yeah. You
know what? I almost used anickname there.
Oh, man. I gotta hit the pausebutton. So let's actually talk
about from your perspective.What is the quote unquote
definition of long term care?And then let's get into, you
know, following that.
(04:19):
What are some of the the basicsof it? Right? So, like, what
should people consider when theyconsider long term care and also
some things that maybe it's not?So maybe debunk a couple myths
or scares that are out there.
Brooke Acre (04:31):
Yes. So, long term care as you mentioned, is also
known as LTC. And so, we a lotof times, we'll refer to it just
as LTC for a quicker term. Butwhat long term care is is
support and services to help youmeet your personal and medical
needs as we all age. One of thethings that I've seen throughout
(04:55):
my life, is being a mother andbeing a caregiver, is that it's
important the way people arecared for.
Whether it's children when youstart off as a mom, how, you
know, we are there for everyneed from feeding to changing
diapers to just their theirneeds. But, what happens is is
(05:16):
as we age, we also have thosesame needs, some people
unfortunately need more thanothers. So my mother, her father
lived to be 99 years old, and helived in his home and he was
great. He ended up passing away,at the age of 99 because truly
(05:39):
his body just was done living.He died of old age.
He was able still to cut thegrass, he was able to still be
at home, shower, feed himself,do all of those daily activity,
things, which we'll talk aboutin a second. So I watched him,
and then my dad's dad ended updying at 97, but he lived his
(06:02):
final years in an assistedliving center. And so seeing
both different paths and howboth of their end of their lives
ended really made me want tohelp people in that time of
need.
Chris Picciurro (06:16):
Well, we always say in our private CPA practice,
clients don't care how much youknow till they know how much you
care. So I could tell you frompersonal experience, Brooke
cares a lot. She brings a lot ofher own, even deciding to become
a financial advisor, taking lifeexperiences and taking that
passion and making it into acareer, and, again, long term
(06:39):
care, I think if we look at thedemographics of our society,
it's going to be much moreprevalent over the next 20 years
as our baby boomers we allcontinue to age, but that baby
boomer generation continues toage, and we see a monstrous
wealth transfer from thatgeneration to to the the next 2
(07:02):
to 3 generations. So, Brooke, asfar as the long term care, when
is it how does it differ at all,from life insurance, and should
it could they actually worktogether in some way?
Brooke Acre (07:17):
Life insurance, as you know, you have to pass away
for your heirs to receive thelife insurance death benefit.
With long term care, it used tobe one of those things people
didn't wanna even look atbecause they said, well, I can't
afford this. And so the old wayof looking at long term care was
just like your life insurance oryour car insurance or your
(07:39):
homeowners insurance, you wouldpay a monthly premium for the
expectation that you would maybeneed a long term care to cover a
long term care event later inlife. What we see is that
clients would start off paying,for instance, $100 a month,
(08:00):
saying that in the event thatthey need long term care later,
they would get x amount ofdollars. For care.
Well as they age that insurancepremium would keep going up to
200. Then maybe up to 300. Maybeup to 500. So by the time
they're 90, they could be havingthis huge expense per month to
(08:22):
pay for this long term carecoverage. And when budgets get
tight, the first thing to getcut would be that policy.
Right at the time that theclient needs it the most, as
they're aging. And so, clientswould end up canceling their
long term care policy, and thenthey would need it and have
nothing. So that was the old wayof looking at long term care
(08:43):
insurance. The new way oflooking at long term care
insurance is to earmark moneythat you would not really be
needing right now, and utilizethat money for a couple
different purposes. 1, in theevent you or your spouse have a
long term care event and needit, you both would be able to be
(09:08):
on claim on that insurancepolicy.
The other thing is is,hopefully, none of us will ever
need it and never have a longterm care event, and live like
my grandpa to be 99 and die ofold age. At that point, that
money that you had set aside forlong term care would pass on to
your beneficiaries or yourheirs. And so it's not a use it
(09:30):
or lose it. So, you know, if youdon't use it, you don't lose it.
And that is what, to me, is veryimportant when we're planning
for long term care is that thatmoney is always yours.
John Tripolsky (09:42):
And that makes a lot more sense. Right? So I I
imagine telling people aboutthat. They're a lot more
comfortable. It's not likeyou're getting an auto insurance
policy.
Right? And, you know, the olderyou get, kinda compare it to, is
what you're saying the old wayis almost if you every month, I
don't know anybody that's donethis, but every month so you get
a citation for speeding. Right?Your policy is gonna go up. So
(10:03):
it's almost what you're sayingthe old way.
