Paul Ferraresi

A scandal erupts…

Comments by Paul Ferraresi:

Here is a great article from the May 2007 issue of Investment Advisor

We all know higher education is costly, but it turns out that there may be some hidden costs—and unintended and possibly illegal benefits going to folks involved in college financial aid. Directors of financial aid at Columbia University; the University of Texas at Austin, and the University of Southern California apparently held shares in Student Loan Xpress, a student loan company recommended to student borrowers by each university. Because at least two of the individuals made a considerable profit by selling their shares—one more than $100,000— Attorney General Andrew Cuomo of New York has begun an investigation into the relationships between student loan companies and universities.

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The Pension Protection Act of 2006 has clarified the tax treatment of annuities and other insurance products when combined with long term care insurance. The new tax law provisions do not take affect until Jan.1, 2010, but, it is worthwhile to start learning.

Life care annuities provide regular income and, if needed, cover long term care.

Simply put, it is an annuity that, for a single premium payment, would provide a steady income to a retired household, and, increase significantly upon disability to cover any necessary long term care expenses.

These life care annuities could be cheaper than an income annuity and long term care coverage purchased separately. Those people who expect longer than average lifespan tend to buy annuities. Those with shorter than average lifespans can not purchase long term coverage due to strict underwriting standards. The life care annuity is attractive to both groups, combines opposing risk pools which lowers the cost and the need for underwriting.

Right now if you withdraw monies from an annuity it will be taxable income.

When the new tax law goes into effect if you withdraw from the annuity to pay for specific, tax qualified long term insurance it will not be considered taxable.

Begin your study and make an investment into long term care insurance at a young age. It is less expensive and will be there when you need it most. You have a 1 in 2 chance that you will need long term care so get started early.

It is better to have coverage and not need it, than, need it and not have it.

A stitch in time saves nine…

Discipline or regret

Dear Friends,

Clocks and watches all over the world have the same number of hours in each day – 24. And that’s what we get each day. I have 24, Bill Gates has 24 and Warren Buffett has 24. And you do, too. It’s up to you to determine how to spend every minute.

You can waste your days sleeping late, watching television, hating your job and wishing you had a better life. Or, you can spend your time creating a better life – a world devoted to improving yourself and the lives of others. So what are you going to do with each day’s 24 hours?

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Note from Paul Ferraresi:

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