Choosing The Right Pre-Planning Strategy For Your Own Long-term Care Needs Is Essential
Choosing The Right Pre-Planning Strategy For Your Own Long-term Care Needs Is Essential
Choosing The Right Pre-Planning Strategy For Your Own Long-term Care Needs Is Essential
On August 17, 2006, the President signed into law The Pension Protection. Individuals owning certain annuity contracts can now have long-term care benefits either contractually or by purchasing a rider for an additional premium. Effective January 1, 2010, the Pension Protection Act allows the cash value of annuity contracts to be used to pay premiums on long-term care (LTC) contracts. The payment of premiums in this manner will reduce the cost basis of the annuity contract. In addition, the Act allows the purchase of an annuity contract with such a rider to utilize a tax-free transfer under Section 1035 of the Internal Revenue Code of 1986, as amended (“IRC”). This provision may prove beneficial to individuals who own annuities with a low cost basis (low original premium paid) and those who are not in the best of health. Another option is to utilize the cash value of an annuity to purchase long-term care insurance. This provision is effective for exchanges which take place after 2009. Premium sources for this type of policy can be by way of a 1035 exchange or any after tax money, such as savings or money market accounts and/or CDs.
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Choosing The Right Pre-Planning Strategy For Your Own Long-term Care Needs Is Essential
Choosing The Right Pre-Planning Strategy For Your Own Long-term Care Needs Is Essential
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Utilize This To Protect Your Assets And The Care You Receive
Choosing The Right Pre-Planning Strategy For Your Own Long-term Care Needs Is Essential
Utilize This To Protect Your Assets And The Care You Receive
WHEN TIME IS YOUR FRIEND. Choosing the right pre-planning strategy for your own long-term care needs is essential as our population ages. Utilize this to protect your assets and the quality of care you receive. Knowing how to care for yourself, your aging parent or other loved one effectively can help save you time, energy and money. Discover techniques/options that make caregiving easier, including how to choose the right home care providers and long-term care facilities for your needs. “Don’t Go Broke in a Nursing Home” we can show you financial strategies and government benefits available that may help you pay for long-term care expenses. If your loved one is a veteran, they may be entitled to additional pension benefits, Aid and Attendance Benefits, to help offset costs for long-term health care.
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