The older you get, your policy,your your premium in the sense,
would increase month over month.So it's kind of looked at, as
you mentioned, is, you know,it's on the bottom bottom of the
totem pole to get cut and andoff it goes. So for to clarify a
little bit too. So there is longterm care. Right?
So as you mentioned so that ismost likely and I I know a
(10:25):
little bit about this. I won'tgo into too much detail and try
to impress my mother-in-law ormy wife knowing that they're in
senior living.
Chris Picciurro (10:32):
Ron, you like older women. Don't do it.
John Tripolsky (10:34):
They don't live in senior living, but they work
in senior living. Let's clarifythat one. But that being said,
you know, sometimes it's, I'mgonna leave shopping references
out of this one. But, anyways,so that being said, I mean, it's
kind of a no brainer. Right?
If somebody goes into, say, aassisted living, that very
(10:57):
unlikely they're gonna leavethat and go back to independent.
Right? So go home. So that beingsaid too, as far as for long
term care coverage, policyinsurance, etcetera, whatever we
wanna call this, like, how howshould somebody approach that?
Like, what's their first stepsin saying, you know what?
Yes. I I want this. I want thiscovered. Talk to me about that.
(11:19):
So say they came to you.
What's maybe the process ofwalking them through it? Because
I'm sure it's not cookie cutter.Right? You just don't say, okay.
Cool.
You check the box. You'reinterested in it. Here you go.
So very, very high level. Whatdoes that look like for those
early stage discussions?
Brooke Acre (11:35):
Yeah. So that's a great question, John. So a few
things I wanna mention. Sonumber 1, as Chris had started
saying that I'm a certifiedfinancial planner, so I've been
helping clients plan for theirretirement for over 20 years.
And as I said, I love what I do.
And I've really seen this need,as I mentioned with my
grandparents, is to kinda helppeople navigate through long
(11:56):
term care and creating what doesthat look like for them. It's a
topic nobody really wants totalk about. Long term care is
one of those, like, I hope andpray that those events never
happen to me or my spouse, andso if I just don't talk about
it, it's not gonna happen. So,I've really seen the need from
(12:17):
different clients having a longterm care event happen in their
life and what that has lookedlike and what financial impacts
and mental and emotional impactsthat's been on their spouses and
their children. So I havecreated a website that could
really help clients navigatethrough this.
(12:38):
And the number one thing is, iswe created a ton of videos and
content at your leisure you canlook at. And I think it's really
important with these educationalvideos that you can learn and
expand your understanding aboutwhat is long term care and what
options are out there. So Ithink that that's number 1 is
the learning phase and figuringout what your options are. The
(13:01):
second part of that is to plan.And to sit down and say, okay,
what, in the event somethingdoes happen to me or my spouse,
what does that look like?
What kind of care? Where do Iwanna have the care? And what
kind of care do I want? I knowJohn you just mentioned your,
you know, wife and mother-in-lawwork at a senior center. But you
can with these policies, you canhave the care right in your own
(13:25):
home.
Which to me is more powerfulthan anything. I had a client
who sat down and when we werecreating this plan said, I want
my Christmas tree up in myhouse. I want my Christmas
decorations up in my house. Idon't want to be at some
facility looking at someoneelse's Christmas decorations.
(13:48):
And that was when very importantto her.
And I think those are powerfulconversations to sleep in your
own bed and have care in yourown home. And so, sitting down
and creating that plan, becausethere is no one size fits all,
is every client has a differentneed from a financial to what
are their personal wishes. Andso I think sitting down and
(14:09):
really articulating what, who,and how do you want that care to
be facilitated is what we sitand do. And, so those are kind
of our 2 big things fromlearning to then kind of
creating that plan, and then youcan live and not have to worry
moving on, that you've had yourwishes done, and you have what
(14:29):
you want planned for you forthat long term care.
Chris Picciurro (14:33):
I have a question as far as when's the
ideal because, obviously, peoplethat that need long term care
right now is are only gonna makeup a sliver of our listeners. We
have a lot of people that haveparents or grandparents or a
significant other, familymember, friend that listen to
the podcast that they might bethinking of right now. When's
(14:54):
the ideal time for someone tostart considering looking at
planning for long term care andand starting to invest in that
type of that type of insurance.And then what are some of the
considerations? You made a greatpoint as where does it you want
that care to occur?
