Type of Insight: Articles

New hybrid policies offer long-term care coverage for you and benefits for your loved ones. The role of life insurance in wealth planning continues to evolve, most recently with the advent of life insurance riders that pay for long-term care. These riders allow you to supplement your life benefits with long-term care coverage — all in a single policy. This may be more cost-effective than purchasing life and long-term care insurance separately, particularly if you have significant cash value in an existing life insurance policy that you can use to purchase the rider. While a hybrid policy can offer many benefits, it’s not appropriate for everyone.

Below we review the key features of a hybrid policy and also discuss other forms of life insurance that can play an important role in securing your financial future.

How does a hybrid policy work?
A hybrid policy combines standard life insurance with a long-term care access rider. The policy can be structured in a variety of ways. For example, a hybrid policy might include:

A guaranteed death benefit. A long-term care access rider to use 90% of the death benefit for home health care, assisted living nursing home care, adult day care or other qualified long-term care service.

A residual death benefit (the remaining 10%). At your death, your spouse or other beneficiaries receive the unused portion of the long-term care coverage plus the residual death benefit.

How do I add a rider to my policy?
If you have a permanent life insurance policy, you can use a tax-free 1035 exchange to transfer the value to a new policy that includes a long-term care rider. You must exchange for an equivalent new policy. If you transfer all the proceeds from the existing policy to the new policy, and you don’t have an outstanding loan on the policy, you will owe no tax on your gain.

Let’s look at an example. Suppose you have a whole life insurance policy with a $1.2 million death benefit and $500,000 in cash value. You transfer the policy to a new one with the same death benefit and a long-term care access rider, resulting in no tax liability. You use the $500,000 cash value to pay the rider premiums, giving you a fully paid policy with no ongoing premium costs. You can then use up to 90% of the death benefit (or $1.08 million) on long-term care expenses for yourself.

A hybrid policy may make sense if you:

• Have significant wealth to pass to your heirs apart from the death benefits of your existing life policy
• Want to avoid depleting your wealth if a medical event occurs
• Have fully paid up your life insurance policy and it has substantial value

Long-term care policies can be costly and a hybrid policy may be more affordable, particularly if you have a
mature life insurance policy with a substantial cash value. However, there are situations when a hybrid policy
may not be appropriate.

A few words of caution: If you take any proceeds from the exchange in cash, transfer any of it into a non-like-kind contract, or use it to pay off a loan, the proceeds will be taxed as ordinary income. Therefore, if you would like the new policy to be in someone else’s name, consider changing ownership before you do the 1035 exchange. In addition, if you have taken a loan on the policy, it’s often wise to pay it off before the transfer or, if you don’t have the funds to pay it off, reduce the face amount of the policy by the amount of the loan.

Is a hybrid policy right for you?
Long-term care policies can be costly and a hybrid policy may be more affordable, particularly if you have a mature life insurance policy with a substantial cash value. However, there are situations when a hybrid policy may not be appropriate. For example, the cost of a combined policy may be more than the premiums you would pay separately for life insurance and a long-term care policy, especially if your life insurance needs are temporary rather than permanent. You’ll also need to consider whether the hybrid policy covers all the features you may want from long-term care.

If you already have long-term care insurance or if you don’t feel a hybrid policy is right for you, keep in mind you can purchase a whole life policy with a long-term care access rider for children or grandchildren. Premiums tend to be low at younger ages, and the child would have coverage from a policy that will grow over time. In this case, you could consider funding the purchase with required minimum distributions from your IRA or some other source of funds.

Other forms of life insurance to suit your needs
While long-term care access riders are now available with many permanent life policies, there are many forms of insurance that can play an important role in your wealth plan. Below is a brief rundown of these policy types and their key features.

Term insurance — If you’re looking for low-cost insurance to protect your family and assets at a time when your income is low and start-up costs are high (for a home purchase, student loan debt, or a newborn child, for example), term insurance may be appropriate. These policies typically offer coverage for 10-20 years. A key feature to look for is the ability to convert term insurance into a permanent policy. Conversion offers two benefits:

• You avoid the need for another medical exam, which can be key if you have an adverse health event
• You lock in the policy premium for the duration of the policy

Be sure to confirm how long the conversion option is available. If you miss out on this opportunity, you could face significantly higher premiums later in life, putting a strain on cash flows in retirement.

