Why family matters – Estate Planning – Senior Market Advisor

Our Comment by J. David Lewis – Finally, I got a chance to say something publicly that I think is important for people to think through when they consider a long term care policy for estate planning reasons.  I don’t oppose these policies.  I am just uncomfortable with some of the ways they are sold.  This article is in a publication to help representatives make the sales to seniors.  So, one should be aware of the techniques as they talk with these sales people.   Find a fiduciary to help you make this kind of decison.

“However, some adult children who are well off might not share their parents’ concern about estate depletion and that attitude will influence the LTCI-buying decision. In J. David Lewis’s experience, approximately four or five clients approach him each year to ask about the value of buying LTCI for estate preservation.

[Lewis], president of Resource Advisory Services in Knoxville, Tenn., often suggests clients ask their adult children to pay for the coverage because it is the children who ultimately benefit from the insurance. This will show the parents how much or little the issue concerns their children, he says. “You’re reducing the estate by the premiums or you’re saving the estate by the benefits,” he tells clients. “Don’t you think that’s a decision that affects them the children more than it affects you personally?”

Read the full article via Why family matters – Estate Planning – Senior Market Advisor.  Or, you may be interested in this Consumer Reports article – What to Look for in a Long-Term-Care Policy: Personal Finance News,

Contact J. David Lewis directly with david.lewis@resourceadv.com or share your thoughts on this topic below. He founded Resource Advisory Services in 1985.  National Association of Personal Financial Advisors (NAPFA) was formed only a few years before. Lewis became a NAPFA-Registered Financial Advisor in 1986.  He is a passionate advocate for fiduciary, fee-only financial planning and has been associated with financial services since childhood in a banking family. 53197

One thought on “Why family matters – Estate Planning – Senior Market Advisor”

  1. David,
    I think your answer to the question from the client is 100% right.
    You are always giving the right information to your clients.


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