Last week I attended The2022 Financial Sales Symposium which was held in Orlando at the Reunion Resort July 14-15, it was our first in-person meeting since the pandemic.  The speakers were phenomenal, and it was an absolute pleasure seeing and intermingling with colleagues.  I was particularly impressed with Rowdy Gaines, “Dedication and Commitment Through Hard Times”.  His topic was very relevant in today’s tough times, and taught us that if we want something badly enough, we will do whatever it takes – even practicing eight years for Olympic gold.

NAIFA’S Sales Summit for producers, Apex 2022, will be held at the Arizona Biltmore on August 17-18, 2022.  Apex isn’t about product training, but an event to teach you to focus on yourself and your performance, thereby increasing your productivity.

We look forward to seeing you all at NAIFA-Broward’s next meeting.  It will be a hybrid, (zoom and in-person), panel discussion held at the Fort Lauderdale Country Club, subject is “The Future Of Property Insurance in Florida”.  Lunch is included and we will have door prizes.

If you are interested in becoming more involved in our Chapter, or if you have any questions, kindly contact our NAIFA-Broward Association Executive Rhonda Milrot 954-753-2262 or rhonda@naifa-broward.org 

Tim Meenan, P.A. 
Biography

Dan Daley
Florida Representative
Biography

Lee Gorodetsky, LUTCF, CLF
Biography

• INTRODUCING THE ADVISOR AMBASSADOR PROGRAM

  If you are not currently a member, or know someone that might want to Sample NAIFA, here’s a great way!At NAIFA, we’re all about strengthening the insurance and financial services industry by helping advisors grow their knowledge and be their best at serving clients.

  That’s why we’re offering you – the non-member – free access to NAIFA’s advisor development program so you can learn from the best while sampling professional benefits that come with NAIFA membership.

  Register for the class and access our video archive featuring our NAIFA Advisor Ambassadors.

  NEW PROGRAM IN 2022: Our 2022 offerings will grant you access to watch any of our archived sessions.

  Sign up here:  https://belong.naifa.org/ambassador

  Reach out to Michele Friedlander to find out more about how to get your firm to 100%.  Visit the site: Belong.NAIFA.org

The NAIFA-FL Financial Advisors Sales Symposium featured nationally known keynote speakers, insightful educational breakout sessions, and a high-powered panel discussion by members of NAIFA’s top national leadership, including President Lawrence Holzberg, LUTCF, LACP, President-Elect Bryon Holz, CLU, ChFC, LUTCF, CASL, LACP, Secretary Tom Cothron, LUTCF, FSCP, and CEO Kevin Mayeux, CAE

L to R

NAIFA- Broward Members attending the NAIFA-Florida Symposium:  Steve Estler, Michele Thomas, Joe Chalom and Khadein Newman.  Missing from photo Sean Gruber.

These in person connections are complimented by the opportunity to meet virtually and the on-demand offerings on www.naifa.org.  I suggest you consider taking a fresh look at how NAIFA can enhance your professional development, and grow your practice. 

The Mid-Terms are approaching and the need to connect to legislative candidates intensifies.

I encourage you to visit https://advocacy.naifa.org/2021-naifa-congressional-conference-on-demand-archives to learn more about our advocacy efforts.

Please email joe@retirementcouncil.com if you have a relationship or connection with any current or future legislators.  

CLICK HERE for – Accessing-Long-Term-Care-Coverage-Through-Medicaid

Watch Out for These Potential Problems with Life Estates

Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax advantages, but there are potential problems. Being fully aware of potential pitfalls is the function of a good attorney.  

In a life estate two or more people each have an ownership interest in a home, but for different periods of time. The person holding the life estate, usually the person who previously owned the property prior to executing the Life Estate, possesses the property during his or her life. The other owner, or the remainderman, has a current ownership interest but cannot take possession until the death of the life estate holder. Recall that ownership and possession are two different concepts. Imagine a rental home where the landlord owns the home, but the tenant has possession of the home for a defined period of time.