I could say, from personalexperience, Brooke and her team
helped my parents with long termcare, and I live obviously in in
(15:18):
outside Nashville, and they'reup in Detroit. So what we're
seeing a lot of times is we wethere's been a lot of mobility
with people in our generation oryounger, so that they might not
live right by their parents. Sowhat if the parent lives in
Michigan and they wanted andtheir child lives in Florida,
but they wanted the care tooccur in Florida? So can you
kinda walk us through some ofthose just, you know, 30,000
(15:40):
foot considerations that someonehas to think about when they're
working with you, and developinga long term care strategy?
Brooke Acre (15:47):
So that's a great question, Chris. You know, when
should you start consideringplanning for long term care? I
always tell everybody if you'rethinking about it, it's a good
time. Typically our clients areat age 55 is when we start
having these conversations. Ofcourse you know the normal 30
year old is not thinking aboutlong term care.
(16:09):
So 55 and older as you'regetting into that retirement,
you know, thinking ofretirement, thinking of how does
your future look, is when wereally start to plan on this
long term care. As you said, youknow, your parents are in a
different state. With theseplans, you know, you can create
(16:29):
them whatever's best for you.You can cover both spouse, so
husband and wife. So, if Godforbid either of you had a long
term care event, simultaneously,you could both be on claim.
If one of you was on claim for 5years and then, you know, passed
away and then the other onedoesn't need care for another
10, 15 years, that policy isstill there. So, you know, both
(16:53):
of you can be on claim and youit covers so it does cover both
spouses and it is you can usequalified assets, which in the
past you couldn't. So forexample, if a client has an IRA
and, for easy numbers, they have$1,000,000 in that IRA. Just for
simple math. Most clients willnever utilize all that
(17:17):
$1,000,000 of assets.
And so, what we do is we take aslimmer or, you know, a $100, a
$150. Again, each client wouldbe different, but for just a
simplicity purposes, we wouldtake a sliver of that IRA assets
and cover both spouses for longterm care. As I said earlier, in
the event that either of youneed it, it's there. If neither
(17:39):
of you need it, it passes on toyour children or your whoever
your beneficiaries are. So it'snot a use it or lose it.
Chris Picciurro (17:46):
Well, that's a great point because we we know
that the power of using, youknow, being tax efficient, so if
you could use tax deferreddollars to do this policy, that
is very powerful because ifyou're if you're using after tax
dollars, then it becomes muchmore expensive. If someone has
(18:06):
someone in their family that hasspecial needs, you know,
obviously, that that would bethere's some there's some
concerns there. Would that playa role at all in any type of
long term care playdly?
Brooke Acre (18:18):
Well, there if a a parent has a special needs child
then they would definitely needto have some planning in place
for them. Usually it would notcover the long term care policy
that we're talking about, youknow, wouldn't be covering them.
If it's a child of a parent,it's usually the parents or the
(18:39):
spouse, husband, and wife thatwould be covered on these
policies. We could look into ifthey did have a special needs
child and wanted to get somesort of plan. It would have to
go through some underwriting,but you know all things are
always possible.
The other thing that we see alot that, you know, nobody, as I
said, wants to think abouthaving a long term care event.
So, what we're seeing thoughmore and more is the dementia
(19:04):
and Alzheimer's. And so, youknow, I had a client who was
healthy and was able to be athome, the husband and wife. And
he was able to, you know, stillfunction and wasn't a burden on
her, because he could dresshimself, beat himself, you know,
with some instructions. But ashe got older and the dementia
(19:27):
really started to affect him, hewas leaving the stove on.
He was putting things in themicrowave that shouldn't go in
the microwave. And so, he wasalmost becoming a hazard to both
of them. He even one night gotup and thought he had to go to
work and went out the frontdoor, in the middle of the
night. And so, you know, havingsomeone come to your house and
(19:51):
be there so that you can haverest and you don't have to
always be worrying about thatspouse, was really powerful for
her. So, they had a long termcare policy.
And so she was able during theday to keep an eye on him and do
all of that. However, atnighttime, she wanted someone
there just in case he woke upand did something that, you
(20:12):
know, could hurt both of them.And so for her, they were able
still to stay in their house,utilize their policy, and just
have someone be there at night,you know, to kinda keep an eye
on him in the house in the eventsomething happened.
