Farming Without the Bank Podcast

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We have a 103 year-old banking problem in the farming industry, and most farmers have become complacent about it. We talk about this problem and how it’s affecting farmers by allowing the bank to have control of the farm and use farmers’ livelihood as collateral. You may never get rid of the bank completely, but you can sure try. The bank should be plan B, not plan A, and you can make that happen. This takes time, but you have to get started. Listen to hear how this banking problem began and what the solution is.

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Farming Without the Bank Podcast

Welcome to the Farming Without the Bank podcast, the show with a no-B.S. approach to money, hosted by a farm strategy expert and authorized IBC practitioner.

Join us as we get real and expose the flaws of traditional financial institutions in order to help farmers take control of their finances, create peace of mind, grow their wealth, and leave a legacy.

https://www.farmingwithoutthebank.com/

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

👉 Follow Mary Jo Here: https://www.youtube.com/channel/UCXYvzroUouEMsTGKFw5nJHQ 👉 Get the book: https://www.farmingwithoutthebank.com/book

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: maryjo@withoutthebank.com