Expanding Your Legal Practice: The Role of Long-Term Care Planning in Wealth Solutions

A Conversation with John Broyles of OneAmerica Financial

Attorneys today are uniquely positioned to help their clients address some of the most pressing financial concerns—yet many shy away from discussions about long-term care (LTC) planning. In a recent episode of March to a Million, host Greg DuPont sat down with John Broyles of OneAmerica Financial to explore why LTC planning is essential, how attorneys can navigate these conversations, and the evolving role of hybrid long-term care insurance.

Why Attorneys Should Embrace the LTC Conversation

Many attorneys recognize the need for LTC planning but struggle with how to introduce the topic to their clients. John Broyles suggests that instead of using technical language like "long-term care," attorneys should start with personal stories.

•     Make it relatable: Share experiences from family, friends, or clients who have faced LTC challenges.

•     Understand the stigma: Many people associate LTC with nursing homes and loss of independence. Changing the narrative to one of financial preparedness and personal choice can help.

•     Leverage personal planning goals: Many clients want to age in place. An LTC policy can provide the financial and logistical support to make that happen.

The Evolution of Long-Term Care Insurance

Traditional LTC insurance has developed a negative reputation due to rising premiums and inflexible policies. John explains that today's hybrid LTC solutions offer a more reliable and flexible approach:

•     Predictable premiums: Unlike traditional LTC policies, hybrid plans offer fixed premiums that do not increase over time.

•     Dual-purpose benefits: If a policyholder never uses the LTC benefits, hybrid plans often provide a life insurance payout to beneficiaries.

•     Expanded coverage: Modern policies cover home modifications, home healthcare, and even informal caregiving, making them adaptable to a client's specific needs.

Strategic Financial Planning with LTC

For attorneys working with high-net-worth individuals, LTC planning is not just about care—it’s about wealth preservation. Greg and John discussed how hybrid LTC policies provide financial leverage:

•     Protecting assets: Without a policy, clients are self-paying for care, which can deplete retirement savings.

•     Tax-efficient planning: Business owners, in particular, may benefit from tax-deductible LTC premiums when structured through their business.

•     Using existing assets: Policies can be funded through various sources, including cash savings, non-qualified annuities, or even repurposed retirement accounts.

A Key Differentiator: Lifetime Joint Coverage

OneAmerica offers a unique unlimited benefit option, which is particularly valuable for couples. While most LTC policies have caps, OneAmerica’s approach ensures coverage for as long as needed—critical in cases like Alzheimer’s or dementia, where care can extend for decades.

The Attorney’s Role in LTC Planning

Attorneys play a vital role in guiding clients toward comprehensive estate and financial plans. LTC planning should be a standard part of estate discussions, especially for clients with substantial assets. As Greg pointed out, those who believe they can self-fund their care often overlook the benefits of leveraging insurance to protect their wealth and ensure a smoother transition for heirs.

Final Thoughts

This episode reinforced a crucial message: LTC planning isn't just about financial protection—it's about providing options, maintaining dignity, and ensuring families have the resources they need in a time of crisis. Attorneys who incorporate LTC discussions into their practice can provide significant value to their clients while expanding their role as trusted advisors.

For more insights on how attorneys can integrate financial solutions into their practice, stay connected with March to a Million and the Wealth Solutions Network.

Interested in learning more? Contact Greg DuPont or John Broyles to explore how LTC solutions can fit into your clients’ financial strategies.

📞 Greg DuPont: (614) 432-8065 📞 John Broyles: (619) 252-8111