Logo, The Long Term Care Specialist 
   Planning for Long Term Care
                   Advisor edition
September, 2010
 
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In This Issue
Article Headline
Featured Article
Can Long Term Care Insurance Premiums Be Deducted?  
 
 
 
 
 
 
It is not as complicated as it seems.  The "More details" chart is the best deductions explanation I have seen.
Ray Smith
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Greetings!
Thank you for reading this issue (Advisor edition) of what I hope is a relevant and informative monthly eNewsletter.  I welcome and actively encourage your feedback.  Please send your questions and comments to LTCguy@comcast.net 
 
Your client relationships are the lifeblood of your business.  Let me help you reinforce those relationships by adding professional Long Term Care planning to what you offer.  Your clients will appreciate it...and they won't look elsewhere.
 
Long Term Care insurance is not always the best solution to the Long Term Care problem, but planning always is.
 
Who Can Deduct LongTerm Care Insurance Premiums? 
A business owner (and spouse) can generally deduct all, or at least a portion, of Long Term Care insurance premiums.  Someone who is not a business owner generally  cannot. There are exceptions.  More details 
 
Owner-employees (must be an employee) of C-Corporations have the greatest opportunities...they can deduct 100% of premiums.  An active-in-the-business owner who is categorized as self-employed can deduct the lesser of the premium paid or the "eligible Long Term Care insurance premium".  The eligible premium is age-based.  See "More details". 
Which Is The Only Employee Benefit That Can Do All This?
Which is the only employee benefit that offers business owners ALL of the following?  1) The entire cost of the benefit is tax-deductible to the employer (for a C-Corp.).  2) The cost of the benefit to the employer is not taxable to the employee.  3) The benefit received by the employee is not taxable to anyone.  4) The employer can selectively pay the cost of the benefit to whichever employees it wants...without impacting the employer's tax deduction.  The answer Read more
A financial plan that doesn't address how long term care services will be paid for is not a complete financial plan. 
Sincerely,
 Ray Smith
Raymond Smith, CLU, CLTC, MBA
The Long Term Care Specialist