The IRS has announced the 2019 tax incentives for new or existing policies. These tax breaks give American’s extra incentive to plan for costs & burdens of aging.
IRS and Taxes
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While many people are enjoying the lower tax-rates provided by the Trump tax law, few know the medical expense deduction threshold will increase unless action is taken by Congress.
American families are being impacted by the financial costs and burdens of aging. Long-Term Care costs are expensive. Tax benefits make LTC insurance even more affordable. Plan before retirement.
A topic you will hate … death and long-term care. Could have added taxes but that would be too much. Many of the causes of death also cause extended care impacting family & finances. Pet pic included for fun.
28 states offer some type of tax credit or deduction for Long-Term Care Insurance. A new measure introduced by a Nebraska state senator would provide a new tax credit for Nebraskans as they plan for Long-Term Care.
Many people are aware that planning in advance for the costs and burdens of aging should be part of your overall retirement plan. Some are unaware of tax incentives of LTC insurance.