IS THIS ON YOUR END OF YEAR CHECKLIST?

December is the month of parties and presents. AND it is the month to attend to last minute tax considerations. We are seeing news about potential new tax laws, yet any changes made in December will not take effect until 2018.  A call to your tax preparer can give you an idea of where you stand to date.

If you can benefit from an end of year tax deduction, this may be the perfect time to consider Long Term Care Insurance. Why LTC? The fact is that almost 70% of people over 65 will utilize long term care at some time in their life. The average person needs care for 2 ? years. The cost varies, but can easily range between $3,000 to $5,000 per month or more. 

This is a large chunk to consider, and even those who are wealthy may not want to deplete their financial reserves and estate by NOT having this insured. 

Long Term Care Insurance can bring you a huge sense of relief, knowing that you have your safety net for self-care.

Did you know that Long Term Care can be tax deductible? Check out the chart below. Your age will determine what you can deduct. 

2017 Long Term Care Insurance Federal Tax Deductible Limits (Table 1)

Taxpayer's Age At End of Tax Year - Deductible Limit

Age 40 or less - $410

More than 40 but not more than 50 - $770

More than 50 but not more than 60 - $1,530

More than 60 but not more than 70 - $4090

More than 70 - $5,110

DO check with your tax preparer to determine if this is beneficial to you. And if would like to know more, check with your life and health insurance professional.

Carole Hodges

CA #0J7079

Wise Wealth Choices

“Financial Resilience for a Changing World”