Permanent coverage — Unlike a term policy, permanent coverage lasts a lifetime. There are three general categories: universal life, variable universal life, and whole life. Universal life is low-cost and, unlike a term policy, remains in force (with no premium increases) as long as you continue to pay the premiums. In the early years, the policy may build cash value, which you can use later on to help offset premiums. You can also build flexible premium payments into the policy to help meet your income needs later in life. Variable universal life policies also offer flexible premiums that you can shift up or down over time, within certain limits, in order to meet your needs. These policies have two parts: a death benefit and an investment component. You invest your premiums into mutual-fund-like investments through subaccounts that are part of your policy. The death benefit fluctuates based on how the premiums are paid and on how the investments in the subaccounts perform. Therefore, with a variable life policy, a downturn in the  market may mean a decline in your death benefit. In serious cases, you may have to fund the policy to keep it in force.

Variable life policies — These can be an effective tool if you are highly compensated and have reached the maximum of tax-deferred savings in other investment options. Because they have higher internal costs, they become most cost-effective at higher levels of investment.

Whole life insurance — has a death benefit and an investment component. However, with whole life, the investment vehicle is the general account of the issuing insurance company rather than subaccounts within your policy. You receive dividends and your cash value can increase based on the performance of the general account. The investments are more conservative, with returns typically in line with those from a bank certificate of deposit. They are not tied to the performance of the stock market. You can use the dividends to purchase more life insurance (increasing the death benefit and cash value of the policy) or to reduce your premiums and the overall cost of the policy. At some point, the dividend may exceed the premiums, making the policy self-sufficient.

While long-term care access riders are now available with many permanent life policies, there are many forms of insurance that can play an important role in your wealth plan.

From long-term care and temporary coverage to life-long policies with investment growth potential, insurance can meet a variety of your needs. Hybrid policies with long-term care access riders can be a viable way to protect your assets and assure your well-being in retirement, but they only make sense if the benefits outweigh the costs. Ask your financial professional to help you evaluate your existing insurance coverage, identify any gaps, and decide if a hybrid policy is right for you.

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For greater confidence in your future, call your BMO Wealth Management Advisor today.

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The information and opinions expressed herein are obtained from sources believed to be reliable and up-to-date, however their accuracy and completeness cannot be guaranteed. Opinions expressed reflect judgment current as of the date of this publication and are subject to change.
This information is being used to support the promotion or marketing of the planning strategies discussed herein. This information is not intended to be legal advice or tax advice to any taxpayer and is not intended to be relied upon. BMO Harris Bank N.A. and its affiliates do not provide legal advice to clients. You should review your particular circumstances with your independent legal and tax advisors.
Estate planning requires legal assistance which BMO Harris Bank or its affiliates do not provide. You should discuss your particular estate planning situation with a qualified attorney.

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Millennials are not the first generation to want to make positive changes to the world they will inherit. What makes millennials different is that they are starting their careers with a better skill set and education than any previous generation. For more information download and read the detailed report.

Whether it’s a cabin in the woods, mountain lodge, beach house or lake home, a vacation property can be one of your family’s most cherished assets with not only substantial monetary value but also meaningful sentimental attachment. However, transferring a family vacation home to succeeding generations can require thoughtful planning. Download our Wealth Planning Update below to read three tips to help avoid potential disputes or an unwanted sale in the future.

Your baby will be a bundle of joy—and a bundle of new expenses. According to the U.S. Department of Agriculture, it costs $233,610 to raise a child from birth to 18, not including college.

New parents are often shocked by how much they spend on a constant supply of diapers, not to mention big purchases like car seats, cribs and strollers. In fact, a recent survey found that people who were hoping to become parents thought a baby would add $5,000 to a family’s budget. Actually, it’s several times that. Families spend between $21,000 and $52,000 in the first year of life.

If these numbers sound scary, don’t worry. Careful planning can help keep your finances intact.

