9 Best Financial Advice for Lottery Winners

 

Whether you win the whole jackpot or even some amount, before turning in your ticket, you will need to protect yourself, your family and your money. Here are  9 Best Financial Advice for Lottery Winners:

 

1. The worst thing with lotto winners is that everyone comes out of the wood work wanting money, not only from your own family but all sorts or charitable cases in the community.Setting up a team of trust Advisors ( financial advisors, lawyers and accountants) who can act as professional trustees for you as well and help you set that up would be very wise. The Lotto legal department recommends that lottery winners seek out one or more of the following: a tax planner, a financial adviser, a certified public accountant and an attorney.

 

• The Attorney. This is the first person to hire. An attorney can help you keep the ticket safe until you have your team in place to help you handle your winnings. An attorney may advise you to set up a trust and transfer “ownership” of the ticket to the trust, for which you are the sole trustee. You’ll still receive your winnings, but the trust can save you on taxes.


• The Financial Advisor. This person will help you set up accounts that keep your money growing in order to guarantee a safe income for you throughout your lifetime. A Financial Advisor will also investigate any financial investment requests that you will receive from family, friends or people you’ve never heard of, but who will assure you that you can make millions more with their method or product. (Our Team Of Financial Advisor Mintco Financial Phone 813 964 7100 email info@mintcofinancial.com)


• Accountant. This person will handle all the tax matters and keep you out of trouble with the IRS. After the government takes their initial cut, there are still more taxes to pay.

 

1. The challenge for any lottery winner is getting over the psychological shock and adjusting to the identity of a wealthy person. Most people buy tickets on a whim not taking time to seriously think about what they would do if they were millionaires.That’s the thing about money: You have to prepare yourself for wealth. You have to mentally prepare for what is going to occur—at least as much as you can.


2. You have six months to collect, so take your time and think about it.


3. You do have to protect what you’ve won.


4. Don’t tell anyone that you have the winning ticket, and put it in a safe deposit box as soon as possible.


5. Consider claiming the winning lottery prize through a “blind trust” to protect your identity. Many states permit a lottery winner to utilize a blind trust to claim the winning monies in order to protect the winner’s identity and privacy.


6. Most people think taking the lump sum is the smart move. That’s not always the case. First, spreading the payments out protects you from becoming the latest lottery winner who’s lost all their money.


7. It’s certainly a natural desire to help relatives in need and take care of future generations. But use extreme caution when giving out your money.


8. Maintain the family dynamic, even keep your job. Work can give people a purpose. Lottery Winners who have maintained their jobs and maintained their family relationships and not changed dramatically have probably done better.

“If you’re not disciplined, you will go broke. I don’t care how much money you have.”

“We see people come in prepared because the vast majority of people think they know what they’re going to do with that money but once they have it they really don’t know what to do with it.”

Even if you don’t win the lottery, we welcome you to contact the team at Mintco Financial today at 813-964 7100 for a complimentary initial consultation for Estate Planning, Investments and Asset Protection.

Email us at info@mintcofinancial.com

Visit our website www.MintcoFinancial.com

 

 

 

 

9 Best Financial Advice for Lottery Winners

2017 Buffalo NY Open Enrollment Health Insurance

November 1, 2016 – 2017 Buffalo NY Open Enrollment Health Insurance open enrollment begins. You can sign up for a plan or initiate a switch to a different plan, with coverage effective January 1, 2017.

Open enrollment for Obamacare (née the Affordable Care Act) for 2017 begins Nov. 1, 2016 and lasts through Jan. 31, 2017.

Health insurance plans can change each year, so even if you think you want to keep your current plan, it’s important to review the details of each available option before you make your selection. Look at the costs, including monthly premiums, copayments, coinsurance and deductibles, to see which structure works best for you and your family. Also review the coverage details to make sure benefits you use are included (or have not been reduced or removed from your existing plan), such as pharmacy benefits or lab services.

