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…
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…
At What Age Should I Consider Long Term Care Planning?
While everyone’s situation is different, in general, once you reach 50, you should start to think about long term care planning. According to recent studies, approximately 43 percent of all people will need long-term care at some point in their lives. The cost of this care in New Jersey and Pennsylvania is high, and rising…
“I Want to Protect My Home”
By Marianne Johnston, Esq. Those are the first words out of the mouths of many of our clients when we discuss long-term care planning. The value of the primary residence is often a substantial portion of a person or couple’s worth. Parents wish to preserve the value of that asset for their children. There are…