Plan for parental leave

Only 14% of U.S. private sector companies offer paid parental leave. The good news: even companies that don’t have a formal family leave policy allow employees to use other accrued paid leave to care for a child, including sick days, vacation time and personal days. Just remember to keep a few sick days in reserve in case you or baby (or both) come down with a bug.

If paid leave isn’t in your future, start a savings account specifically to pay your expenses while you aren’t working. The Family Medical Leave Act allows certain employees to take up to 12 weeks of unpaid time off and still keep your job. Your human resources department can walk you through the different aspects of paid and unpaid leave.

Make sure your baby is covered

Health insurance is expensive at the best of times, more so when you have children. Employees pay an average of $1,129 in premiums a year for their own employer-sponsored coverage. Family coverage, on the other hand, can climb to an average $5,277.

Explore different health insurance options through your employer. If your medical costs are minimal and everyone in your family is healthy, consider a high-deductible plan that can keep premiums lower. You pay out-of-pocket until reaching your deductible, after which most medical expenses are covered. What’s even better? High-deductible plans often come with a health savings account, which allows you to save tax free for medical care.

Prepare for the unexpected

No one wants to think about it, but being a parent means planning for the unthinkable. That’s why a life insurance policy is a must. It will provide your children and their caregivers with funds if something should happen to you.

Term life insurance — which runs only for a set number of years, usually 20 or 25 — is most affordable if you buy it when you’re young and healthy. Your premium stays the same even if your health deteriorates.

Parents of special needs children may want to consider permanent life insurance. Though more expensive, permanent life insurance covers you your entire life and can be a source of funds for your child’s care after you die.

In addition to life insurance, a will is essential because it will lay out your wishes for your child’s care (and who will receive the funds to provide it) in the event of your death. Without a will, the court — not you — will have final say on who takes care of your kids.

College vs. retirement: which comes first?

You don’t need a Ph.D. to know that college is expensive. Just one year at a four-year public college costs on average $20,090, while private schools charge $45,370. Despite that, college can be worth it. College degree holders out earn those with only a high school diploma by more than $830,000 over a lifetime, which makes up for the cost of college — and then some.

To pay for college, start saving early. Even small amounts invested today can add up to significant funds in 18 years’ time. A 529 college savings plan gives you tax incentives to save for education funding. Follow these ideas to make the most of your college savings.

But don’t forget about retirement. If money is tight, your first priority must be your own retirement. Your kids have lots of options to pay for college, including work study, scholarships and loans. But there are no loans for retirement.

Whether you’re decorating the nursery now or a baby is still years away, planning ahead can help you avoid breaking the bank as your family grows.

It’s wedding season. And if you’re one of the many who are about to get married, you’ve probably been focused on paying for your big day. After all, the average cost of a wedding is about $35,000. But have you and your significant other thought about what your financial future looks like after the wedding? From investing to buying property, your wedding should be just the start of your financial teamwork.

Unfortunately, too many couples don’t discuss money before their wedding day. That can be a mistake. Nearly 60 percent of divorcees say that finances played a role in their breakup, according to a recent survey.

To help cover your bases before you walk down the aisle, here are a few things to consider:

Will you prenup? You don’t have to be Beyonce and Jay Z to consider a prenuptial agreement. Marriage is a contract and a prenup spells out how money will be shared and what will happen to it if the marriage dissolves. Prenups are more common for those on their second (or third or more) marriage, but first-time brides and grooms with assets should consider them too in order to protect themselves in the event of divorce.

Managing day-to-day. Budgeting gets ignored as it’s often seen as complicated. But the 50/30/20 method, popularized by then-Harvard professor Elizabeth Warren in the book she co-wrote with her daughter Amelia Warren Tyagi, All Your Worth: The Ultimate Lifetime Money Plan, is an easy budgeting tool. No spreadsheet necessary. It works like this:

• Essentials: Spend no more than 50 percent of your income on fixed costs like housing, food, utilities and commuting.
• Variable: Dedicate up to 30 percent of income toward fluctuating categories like entertainment, clothing and dining out.
• Saving: Allocate 20 percent of income toward retirement, debt repayment and building a cash reserve.

