In this article

  • Examine a sample and ask questions
  • Approach the situation with the client with sensitivity and reality
  • Be intentional

The household sample illustrates the following situation:

A couple in their 50's with a 16 year old son and a grandparent in her 80s.

Spot the issue...what would/should the advisor be concerned about?

  • Is the grandmother prepared for an LTC event? 
  • How's her health?
  • Where's the money coming from? 
  • What's the plan?   (always a great question to ask in your meetings)

It probably makes sense to make an Asset-Map on her to understand what assets she has to draw on.

Otherwise, she could be a draw on the family's resources?

Strategy

Put a $1 Long Term Care tile on the asset-map on the primary and spouse.

Use the Building Blocks stencil (Select Apply Stencil, choose Building Blocks, select "no" on the right.  Choose the LTC conversation.  Or just Add Insurance, name it LTC with a $1 value).

Isolate on one family member, ask him/her where the money will come from in the event of an LTC event?

Liquidate the 401k? Use the Money Market and CDs?  More than likely they'll say "no way!"  So what's the plan?

I've included a TM showing an LTC event. It clearly shows the monthly requirement of $8152.  Where's that coming from?

Tags: insurance, LTC, long term care, parents, care, health, retirement, financial mind mapping

support@asset-map.com


12/2019

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