Wealth Planning for Age 90, 100—and Beyond 0082

In episode 0082 of The Dental Wealth Nation Show, host Tim McNeely delves into the vital topic of "Wealth Planning for Age 90, 100, and Beyond." Throughout the episode, Tim provides valuable insights and strategies tailored to help dentists and successful individuals plan for a thriving future. The discussion revolves around the challenges and opportunities associated with longevity planning, estate planning, and medical care in the context of an extended lifespan.

 

Tim sheds light on the integration of wealth management and longevity planning, emphasizing the essential considerations for successful families, and the rising significance of concierge and specialized medical care. Moreover, he underscores the impact of extended lifespan on estate planning, urging listeners to contemplate the implications of transferring assets to subsequent generations and the necessity of foresightedness in navigating potential family and business consequences.

 

The episode further emphasizes the importance of seeking guidance from an elite wealth manager who is well-versed in longevity planning. Tim urges listeners to stress test their plans and seek a second opinion to ensure the effectiveness of their wealth management strategies. As the discussion unfolds, he highlights the need to address rising healthcare costs, asset management considerations in the face of extended life expectancy, and the significance of leaving a meaningful legacy.

 

Throughout the episode, Tim McNeely's insights and recommendations provide practical and actionable guidance for dentists and high-net-worth individuals, anchoring the conversation in the context of real-world challenges and opportunities. Listeners are equipped with valuable insights to navigate the complexities of wealth planning for an extended lifespan, demonstrating how strategic decisions today can pave the way for a flourishing future.

 

Discussion Questions:

1. How do successful individuals and families approach wealth planning for their future, specifically in their later years?
2. How are concierge and specialized medical care becoming increasingly integrated into wealth and longevity planning for affluent families?
3. What potential financial impact can significant and costly medical treatments have on a family's wealth, and how can this be mitigated through proper planning?
4. In what ways does living past the age of 100 impact estate planning and the transfer of assets to subsequent generations?
5. What are some potential risks of working with wealth managers who are not well-versed in longevity planning, and how can one identify these "pretender" advisors?
6. How important is it for individuals to stress test their wealth plans, and what steps can they take to ensure their plans will deliver as expected?
7. What are some considerations for rising healthcare costs and state-of-the-art treatments, especially when planning for living past the age of 100?
8. How can individuals ensure that they are leaving the legacy they desire for their loved ones through proper wealth and longevity planning?
9. What are the key factors to consider when deciding how and when to transfer assets to subsequent generations, especially for business owners expecting to live past 100 years old?
10. In what ways can individuals thrive in the midst of an uncertain world by working with elite wealth managers knowledgeable about longevity planning?

 

Keywords: Wealth Planning, Longevity Planning, Estate Planning, Wealth Management, Concierge Medical Care, Specialized Medical Care, Asset Transfer, Healthcare Costs, Legacy Planning, Wealth Manager, High-Net-Worth Individuals, Dentists, Financial Strategies, Succession Planning.

Episode Transcript

(00:10):
As a driven dentist, you see the world differently where some
see scarcity. You see abundance. When others wanna give
up, you keep going. You're building an amazing life
of significance. That means you can't rely on ordinary
advice from ordinary advisers to get to your goals. You want
advice that's going to help maximize your net worth so you can take

(00:32):
even better care of the people you love, the causes you care
about, and make your dent in the universe.
But the fact is this advice remains hidden because
relatively few professionals are well versed in them, and the extremely
affluent don't care to let you know about them. Join
us as we pull back the curtain to reveal the often hidden

(00:54):
advice and strategies used by today's most successful
individuals and families. Welcome to Dental
Wealth Nation. Here's your host, Tim McNealy.
Hey. Welcome back, everyone. I'm so excited to have you here, and
we're gonna be talking about something pretty important today, and that

(01:16):
is aging. You know, they say the more birthdays you have, they're
kinda dangerous, because if you have too many, you're gonna pass away. But they also
say birthdays are a really good sign of Wealth, because the more birthdays you
have, the longer you've lived. So there's my corny dad jokes. Sorry,
there's no more I'm not a dad. That's probably why they're so terrible, but,
we're gonna be talking about Wealth planning today. And not just wealth planning

(01:39):
for today, but also for your future specifically.
Right? What is wealth planning for age 90, a 100, and even beyond
look like? And by the time we finish today, you're gonna know the 3 things
that really should be considered. You're gonna have a framework
for making a decision, but most important, you're gonna
be excited about continuing to age because I believe

(02:02):
that the best is ahead of you, and you're gonna be able to thrive no
matter what happens. And so, you know, like I said, people
are living longer. Right? There's an Irish proverb that says, here's to a long
life and a merry one. And that's what I wish for all of you,
but we are living much much longer these days.
And that can present a challenge for many of us in terms of

(02:24):
planning for our golden years, and especially if they continue
on an additional 10 or 15 years past what you've
planned. And so major medical bills can add up. They can become very
expensive, and, it can absolutely wreck some
of the the planning you've done if you haven't done proper longevity
planning. And so this longevity planning is becoming more and

(02:47):
more important as you consider your planning, and especially
successful families out there, they're integrating this longevity
planning. And and and 2 of the ways that wealth management
and longevity planning are really being integrated goes back to
concierge and specialized medical care. So what's this? What's
concierge care and what's specialized medical care? Wealth,

(03:09):
any discussion of really talking about living that longer life
and being vibrant and and thriving during your longer life
has to include the medical component. Nation and these days, having a
good team of doctors around you is so important. Good care is getting harder and
harder to find. And so really, there's a rise
in concierge practices and and boutique medical

