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Long-Term Care Insurance
Most of us will live a long life. However, if we live too long, our bodies are likely to wear-out, creating the high probability that long-term care will be needed. When such care is required, the consequences can be devastating to families, especially if it continues for many years. Presently, there is not a government entitlement program - Medicare, Medicaid, and Veterans Administration that will pay all the costs, especially if our intent is to remain at home. In suc ...
When a C Corporation purchases a Tax-Qualified Long-Term Care Insurance Policy ("TQLTCIP") on behalf of any of its employees, or their spouses and dependents, the corporation is entitled to take a 100% deduction as a business expense on the total premium paid. Additionally, the corporation's purchase of a TQLTCIP is not subject to any non-discrimination rules, thus allowing the corporation to be selective in the classification of the employees it selects to cover. A corporate resol ...
After more than 20 years in elder law, I have learned that with the wave of baby boomers approaching retirement, there will be an unprecedented demand for professional long-term care services, including those provided by home health care agencies, assisted living facilities, and nursing homes. With the increased demand, prices for the services are likely to skyrocket, making them unaffordable to most.
Long-term care insurance ("LTCI") provides the financial leverage necessary to overcom ...
Your clients know that long-term care risks exist, but most would rather not think about them. Instead, they falsely believe that the financial problems caused by living too long will not happen to them, but only to others. To illustrate the problem, a recent study completed by the American Academy of Actuaries stated that many baby boomers can expect to have a retirement lasting 30 years. The study also reflected the fact that a 65 year old couple has a 58% chance of one of ...
With November being Long-Term Care Awareness Month, and many elder law attorneys working on their personal year-end tax planning, now is an excellent time to discuss the favorable tax treatment of long-term care insurance ("LTCI") premiums.
The Internal Revenue Code categorizes LTCI contracts as either qualified or non-qualified. In order to be qualified and receive favorable federal income-tax treatment of premiums, a LTCI contract must meet all of the following criteria:
It can ...
According to an article which appears in the September 14th, 2009, edition of the Margolis and Bloom Weekly Newsletter, the life expectancy of Americans has reached a new high of nearly 78 years. The findings were reported by the National Center for Health Statistics in August of 2009 and are based on 90% of death certificates filed in 2007. The leading causes of death continue to be heart disease and cancer. Alzheimer's moved up to sixth place, from seventh in 2006. Nota ...
Now, with the Deficit Reduction Act of 2005 ("DRA") firmly in place, to the exception of the District of Columbia, Hawaii, Illinois, and New Jersey, the question has been asked "Did DRA have a real impact on crisis Medicaid planning?" Without question, the answer is "Yes!"
The primary impact relates to the fact that all gifts within the 60 month look-back period are pooled together, and the resulting figure is then divided by the applicable monthly divestment penalty divisor, creatin ...
Question 1: Can I purchase a policy which provides a full refund in the event I do not use the benefits?
Answer: Yes.
Question 2: What is the perfect age for purchasing long-term care insurance?
Answer: The perfect age is when you are under age 85, healthy, and without any signs of requiring long-term care.
Question 3: Can I purchase a policy that provides benefits for the rest of my life, but only requires me to pay a limited number of premiums?
Answer: ...
After more than 20 years in elder law, I have learned that with the wave of baby boomers approaching retirement, there will be an unprecedented demand for professional long-term care services, including those provided by home healthcare agencies, assisted living facilities and nursing homes. With the increased demand, prices for the services are likely to skyrocket, making them unaffordable to most.
To avoid such a result, long-term care insurance ("LTCi") provides the financial leverage ...
Charles, a 64 year old male residing in Green Bay, Wisconsin, is single and owns a Long-Term Care Insurance policy. Charles earns $50,000 per year and owns a tax-qualified Long-Term Care Insurance policy with a $3,700 annual premium. In 2009, Charles will have $2,400 in medical expenses not covered by his health insurance.
If Charles itemizes his deductions, he may deduct his unreimbursed medical expenses, but only to the extent that those expenses exceed 7.5 percent of his adj ...
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