Merging benefits. If you both work for an employer that offers health insurance, review each plan carefully. Because most workplace insurance requires a sizable employee contribution, it rarely makes sense to have two policies. Opt for the plan that provides the best coverage for your medical conditions, and prenatal and infant care if you’re considering starting a family.

Investing know how. It’s not uncommon for one spouse to take charge of the day-to-day finances and the other to take the lead on long-term investing. If you’re the spouse that’s less involved in investing, don’t leave this important task entirely up to your wife or husband. Get involved. And if neither of you considers yourselves to be an investing ace, seek out an expert to help you create an investing plan you can understand.

Kids in the picture. It’s safe to say that no one is truly prepared for parenthood, but getting your finances in order can make the transition less stressful. Here are some of the biggest expenses you may encounter:

• Parental leave: Only 14 percent of U.S. workers have access to paid family leave, according to the Bureau of Labor Statistics. If you’re not among the lucky few, do you have a plan for how you’ll meet your expenses during a leave?
• Childcare: Based on your state and type of care, infant care can range between $4,000 to $17,000 a year. Start identifying areas in your budget to trim so you can accommodate this new expense or make plans for other arrangements such as asking a family member to provide care.
• Healthcare: Workers pay an average premium of $1,129 for employer-sponsored health insurance for themselves, but $5,277 for a family. Figure out how you’ll pay for this big jump or investigate government programs that help you get health insurance for your child. Consider a Health Savings Account (HSA ) as a way to save money for future health expenses.

On the home front. After a wedding, many couples set their sights on a house. Take your time with this major purchase. If you or your spouse have poor credit or are carrying debt, work on a credit repair plan as a team so you can qualify for a favorable mortgage rate. And if your savings are still small, work on building them up so you can at least put down 20 percent equity to avoid paying private mortgage insurance and overextending yourself.

Bottom line
A wedding is a major financial undertaking for a couple, but a slew of big financial decisions await you after “I do.” Start on the right foot by talking about your money now and commit to approaching money matters as a team.

A financial advisor can help you navigate the finer points of money management in your 20s and 30s, but choosing one is no easy feat. After all, you want to connect with someone who’s knowledgeable about the types of financial challenges you may be facing now, but who’s also capable of guiding you through your 40s, 50s and beyond. Besides finding an advisor who possesses the right know-how, it’s also important to choose one you can trust.

Asking the right questions can make it easier to narrow down the field. As you interview prospective advisors, here are the most important topics to cover.

1. What services do you offer?

The way you approach managing your money in your 20s or 30s isn’t going to be the same as someone who’s closer to retirement. Part of finding your match in a financial advisor is choosing one who understands where you’re at financially and where you want to go next.

For example, some advisors may focus solely on investments. That’s great if you need advice on choosing mutual funds, stocks, and exchange-traded funds (ETFs) but maybe not so useful if you’re also looking for help with developing a retirement strategy or minimizing your taxes (most advisors are not able to market themselves as tax advisors unless they have the certified public accountant designation and fulfill other criteria).

2. What are your professional credentials?

Financial advisors don’t all come from the same mold. Some have professional designations that signify their specialization in a particular area. These include certified public accountants (CPAs), certified financial planners (CFPs), and chartered financial analysts (CFAs). This alphabet soup can be confusing but essentially, these designations refer to a specific license that the advisor holds and the kinds of services they offer.

A CPA, for example, would specialize in taxes and accounting. A CFP is someone who’s specifically trained to work with individual investors to create financial plans. A CFA would focus on portfolio management for institutions, instead of individuals.

Knowing what these various certifications mean can steer you towards an advisor who has experience dealing with the issues or questions you’re most likely to have. If you’re ready to get serious about building wealth, for example, a CFP could be appropriate in the early stages.

3. What type of client do you specialize in?

While a wealth advisor can’t disclose specific details about their clients (if this happens, consider it a red flag!), they should be able to give you a general idea of the type of people they work with most often. Some may cater to young newlyweds, single women or divorcees while others may concentrate on retirees. Think about which life stage you’re in. If your advisor seems clueless about the challenges of paying down student loans while saving for retirement, for example, you may want to take a pass in favor of someone else.

