In this episode of The Perfect Plan Podcast™ we have Steve Dark and Joe Sparacio share the basics behind financial planning, and Life Insurance. They share stories on how much Life Insurance do you really need, as well as how and when to set up accounts that protect your family.
This is the episode you want to hear on how to plan for all of your family's "what if's", with money that you would've normally just spent.
In this episode of the Perfect Plan™ podcast, Matt welcomes welcome Holland Haiis as our special guest! Holland is a renowned workplace strategist, speaker, and author who helps individuals and organizations boost productivity, improve communication, and unlock human potential. Known as the "Digital Detox Coach," Holland empowers people to thrive by balancing the digital demands of today's world with intentional human connection. In this episode, Holland and Matt dive deep into creating a Perfect Plan™ for leadership, communication, and living a more connected life — both online and offline. Trust me, this conversation is packed with insights you can apply right away!
Learn More About Holland: https://www.hollandhaiis.com/
If you are a business owner or decision making executive, how would you want to design The Perfect Plan™ to retain and reward your employees? A 401K is terrific for basic retirement savings, but there are limitations to how much you can put in, and it must be given to everyone on a proportional basis.
In this episode, we discuss the decision making process, how you can get the perfect timing of your deductions, and include the people and benefits that are needed most, in the most tax efficient manner. No two companies are alike, and neither should your plans be.
Come and listen to this podcast as we lay it out for you.
https://youtu.be/C4X-wgWcn9E?si=5dGQTrWJFzOwzmqQ
The National Savings Average in the United States is currently 4.6% as of January 2025, up from 3.5% in December 2024 according to the The Bureau of Economic Analysis (BEA). That said, to truly build "wealth", it is estimated that you should be saving about 20% per year of your take home pay. This is a combination of both pre-tax and after tax strategies based upon your economic status (Please consult your tax adviser on how best to maximize your tax savings).
In this episode we bring David Mozeika, a lifelong financial advisor who started right our of college helping his clients build wealth, on to talk about the psychology of saving first, then spending. His software program called Currence, is changing the way people save. So much so, that his users are saving almost SIX TIMES the national average.
Take a few minutes and check out his stuff. And if you want to load the program for yourself, please use this form to register.
Non-Traditional Long-Term Care Insurance Alternatives
Long-term care (LTC) is a significant concern for many clients, especially with the high costs associated with services. Traditional long-term care insurance (LTCi) can be appealing, but its "use-it-or-lose-it" structure is often a deterrent for those hesitant to commit. At Schiff Executive Benefits (SEB)
, we understand that different clients have different needs, and sometimes, a creative solution can provide the protection they need without the drawbacks of traditional LTCi.
With the cost of LTC services ranging in the tens of thousands annually, it’s no surprise that many Americans struggle to feel confident about their ability to pay for such care in the future. Approximately one-third of individuals aged 65 and older express concern over their financial readiness for potential long-term care needs. Offering alternatives to LTC coverage can help alleviate this worry and provide both peace of mind and financial savings.
Below, we outline four alternative options that can serve as practical solutions to the standard LTCi policy.
1. Short-Term Care Insurance (STCi)
For clients who either can’t afford traditional LTCi or may not qualify, short-term care insurance (STCi) offers a practical alternative. In fact, nearly half (49%) of long-term care insurance claims last one year or less, according to the American Association for Long-Term Care Insurance. This is precisely the type of care that STCi covers, making it a smart choice for many clients.
STCi plans typically offer coverage for a limited time frame (up to one year) and are often available at lower premiums than traditional LTCi policies. STCi also provides more lenient underwriting and higher issue ages (some plans available up to age 89).
- More affordable premiums compared to traditional LTCi
- Flexible funding options (CDs, savings, IRAs)
- Return of premium option — clients can recover their investment if the policy is surrendered
- 0-day elimination period in many cases
- Less stringent underwriting
2. Annuity/LTCi Combination Products
Annuity/LTCi combination products provide a unique solution that combines the benefits of an annuity with long-term care protection. These asset-based solutions allow policyholders to use the accumulated value of an annuity to cover LTC expenses. What makes this option particularly appealing is that any gains used for LTC are tax-free, and "part" of an IRA or 401K can be used to fund this through a tax-free rollover.
In the event that the policyholder doesn’t require long-term care, they can either leave the remaining value of the annuity to a beneficiary or continue to use it as they see fit.
Key Features:
- Single-premium product that can be funded with existing assets
- Minimal underwriting required
- Can cover multiple lives (e.g., a couple)
- Offers a continuation of benefits rider (extend LTC benefits even if the annuity value is depleted)
- Available as fixed or indexed annuities, immediate or deferred
Learn more about annuities and their role in financial planning.
