Will You Be Forced to Buy Long-Term Care Insurance?, Ep #74 

<p>Is it possible that you could be FORCED to buy Long-Term Care Insurance? Well, it’s happened in the State of Washington. Could your State be next? I can’t predict which States will follow suit or in what time frame, but I do believe this is only the beginning of this kind of legislation… and I think it’s a BAD idea, at least the way Washington has implemented it. This episode will address what’s wrong with the Washington plan, and I’ll also answer three listener questions about retirement date funds, Long-Term Care Insurance in general, and gifting money from your IRA.</p> <h2>You will want to hear this episode if you are interested in...</h2> <ul> <li>How you can successfully navigate the retirement planning path [0:54]</li> <li>Is Long-Term Care Insurance going to be required in your State? [6:21]</li> <li>A 7% Long-Term Capital Gains tax goes into effect in 2022 [9:24]</li> <li>Why I don’t like retirement date funds [12:37]</li> <li>Is Long-Term Care Insurance something you recommend? [18:22]</li> <li>Can I gift a portion of my IRA to my son? [21:02]</li> </ul> <p><br /> <br /></p> <h2>The State of Washington leads the way in new Long-Term Care legislation</h2> <p>The State of Washington is the first state ever to create a State-sponsored, mandatory Long-Term care program. That means if you work in the State of Washington, you’re going to be forced to purchase the State’s Long-Term Insurance. It’s called the Washington Cares fund (WA Cares Fund). And it has some significant problems.</p> <p>First off, the money you put into the WA Cares fund can only be utilized for care in the State of Washington. So think about that… if you participate in this fund and decide to retire to Florida (for example), you’ll only be able to use the funds in the WA Cares fund if you have your medical services performed in the State of Washington. That’s not very practical at all, is it? </p> <h2>What you need to know about “retirement date funds” in 401Ks</h2> <p>Retirement date funds are typically used to pigeon-hole investors i