John Tripolsky (20:26):
And then really with any policy, so so back
backtrack a little bit more too.We're talking about, you know,
somebody in their thirties,forties is a little naive to it
in a sense. And, you know, youdon't wanna think the the worst
of a good situation that you'llever need it. So as far as for
setting something up, say youdid have somebody mid thirties,
early forties wants to get thisset up. I'm gonna imagine that
(20:47):
it this is not a set it andforget it.
Right? You just don't set it uponce and then worry about it if
you ever need to in the future.I I mean, because obviously
there's a a lot of influence inthere. Right? So cost of living
is a big thing.
I mean, even just seeing in thepast 10 years, at least from my
experience and my wife fromother law, just the the, call it
a a widespread pricingvariation. I mean, do you have
(21:10):
you have a some facilities thatare couple thousand a month? You
have some that are 10, 15, 20000a month, depending on whatever
some of the needs are. So howdoes that work with setting it
up? And then is this somethingyou have to look at continually
every year?
Is that something that you workwith your clients on kind of
doing an annual review? Whatdoes that look like as far as
(21:32):
for kind of quote, unquotemaintenance mode of a policy
like this?
Brooke Acre (21:37):
Yes. That's a great question. So, you know, the
first step is just getting aplan in place. And then what we
do is we do keep reviewing theplan every couple years, making
sure that it is staying with thecost of living, kind of where
you're at from a financialstandpoint and what your goals
are. We do have options in thesepolicies to add, an inflation
(22:01):
protected portion.
So for our younger clients,especially, it's something that,
you know, we would want to addto the policy. So it does take
into account that, you know,right now, an adult day care is
about $20,000 a year. In a fewyears, that might be 40, $50.
You know, if you wanted a semiprivate room in a nursing home,
(22:22):
we're looking at $90,000 now,which in the future could be a
150. And so those are thingsthat we have to consider and
continue to review it.
But, there isn't a lot ofchanges that have to be done
because if we set it up rightthe first time, it should grow
with you as you age.
John Tripolsky (22:42):
And it so clearly, this this ties directly
into everything we do atteaching tax flow, and that's
really emphasizing theimportance of planning. Right?
So this is not a, oh, I need itnow. I will get it next week or,
oh my gosh. I my wife hasdementia, and, oh, man, I need
to get a plan in place rightnow.
It doesn't work that way. Right?It's like getting a a auto
(23:02):
coverage policy after you hit atree. Like, doesn't work.
Chris Picciurro (23:07):
I mean, I think I've most taxpayers will be,
will have to manage, you know,later in life medical costs,
care costs, and you could eitherdo things very tax efficiently
and in a planned manner using,you know, long term care
policies, you working with theright professionals, or you can
(23:30):
not. Right? And you could bevery reactive. And there are
several benefits to beingproactive, both financially, tax
wise, and, you know, kind oflike you say, you don't wanna be
in the situation we used to tellour little kids, you get what
you get and don't throw a fit.So we wanna be the people that
(23:52):
that have done the planning.
And this is something we talkabout also on in in Teaching Tax
Laws, building your your boardof directors. So I'm gonna put a
bow on it, Brooke. What are someof the other people, that should
be involved with with a clientthat's doing long term planning
other than, obviously, you know,their financial adviser? Any
other professionals should beinvolved in talking through,
(24:15):
this decision or or familymembers?
Brooke Acre (24:19):
So that's a great point. Family members are really
what's important. And a lot oftimes you'll see, you know, you
you might have 2 or 3 kids orone kid, or you may have no
kids. You might have asister-in-law or brother-in-law,
and you think, okay, well, Godforbid something happens to me.
This is who I want to take careof me.
That might not be the rightperson that should take care of
(24:41):
you. Or you might assume thatthat's the person you want to
take care of you. And then whenyou if God forbid you do have a
long term care event, thatperson says, oh, I can't take
care of your finances or I can'ttake care of your, you know,
health needs. So that's why whenwe do start to create this plan,
we go through, where do you wantcare take in place? Who do you
(25:05):
want to be in charge of yourcare?
What are the things that youwant to happen with your care?
Because it's a lot easier now todocument that and to have
someone say, okay, this is whatmom wants, or this is what
grandma wanted, or this is whatmy sister wanted, opposed to not
asking that person, and then allof a sudden someone gets thrown
(25:28):
into it and says, well, I don'thave time to take care of
grandma, so we're just gonna goput her in a in a home. No. We
wanna have that document doneand say, this is where grandma
wants care, this is who shewants to be in charge of it, and
this is who she wants to makeher financial decisions for her.