2017 Obamacare

The Affordable Care Act, also known as Obamacare, was put in place to help insure the millions of Americans who do not have health insurance for a variety of reasons – financial hardship, employers not offering insurance or pre-existing conditions. The ACA Marketplace has health insurance plans that address the following:

• All plans meet the minimum essential coverage standard set forth by the ACA


• You cannot be denied health insurance due to pre-existing conditions


• You may be eligible for tax credits and cost assistance to reduce the price of your premiums


• You cannot be charged more due to health status or gender


• Young adults can stay on their parents’ health insurance until age 26


• Improved healthcare for women, including free preventative treatments and screenings

Finally, as of 2015, you must have health insurance or else pay a tax penalty (which increase each year for children and adults)

Where can I find the best deal?

This answer is different for everyone.  Income, family size and are you live all plan a part into that equation.  The best way to find the cheapest policy, that will actually be affordable when you want/need to use it, is to talk with one of our agents.  We can email you a no-obligations quote showing you all your options, and calculate your estimated premium subsidy.  Then the most important part is knowing how the plans will cover you.  We can explain it all in about 10 minutes and get you set up from there.

Buffalo NY Health insurance Quotes

Compare Health insurance Plans HERE!

Contact us to speak with one of our Health Insurance Agents at 716 565 1300

2017 Buffalo NY Open Enrollment Health Insurance

13 Reasons Whole Life Insurance is Best

 

1. Whole life Insurance is the cheapest insurance you will ever buy.


2. Whole Life Insurance gets more efficient over time, by orders of magnitude in fact.


3. The longer it is held the cheaper it gets, especially in the long run. Compare a ten year term policy with a properly structured whole life 10 year paid up policy and by year ten the cost of insurance will be nearly identical, except with the 10 year paid up you still have insurance for the rest of your life, plus dividends, and not a single premium payment left to make.


4. The younger you are the cheaper any insurance is going to be.


5. With a whole life Insurance policy you lock the amount of insurance you get at the age you get it at. That price is fixed for the rest of your life, and after 3 years you start seeing the cash value build up which you can borrow against at 4-5%. Whole life premiums stay fixed so as inflation continues, you are paying with inflated dollars, making the effective cost of the premiums cheaper year after year at the inflation rate…after 10-20-yrs of 2% inflation, that is major effective price reduction due to inflation.


6. Your monthly payment goes into that cash value and you never have to worry about your life insurance going away.


7. You are absolutely going to die. Why let the insurance company steal your money with  term life insurance that is cheap and should be even cheaper because 99% of the term insurance policies never pay and100% of whole life policies pay out, as long as you remember to pay your premium.


8. No living in fear that your term policy is expiring and not knowing how you will be rated, after your last doctor appointment you can find out you have high cholesterol, heart disease, or Diabetes….


9. Whole life insurance policies can provide long term care benefits. The most efficient way to get long term care insurance is to buy it directly, but it is use it or lose it like car accident insurance. With long term care riders, you get access tax free to the death benefit if you need it and if you don’t the cash values and death benefit remain in full.


10. if you want to truly protect your family and not worry about you dying without insurance get a whole life policy as soon as possible for you and your kids.


11. While they are young they are paying 8$ a month for 25,000 in coverage and it we ll never go away for them and the price won’t increase.


12. Whole Life Insurance is tax-efficient. The beneficiary receives the benefit tax-free. There is no other way to transfer wealth to a beneficiary with zero tax consequences.


13. This buy term and invest the difference? No, that’s a recipe for market crashes keeping you up at night.

Whole Life Insurance Quotes

With so many reasons and alternatives it’s understandable that you may feel a bit frustrated—so why don’t you enjoy living your life and leave the insurance part to us!

Call us at 813 964 7100 or 716 565 1300

If you want to get a free quote please email us at info@mintcofinancial.com age, health, gender, amount of Life Insurance needed.

