LONG-TERM CARE PLANNING STRATEGIES WITH LIFE INSURANCE
by Marianne Johnston, Esquire When planning for long-term care cost, certain actions should be taken regarding life insurance policies. Life insurance with a cash value is a countable asset when determining eligibility for Medicaid benefits. The only exception is if the face value of the policy is $1,500 or less. Term life insurance and…
Financing Long-Term Care in New Jersey – Begley Report
By: Thomas D. Begley, Jr., Esquire, CELA Statistics show that approximately 70% of the population age 65 or over will require some form of long-term care. Long-term care can be received at home, in an assisted living facility, or in a nursing home. A statistic widely quoted is that the average stay in a long-term…
Protecting The Home: Using Trusts To Protect Your Home From The Costs Of Long-Term Care – Begley Report
by Thomas D. Begley, Jr., Esquire, CELA INTRODUCTION Studies show that 43% of Americans will spend some time in a nursing home. Seventy percent will require some form of long-term care be it nursing home, assisted living or home care. The cost of this care can range from $28 – $35 per hour or more…
IT’S TAX TIME – Long Term Care Insurance Tax Deductions For 2023
by Marianne Johnston, Esq. Are you a taxpayer who has purchased long-term care insurance (LTCI)? First, some good news: Benefits received under a tax qualified long-term care policy are generally received tax free by the policy holder. Second, some more good news – You may be able to deduct the cost – or at least…