About Ira Stitz
Ira Stitz Associates is a boutique financial services firm that exclusively concentrates in estate planning and wealth preservation for individuals and their families regarding their distinctive needs. Ira Stitz founded the company in 1990 and still retains the same passion and enthusiasm as he did when he put the keys in the door.
Ira graduated from Columbia University in 1969 with a degree in pharmaceutical chemistry. Ira morphed into the financial services industry in 1987 and shortly thereafter obtained his LUTCF Life Underwriter Training Council accreditation. He is also a life member of the prestigious Million Dollar Round Table, a worldwide organization of the top professionals in the financial and insurance industry. Ira is also registered with the National Association of Securities Dealers (NASD), in addition to being a member of the International Association of Financial Planners.
Ira has frequently lectured for the New York State Society of CPA’s and was voted the number one educator among his colleagues. He is continuously invited to speak at numerous conventions and groups regarding his specialty.
“One size does not fit all. Too many people in this industry attempt to fit everyone into the same category. That is mistake number one. If we don’t take the time to listen to each individual’s personal concerns and objectives, we are not doing our best for our clients. Once we fully understand those concerns and objectives, we can then begin to guide our clients appropriately. Especially now, with the new tax law changes.”
Did You Know?
The proceeds of a life settlement are almost certainly taxable. The assistance of a professional tax advisor should always be sought. The proceeds of a life settlement could also be subject to the claims of creditors. If the seller is within two years of death, other laws making the proceeds tax-free may apply.
The life insurance settlement industry takes privacy issues very seriously. In most cases, the identity of the insured person or their financial or medical information may not be disclosed unless it:
- is necessary to effect a life settlement contract between the seller and a life settlement provider and the seller and the insured have provided prior written consent to the disclosure;
- is provided in response to an investigation or examination by the commissioner or another governmental office or agency;
- is a term or condition to the transfer of a policy by one life settlement provider to another life settlement provider;
- is necessary to permit a financing entity, related provider trust or special purpose entity to finance the purchase of policies by a settlement provider and the seller and insured have prior written consent to the disclosure;
- is necessary to allow the life settlement provider or its authorized representative to make contacts for the purpose of determining health status; or
- is required to purchase stop loss coverage.
Most life settlement transactions take, on average, from four to five months to complete.
Life settlement transactions are complex and require cooperation of a number of entities. Some entities have statutory limitations on the amount of time to respond to certain requests during the transfer process; therefore, delaying the transaction. It is always recommended to speak with your insurance agent, professional advisor or a life settlement broker or provider before beginning the life settlement process, especially if your policy is approaching lapsation or a premium payment is quickly forthcoming. Options may be available to keep the policy in force while you weigh your options.
Everyone should have a plan for long-term care. And with Americans living longer than ever, this could mean needing some extra help with everyday activities as you age. The benefits of long-term care insurance go beyond what your health insurance may cover by reimbursing you for services needed to help you maintain your lifestyle if age, injury, illness or a cognitive impairment makes it challenging for you to take of yourself. Long-term care may benefit:
Families who want to help protect their loved ones, lifestyle and assets.
Retirees and Pre-Retirees wanting to preserve the money they have worked so hard to save.
Individuals who may not have someone to care for them or significant assets to pay for these costs.
Many people think that government programs like Medicare and Medicaid will pay for all of their future long-term care needs. Suprisingly, they may only pay for some of these services and have many restrictions.
Medicare: May cover a maximum of 100 days of service after a hospital stay. Coverage is designed to assist people during a short-term recovery and doesn’t include personal care of supervision services.
Medicaid: If you have limited assets and income and are relying on Medicaid, the state may make key care decisions on your behalf, including where you receive the care you need.
It’s impossible to determine your chances of needing long-term care, or how long you may need it. The cost of care is expensive, so it’s important to understand the financial impact a few years of long-term care can have.
Estimated Monthly Costs¹: National (2019)
| In-Home Care | Community & Assisted Living | Nursing Home Facility |
|---|---|---|
| Homemaker Services $4,290 | Adult Day Health Care $1,625 | Semi-Private Room $7,513 |
| Home Health Aide $4,385 | Assisted Living Facility $4,051 | Private Room $8,517 |