And having those conversationswith those family members so
that they are already aware ofthat and what the goals are of
(25:49):
grandma or mom or sister orbrother.
Chris Picciurro (25:52):
And and I would say in closing, it's much
easier. I mean, I know my wifeand I did our estate planning,
gosh, over a decade ago. I waslooking at the documents, so
it's much easier to have theseconversations when you don't
need it.
Brooke Acre (26:06):
Yes.
Chris Picciurro (26:07):
To the next day. Just and like Brooke said,
a lot of the folks that that weare caring for, that we love,
will that that might havedementia or or another condition
that their mental capacities aredeclining. You wanna make sure
that we understand what theirneeds and wants are while they
can communicate that to us aswell. So I I I Brooke, I really
(26:28):
appreciate it. I was gonna tryto make it through the entire
podcast without singing any typeof naughty by nature, like, you
know, he's not LTT, and you knowme.
But we always have naughtiesnaughties rap references in
here. Oh, I love that. I love
Brooke Acre (26:41):
that music.
Chris Picciurro (26:43):
I didn't mention that. I did hey.
John Tripolsky (26:45):
At least you didn't mention pickleball. You
didn't mention pickleball atall, the this one. I'm I'm
really proud of you. There yougo. It's it's all it's all about
growth and planning around thisplace.
So that being said, yes, Brooke.Thank you so much for joining us
and and dealing with us as muchas you, possibly can can
swallow, so we appreciate that.Thank you for your insight. We
(27:07):
will absolutely have you backon, though, as we touch on this,
and, you know, we'll we'll startto be a little bug in people's
ear. Right?
If it's something you've thoughtabout doing, maybe haven't done
it yet. You know, if if you're afirm believer in what we do not
refer to as tax season aroundhere. Get pa get past whatever
you think is is April 15th ofright around that time. If
(27:29):
that's a hurdle for you, getpast that maybe midyear after
that. Make that a goal oflooking at potentially a long
term care or LTC policy.
And, you know, we got a we got agood, good gal here that can
help you with that. So it'sChris Petcher. We'll drop all
the, contacts in the show notesthere as well as a couple
reference points, and we lookforward to having Brooke back
here as, I guess, as long as youwould join us. Right, Brooke? If
(27:51):
I don't know if you wanna hangout with us again.
That's up to you.
Brooke Acre (27:54):
Yes. This was fun. Definitely fun. I miss you guys,
and it's great to be part ofyour awesome Teaching Tax Flow
podcast.
John Tripolsky (28:03):
Oh, man. Listen to that. That's a that's not a
paid promotion, but it is agenuine one. I I assume so. It'd
make my little marketing heartsing.
So that being said is I alwayslike to close out with, we will
see everybody back here nextweek on the Teaching Textful
podcast, same time, same place,different topic. Hey, everybody.
(28:30):
Thanks for hanging out with ushere on this episode of the
podcast. Obviously, thank you,Chris. Thank you, Brook, for
joining us.
It's almost like getting the oldold crew back together. As you
guys heard a reference ofearlier in the show here, we've
known each other all for about20 years or so, so 2 decades.
It's longer than I know some ofour listeners have been alive
for. So there we are. We'regetting a little older, but as
(28:52):
we mentioned in this show, thisis definitely not just a tax
planning tool, right, but a lifetool, something that we all
should take pretty serious evenif you're in a position now in
your life where you think, youknow what?
I won't need this. I'm good. I'mgonna live to be a 100, healthy
as an ox. Things happen. Right?
So as we always say, planning onthe tax side, this is a great
(29:15):
tool, especially, do a littlelife planning, something you can
look into. Obviously, you canreach out to Brooke, Reach out
to, and really any individualthat's on your personal board of
directors, as we mentioned aswell, and we always do in a lot
of episodes. So lean on thosepeople for some great advice,
and as I did not mention in theshow, but I do believe we
mentioned it in previous ones,We have a great roster coming up
(29:39):
especially over the next 2months of some fantastic guests,
some great topics Chris andmyself are gonna discuss here on
the podcast. So we look forwardto hearing from everybody on
feedback on those shows and alsokeep sending over those ideas.
We love them.
See everybody soon.
Disclaimer (29:57):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough cabin advisors, a
registered investment advisor.Securities are offered through
cabin Securities, a registeredbroker dealer.
The content of this podcast doesnot constitute an offer of
(30:19):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
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