Visit our website for a free quote at www.MintcoFinancial.com

13 Reasons Whole Life Insurance is Best

3 Top Risks Annuity Will Protect your Money – Florida

Essentially an annuity can protect us against three important risks: longevity risk — the risk of living longer than our life expectancy; market risk — the risk that our income will fall if stock prices or interest rates go down; and what we might call judgment risk — which is the risk that we, ourselves, might do something stupid to harm the lifetime income stream on which we depend.

What is an Annuity?

The crisis made the risks faced by retirees especially plain: their investments may dive at the worst possible time, the timing of subsequent gains may not suit, and they may live longer than expected.

Retirees are looking for new ways to invest their money in retirement other than in share-heavy portfolios.

Most retirees don’t have 20 years to wait for a sustained sharemarket rebound, so products such as annuities can be a fit for retirees.

In finance, the word “annuity” refers to a series of payments made to a person (called the “annuitant”) for life or for a set number of periods.

In this article we refer to a fixed, life annuity, a plain vanilla annuity that will guarantee a set income each month for the rest of your life, no matter how long you live or what dumb mistakes you make along the way.

If this guarantee looks familiar, it should, since it is pretty much what we get from Social Security as well as from a traditional “defined benefit” pension — if we are lucky enough to have one. Both are forms of life annuities because both pay until you die.

Annuity eliminate Market Risks

Since payments are fixed, Single Payment Immediate Annuity (SPIAs) eliminate market risk. Since they pay you for life, even if you live to be 105, they eliminate longevity risk. And since many can’t be cashed in, they eliminate judgment risk. A few companies will sell them with inflation protection as well (at extra cost).

Single Payment Immediate Annuity More Guaranteed Income

For those seeking to supplement their lifetime income, SPIAs offer the huge benefit of generating much more guaranteed income than any other type of investment.

Is my money safe with the Insurance Company I buy an Annuity?

Life insurance companies that issue annuities are highly regulated by the states in which the policies are issued and are generally considered to be conservative and safe. States also have insurance funds with limits ranging from $100,000 to $500,000 to reimburse annuity holders in the very unlikely event that an insurance company fails. You can further protect yourself by diversifying annuity companies — in other words, splitting your money between two or more highly rated providers.

Can I leave money to my heirs if I buy an annuity?

It is possible to have a survivor benefit on a straight life immediate annuity. That choice does reduce the payments to the annuitant, but it does leave funds for heirs.

When to Buy an annuity?

Retirees should look to distinguish a good annuity from a bad one in the same way investors—some of them, anyway—eschew expensive mutual funds in favor of low-cost index trackers. In that world, buying an annuity, at least to cover the basic expenses that arise during retirement, will become a routine, uncontroversial decision.

If you’re looking for immediate answers to your financial questions, go ahead and give us a call.

813 964 7100

716 565 1300

Email us at info@mintcofinancial.com

Visit our website for more information www.MintcoFinancial.com

3 Top Risks Annuity Will Protect your Money - Florida

5 Tips to shop Burial Insurance for Seniors

The death of a loved one is always a difficult moment and it can be also very expensive, where a family member or other dependent can find themselves dealing with the costs.

The Cost of a Burial

The average cost of a funeral in the U.S. is somewhere between $7,000 and $10,000, or roughly twice the cost of a cremation service. These expenses can include:

• Casket


• Headstone


• Grave liner or outer burial container


• Embalming


• The grave site plus the cost to dig the grave


• Rental fee for the funeral home


• Funeral director fees

What is a Burial Insurance?

Burial insurance, also called funeral insurance or final expense insurance, is a form of whole life insurance designed to cover the expenses of a burial or funeral. No Doctor examinations are required.  

Life Insurance Policies can be issued for ages 60 – 90 depending in which State you live and for amounts from $ 5,000.00 to $50,000.00 in total burial insurance coverage.

