Tim Painter, MBA, MM, CLTC
Tim Painter has been serving as an advisor to families and individuals regarding their financial and life planning needs for over 30 years. His passion has always been serving as a guide to his clients as they plan for their futures, to help them maximize their financial resources, and to achieve their ideal lifestyle during all phases of life.
Despite having extensive expertise in financial planning, tax and estate planning, and investment management, Tim was personally confronted with an entirely new set of planning needs when his parents were both diagnosed with life changing long- term illnesses.
Tim’s stepmother was diagnosed with early-stage Alzheimer’s. Tim’s dad stepped up and expanded his role as husband and became her caregiver and guardian. Tim’s parents were able to continue living in their home and enjoy many of their familiar activities; however, as his stepmothers Alzheimer’s symptoms progressed, Tim’s dad was unfortunately diagnosed with Parkinson’s disease.
Given the progressive nature of both Alzheimer’s and Parkinson’s, it was obvious that maintaining a completely independent lifestyle would eventually become impractical and unsafe for both parents.
The physical and emotional needs of both parents became the focus of the entire family. Tim’s parents were able to maintain a level of independence for several years with the help of outside caregivers in their home who assisted with things like meal prep, medication management, grocery shopping, and transportation to medical appointments. Eventually, his stepmother’s Alzheimer’s progressed to the point where she needed the services of specialized memory care professionals while Tim’s dad enjoyed the amenities of an independent living community on the same campus. This allowed his father to be under the same roof and walk down the hall to visit Tim’s mom any time he wanted while still enjoying full independence. Tim’s parents did not want to be separated. When Tim’s dad’s Parkinson’s progressed to the point that he also needed assistance with his day-to-day activities, Tim and his brother were able to honor their parent’s wish to remain together. move to a boutique assisted living residential care home enjoy the benefits of their own dedicated caregiver.
Because of prior planning, Tim’s family was never faced with the dilemma of having to liquidate investment assets, retirement accounts, or even real estate in order to fund the care needs of his parents.
Tim’s stepmother passed away eleven years after her initial Alzheimer’s diagnosis and Tim’s dad passed away nine years after his Parkinson’s diagnosis. Throughout this process the entire family faced concerns about the physical and emotional well-being of both parents; however, because of the excellent long-term care insurance plan that had been put in place years before, the family never had to worry about having adequate, dedicated resources to fund the parent’s extensive care needs. If Tim’s parents had pulled funds from their retirement account to pay for care after diagnosis, they wouldn’t have been able to take advantage of the tax-free benefit the long-term care policy offers. Approximately $800,000 was paid out by the insurance coverage over the course of twenty years of care combined, between both of Tim’s parents. It would have cost over $1 million for the care if they had paid for it out of pocket without the long-term care insurance.
Throughout the process of coordinating the medical, logistical, housing and care needs of his parents, Tim embarked on an education quest. This quest turned into a professional development opportunity. He developed a particular expertise and knowledge set regarding the financial aspects of planning for and funding a long-term care situation. Including asset protection, tax efficiency, financial risk mitigation, and prudent asset leverage. Tim developed a passion for educating and advising clients about the myths and truths about planning for a possible long-term care situation that could disrupt an otherwise well-planned life and lifestyle.
“My mission as a certified long-term care advisor and financial advisor is to fill the knowledge gap and help families avoid tripping, just before the finish line.” – Tim Painter
