Preparing for Long-Term Care
Keeping your assets safe to pay for long-term care
- Medicare supplement policies, medical co-pays, prescription drugs that might not be covered by your insurance policies, and other unforeseen costs can quickly drain assets saved over a lifetime.
- The lawyers at Rheinhardt and Bray can help you plan for these costs and the people that you should be connected to in order to protect yourself from losing all of your assets and protection for your loved ones upon your passing.
- We can help you plan for the future, have a course of action in place for potential long-term-care facilities and take advantage of programs that are in place to help the elderly preserve their assets when the need for care appears.
Long-Term Care Insurance Premiums Tax Deductibility
- Premiums for qualified long-term care insurance policies are tax-deductible to the extent that they exceed a certain percentage of your (the insured) gross income.
- Premiums are tax deductible for the taxpayer, their spouse, and any other dependents if it exceeds 10 percent of their of their gross income.
- For those 65 and older, the mark is lowered to 7.5 percent.
Things to keep in mind
- Start planning as early as possible.
- Start saving for unforeseen future costs.
- Plan with life insurance, and other means of asset protection.
- Have an asset protection professional work with you, don’t go it alone.
- We can assist you, and help you find the perfect people to make sure everything is in order for you and yours.