5 Tips to shop Burial Insurance for Seniors

I will share some tips when shopping for Burial Insurance:

1. When you purchase Burial insurance, you will likely have two payment options: graded and immediate. The difference between these two payout options and meaningful and you will want to make the right choice based on your situation. The differences are:

Immediate Payout –

Exactly like it sounds, the funeral insurance pays out completely when the policy holder dies. So, if you held a $10,000 burial insurance policy then when you passed away, that $10,000 is payable in one lump sum to whoever you designate as your beneficiary

Graded Payout –

If your policy has a graded payout, then the beneficiary is payed only a percentage of the full policy based on when it was purchased, and when the policy holder dies. For example, the policy might be written to payout 20% of full value if the insured dies within the first year, 50% if they die within the 2nd year, 75% if they die in the 3rd year, and full policy value paid out if they die after the 4th year. So, a $10,000 policy would only pay $2,000 if you die within a year of the policy getting issued, and so on.

2. Age: The older you are, the more you are going to pay for final expense insurance. 

3. Medical Exam or No-Medical Exam?

To get the lowest premium costs with the best and most affordable policy, you will have to get a medical exam. No medical exam options are available but they are more expensive.

Just like other types of life insurance, if you have underlying medical conditions or morbidity factors you are going to pay more. These might include:

• Being overweight or obese


• Currently being a smoker or were a smoker in the last 5 years


• Being a diabetic


• Have high blood pressure


• Take prescription medications


• Family history of cancer, heart disease, etc.

4. Shop around, shop around, and then shop around. Call an independent insurance broker that will give you many options or go to websites that can compare quotes online. Always compare policies, benefits, and eligibility requirements. To find the best burial insurance policy, you must at all costs consult with a highly experienced independent brokerage that represents multiple highly rated insurance companies.

5. Be aware!!  AARP & Globe Life

AARP and Globe will attempt to sell you life insurance that expires. Yes you read that right. Their flagship plans expire at a certain age leaving you without protection.

Conclusion

Unfortunately, many people today do not have the cash on hand to outright pay for their funeral expenses. For this reason, many people are eager to find a plan to ensure they never leave their family with the burden of unpaid funeral costs.

Burial Insurance is an option for you. They are all simplified issue whole life insurance policies. They don’t expire, the monthly cost is fixed for life, and the face value can’t decrease.

Where to shop for a Burial Life Insurance?

Working with an agency doesn’t cost you a dime, and it doesn’t mean you will pay more for your insurance. Do you like shopping around before you make a purchase? Well, working with an independent agency is equivalent to shopping 20-30 burial insurance companies. Do you like having an expert service you? Well, working with an experienced final expense brokerage means you will have an expert assist you .

Call Mintco Financial at 813 964 7100 or 716 565 1300

Visit our website to apply and compare Burial Insurance quotes HERE

https://www.youtube.com/watch?v=hmR8Pd4nqFw

 

5 Tips to shop Burial Insurance for Seniors

Best No medical Exam Life Insurance for Seniors

No medical life insurance for seniors is a kind of life insurance policy that you can buy without having to undergo a medical examination. Many seniors prefer this kind of life insurance because it’s easier and less time-consuming to get, and because it’s an option if you have a pre-existing condition.

How does no medical life insurance work?

There are two main types of no medical life insurance: simplified issue life insurance and guaranteed issue life insurance.

Simplified issue life insurance doesn’t require a medical examination by a doctor, but may involve a questionnaire about your health. When you apply for simplified issue life insurance, you’ll be asked questions about yourself, including if you’ve been diagnosed with any serious illnesses, if you’ve been hospitalized, and if you’ve been turned down for another life insurance policy. Simplified issue life insurance can be bought as either whole life or term policies.

Guaranteed issue life insurance doesn’t require a medical examination or a medical questionnaire, but you’ll be limited to a much lower level of coverage—often around $25,000 for non-accidental death. For many guaranteed issue policies, if you die within the first two years, your beneficiary will only receive a benefit equal to the payments you’ve made on your policy. Usually when you buy guaranteed issue life insurance, your coverage stays in effect for as long as you continue making payments.

