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Evolving Tax Benefits

ake LTC Planning More Attractive  

June 2014

Issue 21                 

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Nancy Gould,
Past President Estate Planning Council of Putnam County
I recently sent this article to publications in the area.  Since you are one of my newsletter subscribers, I felt you too should have this information.  
Evolving Tax Benefits Make Long-Term Care Planning More Attractive

 

Long-term care services, which are generally not covered by Medicare or regular health insurance, can be expensive. "Sticker shock keeps many from thinking about it," says Nancy Gould, an LTC solution expert for LTC Financial Partners, with offices in Mount Kisco.

 

"The good news is that Uncle Sam and the states want to help," says Gould. The help, in the form of tax relief, applies to multiple ways of paying for care, ranging from long-term care insurance to annuities and reverse mortgages.

 

* Tax benefits of owning long-term care insurance: For the 2014 tax year, federal tax deduction limits for LTC insurance range from $370 to $4,660, depending on age. That's up from $360 to $4,550, the deduction limit range for 2013. "If you already have a policy, the 2013 limits will apply for this year's return, due April 15," Says Gould's colleague Ken Dehn, General Counsel for LTC Financial Partners. "If you don't have a policy, you can set future deductions in motion now, starting with the 2014 limits."

 

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Tips to Keep Cool This Summer 

 

 

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