Most financial plans ignore long-term care—and it can cost you everything you built.

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Long-term care is one of the biggest financial risks facing farmers, ranchers, and business owners—yet it's often overlooked or misunderstood.

In this episode, Mary Jo sits down with long-term care specialist Michelle Prather to break down what most advisors miss, why self-insuring often fails, and how the wrong strategy can force the sale of land, equipment, or a business.

They walk through real scenarios, underwriting realities, and the hidden risks of relying on life insurance riders, investment accounts, or "just saving more." The conversation also highlights how long-term care impacts not just retirement—but cash flow, legacy planning, and business continuity.

If your plan doesn't account for long-term care, it's incomplete.

Key Takeaways: - Why most financial advisors overlook long-term care planning - The difference between long-term care, disability, and life insurance - Why "self-insuring" can destroy long-term wealth - The risks of relying on life insurance riders for care - How long-term care protects farms, land, and businesses - Real underwriting insights: who can still qualify and when - Why lifetime coverage vs. short-term policies matters - The tax advantages of proper long-term care planning

Chapters: 00:00 Why specialization matters in financial planning 02:00 Selling equipment to fund long-term care 05:00 Who can qualify (even with health issues) 10:00 Lifetime vs. short-term coverage explained 14:00 Business owners: protecting income and value 18:00 Long-term care vs. disability insurance 22:00 The truth about life insurance riders 30:00 Tax traps and policy misunderstandings 34:00 Using annuities for long-term care planning 40:00 The myth of self-insuring 46:00 Cash flow vs. rate of return 52:00 Why planning early changes everything

📅 To schedule with Michelle click here: https://link.captivationhub.com/widget/bookings/without-the-bank-care-income-planning 🌐 To check out Michelle's website: https://www.careincomeplanning.com

👉 Subscribe for more episodes of Farming Without the Bank 👍 Share this episode if it got you thinking differently about insurance 📆 Read the book and book a call, and let's see what self-insuring could look like mathematically for your farm or ranch.

💻 Work with Mary Jo: Get your copy of Farming Without The Bank, read it, and then schedule your appointment so we can look at what this strategy could mean for your operation and your numbers. No pressure, just a real conversation.

👉 Get the book: https://www.farmingwithoutthebank.com/book 👉 Schedule a call: https://www.farmingwithoutthebank.com

📩 Have questions? Email Mary Jo: [email protected]