Pros and Cons of No Medical Exam Life Insurance for Seniors

Pros:

-obtain life insurance coverage FAST. Most applicants are covered in 1-14 days, possibly even the same day as applying!

-easy and convenient application process

-no hassle of seeing your doctor or having someone come to your home to give you a medical exam.

Cons:

-most companies will only allow you to purchase up to $50,000 of coverage, although companies do vary.

-sometimes these policies can be very competitive with regular policy premiums, but generally, your premium costs will be anywhere from 10-50% more expensive over the life of the policy than fully underwritten policies.  This increase in premium is because the life insurance companies have less medical information to evaluate you on, so they are assuming more risk when insuring you.

Conclusion

In short, whether or not to get one type of insurance policy or not really depends on your personal situation. If you have the extra money and you don’t want the hassle of a medical exam (or several exams thereafter), the no medical exam life insurance is a convenience and getting approved is almost instantaneous. Although if you’re looking to stay on a budget, you might be better off going for a traditional life insurance policy in order to keep your minimum payments more affordable.

Shop Around for Best Rates for No Medical Exam Life Insurance for Seniors

It is a good idea to shop around and to explore the rates being offered by companies that specialize in providing life insurance to high-risk individuals. By comparing all of your options, you will increase your chances of finding the type of policy you are looking for at a rate you can afford.

Compare Life Insurance for Seniors No Medical Exam HERE

Call us 813 964 7100 for a FREE QUOTE

Visit our website and compare quotes from TOP Life Insurance Carriers HERE

https://www.youtube.com/watch?v=l3BaR_3Afe4

 

Best No medical Exam Life Insurance for Seniors

Best Life Insurance Parents over 80

 

Health problems are a concern of many when looking to insure their parents over 80.

If your parents have health issues such as cancer, diabetes, heart disease, mental health issues they still can qualify.

The best Life Insurance for Parents over 80 is  a permanent life insurance policy that will not be outlived.

Permanent Life insurance options available include guaranteed issue life insurance, fully underwritten, and no medical exam life insurance.  When available, fully underwritten life insurance offers the most affordable life insurance.  

 

Can I purchase Life Insurance for my parents?

 

Purchasing Life Insurance for your Parents will require the consent of your parents. Without them agreeing to the policy, you would not have any insurable interest unless you have been designated their power of attorney or some other form of legal guardianship. This is to prevent people taking out policies for people they have no connection to simply to profit from their demise, and while it may not be your purpose for buying the coverage, the insurance companies will be concerned about your right to buy the policy.

Sons and daughters want to purchase life insurance on their parents, father and mother both or individually for father or mother. For this all you have to do is showing the company that your parents have “insurable interest” to get approval for the insurance.

What are the “insurable interests” that your parents may have?

–          Your parents may have outstanding debts and you will be responsible for these after their death.

–          You may have to pay some funeral or final expenses.

–          Your parents may have lots of assets and you will have to pay taxes.

–          You may have to pay their medical expenses.

There are many more but these are the most common cases. If you can show the company any of these reasons they may accept your request.

If you are deciding to purchase a life insurance on parents, don’t forget to inform your parents about it. It is important to take the signature of your parents and the beneficiaries at the time of underwriting. These things must be done correctly otherwise the insurance company may do delay to pay the insurance benefits money.

 

Where to shop for Life Insurance for Parents over 80?

 

Online quotes will often offer immediate comparisons from leading competitors, which gives you an overall view of what the rates will be and allows you to fine tune your search.

Shop now to compare Life Insurance for your parents over 80 HERE

Call us at tel 813 964 7100 to speak to one of our specialist.

Or drop us an email with your questions info@mintcofinancial.com

 

 

 

Best Life Insurance Parents over 80