Washington State’s “Washington Cares Fund” (WCF) imposes an uncapped 0.58% employee-paid payroll tax ($580 per $100,000 earned) to fund a $36,500 lifetime pool (intended to inflate, beginning in 2027, according to WA’s consumer price index) for long-term care received in WA by vested employees. A claimant must require help with at least 3 activities of daily living (11 ADLs are listed on WCF’s website).

When Michael Herring, CLU^®, ChFC^®, LUTCF, was studying business in college, he expected to build a career in finance, but he decided to change direction when he took a course on insurance. After graduation, he took a job as a claims adjuster and, three years later, became an insurance agent. Now, he works primarily with Nebraska’s farming community. He protects their farmhouses, combines, and tractors; provides liability coverage for the rare chemical spill or animal collision; and is his clients’ first call after a hailstorm.

Christopher Gandy, LACP, Founder of Midwest Legacy Group in Lisle, IL, and the top-ranked producer for OneAmerica, has been recognized as the NAIFA Diversity Champion for 2022.

Gandy, a loyal NAIFA member since 2003, serves on NAIFA’s Board of Trustees, is a Past President of NAIFA-Chicagoland, and is a Co-Chair of NAIFA’s Diversity, Equity, and Inclusion (DEI) Council. He was also a member of the NAIFA 2025 Strategic Planning Committee, which developed the NAIFA 2025 strategic plan with a goal of increasing DEI in the association and industry. After four years as a student-athlete at the University of Illinois and playing several seasons of professional basketball for the Chicago Bulls and the San Antonio Spurs as well as in L’Hermaine, France, Gandy entered the insurance and financial services profession in 1999.

Jeff Chernoff, M.S., LUTCF, LACP, Vice President of Insurance and Trust in Tampa, FL, is the National Association of Insurance and Financial Advisors (NAIFA) Young Advisor Team Leader of the Year for 2022.

Chernoff is the President-Elect of NAIFA-FL and has been a loyal NAIFA member since 2011. He is a graduate of NAIFA’s Leadership in Life Institute (LILI) and has remained active in the program, serving as a moderator of classes in Florida. He is a Past President of NAIFA-Tampa Bay and received that chapter’s Dick Cimino Distinguished Service Award in 2018 for his strong support of the chapter’s membership endeavors and public service projects.

Coastal Wealth, a leading financial services firm in the southeast, has announced the addition of Lawrence “Larry” Holzberg, LUTCF, LACP as a new Brokerage Director. He will be responsible for leading financial professionals to offer case consultation and design and positioning strategies and presentations.

Advisor Today is pleased to announce the winners of its 2022 4 Under 40 awards: Scott Blake, MBA, of Blake Wealth Partners (Northwestern Mutual) in Columbus, OH, loyal member since 2018; Eric Bottolfsen, MBA, of GoldBook Financial (MassMutual) in Scottsdale, AZ, loyal member since 2017; Matthew Daley, MBA, FSCP, LACP, LUTCF, of the Daley Agency (American National) in Miller Place, NY, loyal member since 2018; and Brett Moore, CFP, of RBM Wealth Management Group (LPL Financial) in Newnan, GA, loyal member since 2015.

We're kicking off November's Long-Term Care Awareness Month on Halloween, Monday, October 31 to get the message out that you don't need to be scared of long-term care conversations!

NAIFA's Limited & Extended Care Planning (LECP) Center is hosting "Don't Be Scared of Long-Term Care," a free, day-long virtual program from 9 am to 5 pm. Included are interactive sessions from industry leaders who will address the scariest of topics in the long-term care arena. 

NAIFA is proud to announce that Robert A. Miller, M.S., M.A., Partner at Miller-Pomerantz Insurance and Financial Services in New York City, is the recipient of NAIFA’s Terry Headley Lifetime Defender Award.

Miller, a loyal member since 1983, was NAIFA’s national President for the 2011-2012 term. He had previously served as President of the NAIFA-New York state chapter and NAIFA-New York City. He was elected to the NAIFA Board of Trustees in 2005 and has served as trustee liaison to the CEO Outreach Program, the Young Advisor Team, and the Corporate Partnerships Program. He also served as chair of the NAIFA Governance Committee and was a member of the NAIFA Finance Committee.

Over the past two to three years, there is no doubt you’ve been through a tremendous amount of change. The pandemic transformed the way we lived and worked. From career security to The Great Resignation, many of us were provided with plenty of opportunities for reflection. You went from working live to virtual and saw family and friends change careers, move from their homes (even total relocations), and pick up hobbies they’ve dreamed about for years.

In an advertising campaign in the 1980s, Heinz ketchup used the slogan “Good things come to those who wait.” For your clients who are in their 40s or 50s and yearn to get a Home Equity Conversion Mortgage (or HECM, commonly called a reverse mortgage) loan, well, like the slow trickle of ketchup out of a glass bottle, they are going to have to let time do its thing and wait at least until they reach the minimum qualifying age of 62.

But let’s assume you have a client who is already 62 or better and wants to leverage his or her home equity one day via a reverse mortgage — should the wait to get one continue or is acting now the optimal strategy?