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March 2009 Newsletter

Lori's professional photo 2008 

It's almost the end of the 1st quarter already.  How are you doing?  There's still time to take stock and adjust if you aren't hitting the mark, as you intended.  The key is to have a target and go for it. 


This old adage really rings true, "people don't plan to fail, they just fail to plan."  Having the right plan is important too.  Having the right advisors can really make a difference in determining if, when, and how we alter our course.    


This month's experts offer

helpful tips on planning for the quality of our care, and planning for our financial futures.  Our health and wealth are topics of critical importance.  What better time is there than now to start planning, or adjusting the plan?


We would all wish for good health and prosperity, right?  In case we don't get what we wish for, let's come up with a dynamite Plan B!  I'd love to hear your ideas. 


Wishing you all the best,



Lori T. Williams, Esq.

Your Legal Resource, PLLC




"We Connect the Right Client

With the Right Professional " (SM)


In This Issue

Article 1: What To Keep In Mind When Planning Long Term Care For Yourself Or A Loved One

Article 2: Process Over Product


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"The best way to predict the future is to invent it."


Alan Kay (1940 - ) Computer scientist




"The challenge is in the moment, the time is always now."


James Baldwin (1924-1987) Novelist and essayist




"In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing." 


Theodore Roosevelt (1858-1919) 26th president of the United States



What To Keep In Mind When Planning Long Term Care

For Yourself Or A Loved One


By:  Barb Vorenberg, Long Term Care Insurance Specialist 


      Understanding what long-term care insurance covers is the first thing you need to keep in mind.  Long-term care insurance picks up where health insurance leaves off.  The standard definition for long term care insurance is insurance that covers chronic conditions that are anticipated to last 90 days or longer and the individual needs assistance with two or more activities of daily living (such as bathing, eating, dressing, continence, toileting, or transferring), or which has a cognitive impairment such as Alzheimer's or dementia.  Policies cover long term care services delivered at home, in adult day care, assisted living and nursing home facilities.
     Next, it is important to understand that a policy is based initially on the age and health of the individual.  The younger and healthier the individual is, the lower the premium.  This is why it is important to purchase insurance early - before a medical condition occurs that disqualifies an individual from obtaining coverage or before the premium becomes too expensive for the amount of insurance desired.  When I receive a phone call from a daughter calling about obtaining insurance for her mother that was just diagnosed with Alzheimer's disease, I have to tell her it is too late for the mother, but not too late for her!  You wouldn't call an insurance company to purchase homeowner's insurance when you are in the middle of having a fire and expect them to cover you would you?
     The cost of the insurance is determined by the individual's age, the amount of coverage desired per month, the benefit period to be covered (i.e., three years, five years, lifetime), how much inflation to add to the policy annually (i.e., 3% compound, 5% simple, or 5% compound), and the elimination or deductible period (i.e., what the individual will pay for before the policy goes into effect).  Other "riders" are also available if so desired by the individual.
     Since every situation is unique, there is no "one size fits all"!   Understanding all of the definitions and provisions of the actual policy is important, as all policies are not the same.  It is important to understand the actual benefits provided when comparing policies, not just price!  Identifying the components of a policy that are important to the individual and matching the right policy to those needs is critical.  Therefore, it is important to work with each individual to determine their specific needs and objectives and develop a plan specific for their needs.  Working with a long-term care specialist and with a strong, financially sound company is important to remember when considering long-term care insurance.
     Finally, it is important to understand one major misperception regarding Medicare and its coverage of long term care expenses.  Medicare may cover up to 100 days of care if the individual meets the Medicare criteria - 3 day hospital stay, rehab or skilled care required, improvement of condition, and so forth.  It is not automatic and it is limited in time and circumstances.

Barb Vorenberg photo

Barb Vorenberg has been involved in healthcare her entire life.  She shared her room with her grandmother as a child and learned early on how important it is to care for one's family as they age and become frail.  She earned her Bachelors Degree from the University of Missouri in Medical Technology and Biological Science, her Masters Degree in Health Administration and Planning from Washington University in St. Louis, and worked for 20 years in healthcare, primarily in the area of strategic planning and development.  In 2001 Barb joined her husband, Tom, in his insurance and financial services business.  Her healthcare background and numerous family experiences provided Barb with the expertise and passion for working with individuals in the area of long term care planning.  For more information, visit www.yourlongtermcaresolution.com.



Process Over Product:  One Financial Advisor's Perspective 

                                             By: Brian Eyster, Essential Strategies


     Do you want Tiger Woods golf game or his clubs? 
     Let's pretend for a moment that I just purchased a set of 10 golf lessons.  I would have certain expectations about what I'd learn in these lessons, including how to properly grip the club or address the ball.  How

disappointed or upset would I be if the club pro started trying to sell me 

the latest driver, after a mere five minute lesson?
     To play better golf and improve your score, you just can't go out and buy

a better golf club.  It may improve your score by a stroke or two, and you may

feel more comfortable with that product, but you're not going to improve your score tremendously.  If you or I have a bad swing, no club is going to help. 

To really improve our score, we need to work on our swing with the

assistance of a golf professional. 


     So what does golf have to do with our money?  Everything.  
     Most people who fail to gain financial independence or financial success

do so because they ignore the process.  Instead,  their main focus is on

"where should I be putting my money?" That's like trying to  improve your

golf game with a new club, rather than proper instruction on your swing.  Financial tools in and of themselves won't improve your "financial game".

In both cases, it is the strategy or process that makes the difference in your

end game.   

     Most traditional financial advisors are trained to sell you the latest product without any regard to process.  That's the equivalent of the golf pro trying to sell you the new set of clubs while ignoring your swing.  A good process should protect your money against premature death, disability, lawsuit,

taxes, inflation, technological change, planned obsolescence, market

volatility, interest rate fluctuations, propensities to consume/spend, downsizing, layoffs, etc.
     If the product was the solution, wouldn't we all be wealthy by now?



Brian Eyster received his finance degree from Michigan State University in 1998.  Brian has been called a "financial contrarian" based on the success of his non-traditional approach to wealth development, honed through years in the financial services industry. It's a title he wears proudly, knowing that his financial planning strategies and coaching process build clarity, focus, and client confidence. Brian is frequently requested as a speaker on wealth development strategies. To learn more, Click Here or contact Brian by phone at (248) 295-2710.  To read Brian's latest blog,




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