Planning for Long-Term Care | Rick Meahl - 05

Most people think of long-term care as something they’ll deal with “someday.” But what if waiting costs you your legacy? In this episode, we sit down with Rick Meahl, a veteran long-term care specialist with OneAmerica Financial, to reveal how planning for the future can help families protect their wealth, access care with dignity, and avoid unnecessary taxes.Meet Rick Meahl·  Rick Meahl has spent decades helping families and advisors navigate the complex world of long-term care planning. ·  As a national expert with OneAmerica Financial, he educates clients and financial professionals on utilizing asset-based solutions—such as annuities and life insurance—to fund care without depleting retirement savings. ·  Rick’s approach blends real-world compassion with deep technical expertise, making complex financial laws simple and practical.The Power of the Pension Protection Act·  Rick breaks down the Pension Protection Act, a little-known law that allows clients to convert old, taxable annuities into tax-free benefits for long-term care. ·  This legislation made it possible to fund care for life and even share benefits between partners—all without paying income tax on the withdrawals.The Annuity Rescue Plan·  Do you have an old annuity you’ve been ignoring because of the tax burden? Rick calls these “dead assets”—money sitting idle because people are afraid to touch it. ·  His Annuity Rescue Plan helps turn those dollars into living benefits that can pay for care, protect your portfolio, and create tax-free financial flexibility when you need it most.Why It Matters·  Long-term care isn’t just a financial issue—it’s emotional. Rick shares personal stories of families caught off guard by care costs. His examples show how proper planning preserves not only wealth but also peace within families.·  For those nearing retirement, Rick shares the secrets to safeguarding your legacy, reducing tax exposure, and using your assets to fund care. All without sacrificing your family’s financial future!“The old annuities that are still sitting around are dead assets. They're dead because the first money out of those old annuities is going to be taxable. They won't use them. But they can rescue it with the Annuity Rescue Plan and use the money for long-term care.” - Rick Meahl.