4. How do you like to communicate?

Good communication is vital when you’re putting your trust—and your finances—in the hands of an advisor. Ask a prospective advisor how they prefer to communicate and how often they stay in touch with their clients. If you email them with a question or concern, how long are you likely to have to wait for an answer? How often will they update you on what’s happening with your account? Knowing that they’ll be there when you need them can work wonders for your peace of mind.

5. What’s your fee structure?

Financial advisors typically fall into two broad categories: fee-based or transaction (commission) based. That’s a big difference that you need to understand. A commission-based advisor charges their clients a fee for each transaction – such as purchases of mutual funds and annuities.

A fee-based advisor, on the other hand, typically charges a fee, such as one percent annually for the assets under management and there is no additional charge for commissions from trades. Knowing the difference is important because it can determine how much you’ll spend on advisory services.

6. Why should I decide to work with you?

The way an advisor answers this last question may end up being the most telling. This is their opportunity to sell the qualities or characteristics that make them unique. If you get the sense that they’re rattling off their response from a script or their answer doesn’t align with your values and goals, that may be a signal that it’s time to look elsewhere for financial advice.

Take your time and do your homework

Rushing into a decision can be a mistake if the advisor you choose is a mismatch. Don’t be afraid to ask these and any other questions that may come to mind while talking with an advisor, even at the risk of sounding silly. When it comes to choosing someone to help manage your finances, the extra investment of time may be well worth it.

If you’re ready to speak with a wealth advisor about shaping your financial future, contact us today.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® in the U.S.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

When you’re early in your career, retirement seems a lifetime away. Student loans, rent and other pressing obligations make it easy to overlook saving for retirement, but that’s the last thing you want to do.

Saving for retirement when you’re in your 20s and 30s can help you take advantage of what Albert Einstein called the eighth wonder of the world – compound interest. The earlier you start investing for retirement, the more time your money has to grow, which translates into less money you must save to reach your goals.

Here’s a good example to illustrate how starting to save younger equals less total money you have to save over time. If you begin saving $200 per month at age 25 and get an average annual return of 7%, you will have $512,662 by age 65. If you save the same amount but wait until age 35 to start, your portfolio would only reach $242,575. (These figures assume a 7% annual rate of return, which isn’t guaranteed.)

You may think it’s impossible to save $200 or more a month. Remember, if you contribute to a 401(k) plan, your employer’s matching contribution counts towards that amount. Use this to scale your saving ability, and pay yourself first. The contributions to your 401(k) are automatic and pre-tax, so get in the habit of living off what’s left.

So, how do you free up money when you have to pay for all those living expenses each month? Here are five tips to start saving for retirement as early as possible.

1. Set a short term target

In your 20s and 30s retirement is possibly as much as 40 years away, so it may seem futile to plan for that unknown. Yes, most experts recommend replacing 70% of your final working year’s income for retirement expenses, but what does that mean for you now as you look to save? Just as you wouldn’t train for a marathon by running 26 miles right away, start with a short term target.

Fidelity recommends you have at least one years’ worth of salary saved by age 30. By age 45, that amount rises to three years’ salary; by age 55 it’s five years’; and by age 67, it’s eight years’ worth of salary. When examined this way, it’s easy to see how starting younger makes reaching each marker easier to manage. Still, no matter which of the above targets you’re aiming to hit, the goal can seem daunting. Your 401(k) company match can make it easier.

Start by contributing enough money to maximize your company match, which could be the first 3% of your salary contributed to your 401(k), for example. Anything under that means you’re bypassing free money. However, if you can’t meet the maximum amount, then start with $100 per month. Above all, don’t let the enormity of the goal frighten you into inaction. Doing nothing at all is the worst thing you can do.

2. Make A Realistic Budget

It’s easy to let day-to-day needs stunt saving for your future. The best way to manage your current life and be kind to your future self is to create a realistic budget that lets you live life now while saving for retirement. To accomplish this, monitor your spending for a few months in search of savings opportunities.

This may sound difficult, but there are apps that make it simple. Most experts recommend saving 15% of your income for retirement and creating a realistic budget helps you get as close to that as possible.

