{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"211: Childfree Wealth: Who's Your Long-Term Care Plan If You Don't Have Kids?211:","description":"Most people already have a long-term care plan. Yet they have never written it down, never funded it, and in many cases never said it out loud \u2014 it is simply the assumption that a son or daughter will step in when the time comes. Roughly 25% of U.S. adults do not have that assumption available to them. In Part 1 of her conversation with Scott Barnes, CFP\u00ae, CLTC, Director of Financial Planning at Childfree Wealth, host Kirsten Howe looks at what financial planning has to account for when there is no built-in safety net. Scott explains why disability and long-term care coverage move to the top of the insurance list while life insurance moves down, and why the hardest gap to fill is not the hands-on caregiving but the coordination \u2014 hiring the aides, running the schedule, getting someone to a doctor's appointment. He and Kirsten also get into the Die With Zero approach to spending intentionally, why planning software is not built for it, and the scarcity mindset that keeps people with more than enough money from spending any of it. Time-stamped Show Notes: 0:00  Introduction  1:05  Meet Scott Barnes, CFP\u00ae, CLTC \u2014 two decades in financial planning, plus a Certified in Long-Term Care designation. 2:05  Why Childfree Wealth exists: founder Dr. Jay Zigmont saw a gap in the market that nobody was serving. 3:00  Did you know? Roughly 25% of the U.S. is childfree \u2014 and the CFP curriculum never mentions them. 3:50  The definition matters: about 21% of people are childfree by choice, about 4% are childless by circumstance, and why Scott's team treats those groups differently. 5:05  What about people who haven't decided whether to have children? Listen as Scott talks about meeting clients where they are. 5:50  Kids are expensive \u2014 Scott's estimate for raising one to 18, and why geography changes the number. 7:00  No college fund, no 40-year grind: what "work-optional" actually looks like. 7:45 Why some of Scott's clients move states every two or three years \u2014 and skip buying a home entirely to keep that mobility. 9:05 Kirsten's addition: when kids aren't the focus, you're not planting yourself in the best school district you can afford. 9:40 Hobbies in the middle of a workday \u2014 Scott's cars, other clients' gardening and pottery \u2014 and the job flexibility that makes it possible. 11:00 The biggest planning assumption that changes: Bill Perkins' Die With Zero, and spending intentionally instead of building a legacy. 12:20 Every financial planning platform is built to maximize what you leave behind. None of them are built to help you spend it down. 13:20 Why Scott would rather give his nieces and nephews something in their twenties than leave it to them at 50. 14:40 Kirsten names the thing most families never say out loud: for a lot of people, the kids are the long-term care plan. 15:30 The childfree bingo card: "Who's going to take care of you when you get older?" 16:20 Disability and long-term care insurance move up the list. Life insurance moves down. 17:20 The part nobody budgets for: somebody still has to hire the caregivers and drive to the appointments. 18:40 Care coordination services: most policies now include an insurer-provided coordinator who finds home care or an assisted living facility for you. 19:30 Self-funding instead? Then the geriatric care manager is another cost on top. 20:15 Why waiting until a crisis costs the most: no transition, no shopping around, and care needed immediately. 21:00 Kirsten on Medi-Cal planning, and how many clients arrive only after things have already fallen apart. 21:50 "Soloists" \u2014 Scott's term for people aging without a partner or children \u2014 and why they need a funded plan, not an assumption. 22:40 Wealthy enough to self-insure, and still unwilling to spend a dollar of it. 23:15 Where the scarcity mindset starts: grandparents who lived through the Great Depression, and the habit passed down since. 24:10 "I know what your balance sheet looks like." The clients who will never run out and cannot stop worrying. 24:50 The window that matters: why your 40s and 50s is the time to buy, and what waiting until your 70s costs. 25:30 Coming next: estate planning for childfree adults. Take the Next Step in Your Estate Planning Journey If this episode resonated with you, we'd love to help you with your own estate planning needs in California. Schedule a complimentary discovery call with our team at Absolute Trust Counsel. During this no-obligation conversation, we'll: Learn about your unique situation and goals Answer questions about our services Determine if we're the right fit to work together Visit https:\/\/absolutetrustcounsel.com\/scheduling\/ or call 925-943-2740 to schedule your free discovery call today. Follow and Review: We\u2019d love for you to follow us if you haven\u2019t yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We\u2019d love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select \u201cRatings and Reviews\u201d and \u201cWrite a Review\u201d then a quick line with your favorite part of the episode. It only takes a couple second and it helps spread the word about the podcast. Episode Credits: The Absolute Trust Talk podcast is brought to you with the help of Q2Mark, led by Chief Marketing Officer Susie Hays. Since 2016, Q2Mark has partnered with Absolute Trust Counsel on all marketing communications\u2014from brand development and website design to this podcast series with over 192 episodes, social media management, video production, and more. If you're business owner looking for comprehensive marketing support, visit Q2Mark.com. ","author_name":"Absolute Trust Talk","author_url":"https:\/\/absolutetrustcounsel.com\/podcast","html":"