Life estates are excellent planning techniques for many circumstances. They permit parents to pass ownership in their homes to their children while retaining absolute possession of the property during their lives. By executing a life estate deed, the home avoids probate at the parents’ deaths, is protected from a Medicaid lien, and receives a step-up in tax basis. A step up basis means that the remainderman would inherit the home at the then current market value, effectively canceling any potential capital gains tax.

However, there are potential issues that may arise with life estates and it’s important to fully understand the following risks:

• As a life tenant, you may not easily sell or mortgage the home with a life estate interest. The remaindermen must all agree if you decide to sell or borrow against the property.
• If the home is sold, the remaindermen are entitled to a share of the proceeds equal to what their interest is determined to be at that time. There is a table that attorneys use to determine the value of the interest.
• It is not as easy to remove or change a name once it is on a deed to real estate as it is to change the beneficiary on a life insurance policy or bank account.
• Once a remainderman is named on the deed to your house, he or she has an interest in the home and his or her legal problems could become yours. For example, if your child, who is a remainderman, is sued or owes taxes, a lien could be filed against your home. Your child’s interest in the home is not protected if he or she files for bankruptcy. If your child gets a divorce, his or her spouse could claim all or part of your child’s interest in your home. Should your child die before you do, the child’s estate would have to go through probate unless at least one other remainderman was listed as a joint tenant. However, while these claims may be made against the home, no one can kick you out of it during your life.
• Giving away an interest in property could disqualify you from receiving assistance from Medicaid should you require long-term care within five years of the transfer. This is because you “gifted” a portion of your home to someone other than your spouse, without obtaining fair market value. In addition, if you and the remaindermen were to sell the property while you were in a nursing home, Florida could have a claim against your share of the proceeds for payments it has made on your behalf, but the share of the proceeds allocated to your children would be protected.

As with most planning tools, a life estate can be very useful with valuable benefits, but it is not for everyone. In some cases, the potential problems outweigh the benefits. As the law in this area is complex, it’s important to talk to a lawyer who knows about this in-depth.

All giving is local – SOS Children’s Villages Florida (SOS) opened in 1993 to care for abused or neglected  children.  They are home to 72 foster children ages birth 18.  At SOS, special emphasis is placed on keeping biological siblings together.

At one of the most difficult times in their young lives, the Village offers a safe and supportive environment for foster children.

On-site programs include mental health counseling, a behavioral step system program in each home, entertaining activities, tutoring, a mentoring program, independent life skills classes, and Next Steps services for youth who have aged out of foster care and transition to life beyond SOS.

We hope to work together to provide children in need with the very best chance to realize their full potential and thrive as healthy, happy, contributing members of our society.

Are we not blessed by having children who have a home, a warm meal, parents, whether natural or otherwise, who love them?  Siblings who stay and play together.

Share that same feeling with a child from SOS Village Florida – Right here in Coconut Creek. 

Donate you time, clothes, money?

$25 would offer them a child a small birthday party & cake

$50 provides them with diapers

Or how about a gift which will last a lifetime:

$100 provides 8 children a week’s worth of math / reading tutoring

$500 delivers a meal for the entire village è 72 children.

Become a mentor. Offer to cook a meal for a family – right in their home.

WAYS TO GIVE | sosvillage (sosflorida.com)

I invite you to read about SOS Village.  Make them a part of your school time giving.  You’ll be glad you did.

Life Insurance Poem
(Author Unknown)

Now I lay me down to snore,
Insured for several thousand more.
If I should die before I wake,
My spouse would get his first real break.

But should I live for 20 years,
My spouse and I need shed no tears.
We can retire and fish and rest;
Back comes my money with interest.

In our old age we can keep our house,
And not live with our daughter’s spouse.
So thank G-d for the great endurance,
Of the person who sold me life insurance.