3. Make Savings Automatic

Life is busy, which makes it easy to forget to save. The best way to avoid this is to automate your savings. Many employers allow you to do this through a 401(k) plan. Remember, doing so allows you to optimize your savings if they provide a match. Also, your money grows tax deferred in a 401(k), i.e. investment earnings are not reduced by any taxes. If you have taxable investment accounts, ask if they provide automated savings options.

4. Avoid Lifestyle Inflation

Lifestyle inflation, or spending more as you earn more, can be difficult to avoid. You want to be realistic, but you also want to avoid debt as it’ll take away savings opportunities. If you avoid extreme inflation and grow an emergency fund to help in times of need, you set yourself up for weathering any storms life may throw your way.

5. Think to the Future

The beauty of compound interest is that the earlier you start, the more your money earns. Even if you start with a small amount, a long time horizon will grow your money as long as investments trend positively. Think of it as making a payment to your future self. The money spent on a daily coffee could really amount to significant sum later in life if invested. The amount may seem meaningless now, but giving your money more time to grow is the recipe for a robust portfolio upon retirement.

Want help getting ready for retirement? We’re here for you. Contact us today for help creating a plan that meets your needs today while setting aside money for tomorrow.

Three family estate planning challenges and ideas on how to overcome them.

If you’ve spent your lifetime building your family’s wealth, the last thing you want is to watch it squandered away. But sadly, that’s a reality for many American families. According to The Wall Street Journal*, more than 90 percent of a family’s inheritance evaporates by the third generation.

Parents face multiple challenges when planning on how to divvy up their estate, but very few actually have an adequate succession plan in place. In fact, experts estimate that parents’ failure to discuss financial matters with their heirs could very well be a leading factor in the mismanagement of inherited wealth. Many heirs are simply woefully unprepared for the challenge of managing a sizable family inheritance.

Some ways to help future generations manage the family inheritance are to educate them and to set up a plan for the distribution of your estate.

Here are three common challenges when it comes to estate planning and ideas on how to overcome them.

Avoid raising entitled children

Most self-made millionaires will try and teach their kids the value of a dollar and the importance of a hard work ethic. But it can be difficult for children not to feel a sense of entitlement when they know they are set to inherit a sizable estate. How do you teach your kids to value and respect the family inheritance and the responsibilities that come with it?

It’s important to keep an ongoing open dialogue with your heirs so they’re aware of what’s expected of them when it comes to managing the family estate. Force yourself to break through the difficulty and uneasiness that accompanies “talking about money,” and teach them that this is an important role – one that’s full of responsibility.

Consider holding family board meetings, a “state of the estate,” if you will, where you openly discuss money, what it means to them and how they plan to manage it in your absence. During these discussions, you can make sure to instill in them your own personal values, such as the importance of charitable giving. A family foundation or donor-advised funds can provide children with an understanding of how others will benefit from giving and help them become more community-oriented. Involving the whole family in the donation process can not only teach collaborative and consensus thinking, but instill the importance of an open communication process.

Consider adding an objective third party that can help guide them through this process. Being proactive in discussing the family inheritance with your heirs can help ensure that the family’s estate is successfully preserved.

Splitting the wealth among heirs

Parents all like to believe that we love and treat our children equally. But every parent will tell you that the kids are not the same, and each one has a set of different needs. How do you split the family wealth when one child needs more than another? Do you have a special needs child that may require more long-term care in your absence? Do you allocate more to your daughter who has four children rather than your son who only has two?

Pitting one child against another can lead to resentment. Help work your way through this uneasy issue by making your estate plan flexible, and communicate to your kids the reasoning behind your decisions. With a flexible estate plan, you can revisit decisions based on children’s needs and financial successes or failures.

What’s the best way to distribute the family inheritance?

Finally, how do you actually ensure your family’s wealth will last? Do you give them the family inheritance in a lump sum or in a family trust with an extended distribution? Sometimes making these decisions on our own, without proper financial education, can be difficult.

Choosing a trustee to help with the distribution of your estate can help ensure your wishes are carried out, and a trustee can offer guidance to your heirs when you’re no longer able to do so. Based on your needs, you can choose between a corporate entity or individual trustee.

Contact us to revisit your estate plan and help you make sure your heirs are adequately set up to manage the family inheritance with success.

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