3. Life Insurance with LTCi Combination Rider
Life insurance policies that include long-term care (LTC) riders combine the benefits of life coverage with the flexibility to access death benefits for LTC expenses. This provides policyholders with dual protection — a safety net for their loved ones after passing, and the ability to pay for LTC if needed.
What’s more, if LTC isn’t required, the remaining death benefit can be passed to the beneficiaries tax-free.
Key Features:
- Single, limited, or continuous premium options
- Return of premium available upon policy surrender
- Inflation protection rider available
- Can cover two lives (spouses)
- Requires streamlined or full underwriting, depending on health
- Ability to convert existing life insurance policies to a life/LTCi combination through a 1035 exchange
Learn more about life insurance with an LTC rider through the National Association of Insurance Commissioners (NAIC).
4. Life Insurance with Chronic Illness or LTC Rider
For clients who are not interested in a full life/LTCi combination product, adding an LTC or chronic illness rider to a standard life insurance policy could be the ideal choice. Both riders allow policyholders to access the death benefit to cover qualifying LTC expenses, either at home or in a care facility.
This option is particularly flexible because, if LTC isn’t needed, the policy’s beneficiaries can still receive the death benefit.
Key Features:
- Multiple premium options
- No return of premium option, though the policy’s cash surrender value may be accessible
- Premiums are protected from rate increases
- Full underwriting required
- Ability to convert existing life policies (not annuities) using a 1035 exchange
For a deeper understanding of chronic illness riders, visit The American Council on Aging.
A Forgotten Tax Deduction:
Lastly, it should be note, Long Term Care Premiums can be deducted on Schedule A (form 1040), Itemized Deductions, or the self-employment health deduction and the following table apply to the deductibility for 2024 Tax Year:
- Age 40 or under: $470
- Age 41 to 50: $880
- Age 51 to 60: $1,760
- Age 61 to 70: $4,710
- Age 71 and over: $5,880
Why Schiff Executive Benefits(SEB)?
At Schiff Benefits, we understand that no two clients are alike, and neither are their long-term care needs. By offering a variety of options — from short-term care insurance to annuity/LTCi combination products — we help clients find the best solution tailored to their situation. We focus on providing flexible, cost-effective alternatives to traditional LTC insurance, ensuring that your clients have peace of mind without compromising their financial future.
Contact us today at info@schiffbenefits.com to discuss the best LTC solutions for your clients.
https://youtu.be/jKzJWj8SbRQ
Are you a fan of Arli$$ the TV Show? Do you remember what the premise was? It was about a glitzy sports agent played by Robert Wuhl who is in the big-money world of professional sports and entertainment, playing the eternally optimistic and endlessly resourceful L.A. sports agent Arliss Michaels, whose Achilles' heel is his inability to say "no" to clients and employees.
In this episode, we have the pleasure of sitting down with the man that the show was based off of, Dennis Gilbert of Paradigm Gilbert (a Higgenbothom Partner), as he goes into how Bobby Bonilla came about, what it was like to get started in the insurance industry, his stint in baseball and how he brought his passion for the game together with the financial services world.
https://youtu.be/iz5oKmVcRns?si=zvo-o7hNFcsTGAnK
This week we get to hear from Dan Murphy and Eric Eklund of The Ridgeback Group as they share the synergy of SEB and RBG coming together. Over fifty years of familial relationships are in this episode. The history, the friendship, and the future of this partnership as part of Ridgeback's "Network of Networks".
https://youtu.be/jan41pZwDa0?si=p7Bqb6BS-n52Au9t
In the second podcast of 2025 we welcome Nancy Schiff, the New Chief Marketing Officer (CMO), who joins us after 29 years with Simon Properties as a specialty leasing representative where she worked with small business owners. Come get to know her, and what is happening at SEB.
In this episode, Nancy shares her insight in her short time at SEB and how Business Owners can be helped with what we do for our clients. Come listen to her insight from the retail space, and what they are concerned about.
https://youtu.be/9TXKfikwC8I?si=9qWoXfldUdd3RSpt
In 2024, we launched The Perfect Plan™ Podcast. We brought on so many great guests, who shared their knowledge on many topics. In this first episode of 2025 we review last year's content, and then focus on what YOU need to know in 2025.
Do you know all of the "Business" deadlines for your business in 2025? Have you thought about implementing a retirement plan, or making contributions for 2024 before you file for your taxes? These are just TWO of the items that we discuss and cover January to December the things you should know.
#taxplanning #taxdeadlines #taxefficient #2025finances #finances #financialeducation