(03:31):
services and essentially for a membership fee, you get access to the
these boutique medical practices with a relatively small
ratio of patients to a physician that can enable shorter
waiter times for you, and you can get actually real personalized
care from a doctor who understands you and your goals and and your health.
But the problem is this high quality concierge medicine, it

(03:54):
can be very expensive depending on the care
needed and the different providers that are involved. And so, therefore, the
ability to really use wealth management to to model potential
cost of of what concierge Wealth and some specialized medicine
may may cost is really, really important. And so I just wanna give
you one example. And if if you want a copy of this report, I'm

(04:17):
happy to to send it to you. Just go ahead and put the comments. Say,
hey, Tim. Send me the report or just put a comment in there,
send me a DM, reach out to me. I'll I'll get this in your hands.
I'd be more than happy to get to get you a copy. But when it
comes to the, the the concierge medical care, right, here here's
an example. Take a very wealthy family, about $30,000,000

(04:37):
in net worth, and a lot of it is tied up in the
family business. That may sound familiar to you. Right? It may be tied up in
your DSO and may not be very liquid.
And there's a family member comes along who's gonna require some significant
and costly state of the art treatments. They're only available though in a foreign
country. Once again, this is just a scenario to show you how this plays out,

(04:58):
and there's gonna be some significant post treatment, rehabilitation
required, and and being able to prepare financially
for that kind of event, being able to to get the genomic
testing that has to be done in terms of making some of
the the choices and making sure that your family
members are getting the best care possible, you're gonna wanna bring in

(05:20):
some advanced uses and some different forms of insurance that can
potentially help you address those Wealth care needs. And so once
again, the the integration of wealth planning and longevity
planning is absolutely huge. The next thing you
wanna consider is estate planning. Right? If you live longer,
it absolutely impacts your estate planning. And and estate

(05:42):
planning, this is really another key aspect for you to think about when it comes
to your longevity plan. Once again, longer lifespans,
peoples and families may wanna reconsider exactly
how they're doing their estate plannings and even the entire
mindset about how to transfer wealth to to people you love.
And so, specifically, what we're seeing in the research in high net worth

(06:04):
families is they're really thinking about how and when
to transfer assets to subsequent generations. It's not just
we're gonna do it at our depth. They really wanna plan and think
about how and when to transfer. And so, you
know, successful business owners, right, expects to live past a 100 years
old. Right? What do you do? How do you hand over the

(06:27):
company? Right? In what age? Do you do that in your seventies? Do you do
it in your eighties, your nineties? Like, when do you hand that business over?
So so once again, you could have some potentially disastrous family
consequences if that's not real thought through, if there's not
a lot of foresight through that. And, you know, a best practice
oftentimes, it can actually be wise to transfer assets before death

(06:49):
because that can head off a lot of potential problems for you. It can really
help with some of the legal things and assets disappearing and
family disputes. But once again, this has to be really looked at in the
context of your entire life. And then then lastly, the thing you
wanna really consider is finding longevity planning in your
lifetime. So what do I mean about that? Well, as as you move forward,

(07:11):
and and as you think about your future, as you think about your turning
50 or 60 or 70 or 80 or maybe you're already there. Right?
As you think about growing older, I really want you to think
about, you know, rising health care costs and state of the art treatments. Have
you thought about the cost that may be involved in that?
Secondly, are you adequately concerned about how living past

(07:34):
a 100 could really cause impact to your assets, could
possibly draw them down quicker than what you were thinking about and
even pass those assets on to to loved ones? And then
lastly, are you working with an elite wealth manager who's knowledgeable
about longevity planning and who can really help you take the steps so
that you can get the health care you afford and leave that legacy that you

(07:56):
want on your Tim. Right? Are you working with a wealth manager who's gonna
help you thrive in the the midst of an uncertain world? And and the
truth is, longevity planning is really, really
helpful. It can help your family move forward. But the the real
risk you face as you look for a longevity focused wealth
managers is you might put your trust in some professionals who actually

(08:19):
aren't qualified to to really help you. We call these advisors
pretenders. Right? They're they're well meaning advisors, but they just don't
have the technical expertise to serve you and your your
family the way you should be. So if you're all uncertain
about who you're working with, well, I wanna give you a playbook straight from the
the super rich. You stress test your plans. Just do what our president Dental

(08:42):
Reagan said, trust but verify. And and that's a great way
to get a second opinion and really make sure your plans are
going to deliver as expected. And if you do that, if you
take those just those 3 basic steps, right, if you you
really ask yourself that question, are you concerned
as as you should be about the rising Wealth care costs and say if there

(09:04):
are treatments, Are you adequately, quickly concerned about how living
past a 100 or even past that can impact your assets? And then
then lastly, are you working with an elite wealth manager who's really
knowledgeable about longevity planning? So ask yourself those questions. Like I
said, if you wanna if you want this report, happy to send it to
you. It goes into detail in each one of these areas,

(09:26):
and be happy to send that to you. Once again, just put it in the
comments or send me a message on whatever platform
you're seeing this in, and I will get that off to you. And and if
you do that, if you consider these things, you're gonna be well on your way
to thriving in the midst of an uncertain Wealth, and you're gonna be on your
way to taking even better care of the people you love, supporting the causes

(09:46):
you care about, and really making that difference in the world. My name is Tim
McNeely, and until I see you again, get out there and make it
a great day. You've
been listening to Dental Wealth Nation. We hope you've gotten some
useful and practical information from the show. Join us next
time as we pull back the curtain to reveal the often hidden

(10:08):
advice and strategies used by today's most successful
individuals and families and help maximize your net worth
so you can take even better care of the people you love. Till
next Tim. Make sure to hit the website at Wealth Nation.