How Viaticals + Life Settlements Work with Medicaid Planning // Elder Needs Law

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⬇️Florida Elder Law Practice Areas ⬇️
Medicaid Planning / Long-Term Care Asset Protection
Estate Planning
Probate Administration
Senior Citizen Bankruptcy

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Transcript:
If you're interested in life settlement, or you are a life settlement company or a viatical company, or essentially you're someone who wants to sell your life insurance policy, because you need the money for some reason, I want to tell you why it's very, very important that a you go with a reputable company and be that you also are consulting with an elder law attorney who focuses on Medicaid planning. Just real quickly, if you don't know what a life settlement company or Bionicle settlement company is, these are essentially people who have their for people who have life insurance policies that have both a cash value and a death benefit. Typically, I believe the death benefit is usually almost always over $100,000. And there are people who don't want to wait until they're passing to benefit from that money. And they don't want to take a they don't want to borrow against the cash value. And so what they're able to do is go basically onto the open market, and sell the death benefit to a third party in exchange for a lump sum of money now, and that amount of money is typically somewhere between the cash value and the death benefit. That's my general understanding, I am no life settlement or radical expert, but that's typically what I see. And I would bet dollars to donuts that the reason why most people are interested in selling their life insurance policy to get cash now is because they need help paying for long term care whether it's extra homecare, whether it's a health care, whether it's nursing home care, and that makes a lot of sense. And people do all sorts of things, they take out second mortgages, because they can't pay these bills. Because if we've learned nothing else through watching my videos, long term care is by far the greatest threat to to your wealth. So if you're dealing with if you're considering selling one of your life insurance policies, which again, is is appropriate in the right situation, you want to talk to an elder law attorney, because we have ways of stretching your money out, meaning we can make your dollar go further. What I mean by that is, elder law attorneys in the state of Florida who focus on Medicaid planning, are able to legally and ethically protect your assets and get the government to pay for some or all of your long term care expenses. And we do it before you go broke. We do it before you have to sell your house unless you want to sell your house, right. So again, if you're if you're saying to yourself, I need help paying for long term care, or expensive medical procedures, and I am going to sell this policy to help pay for that long term care. Well, we may want to continue doing that. But let's talk about what your other options are. Let's talk about how we can get you additional help paying for home health care or facility care right so that you don't have to spend all your money on it first, or or we stretch that money out. Because if you have this money plus assistance that you're getting from the government, isn't that isn't that great? So I want to emphasize that if you are in the viatical, or life settlement business, or if you are someone who's interested in selling your life insurance policy, you really need to have an elder law attorney by your side. If you're anywhere in the state of Florida and you want to talk about this further, we can stretch that money out or we can protect your assets and help get you the help you need paying for long term care anywhere in the state of Florida. Please set up a consultation. Thank you