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 Planning for Long Term Care   

   
                  
 March, 2016
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In This Issue
Article Headline
Featured Article
Heritage Club, Mountain View   
   CCRC A Good Deal for You?...or Not?
Ray Smith photo
Ray
Links...
Archive Earlier eNews-letters & articles
AALTCI American Association for Long Term Care Insurance 
CLTC Corp. for Long Term Care Certification 
Colorado Division of Insurance Gateway to the long term care section
Medicare The official  Medicare website
You Tube Why I Do What I Do.  Oops!  Since recording the video, my website has changed to www.LTCinsuranceGuy.com & my email address to Ray@LTCinsuranceGuy.com


  
  
   

Disclaimer: This eNewsletter and all links to other sources should not be construed as tax or legal advice because it is not either. Raymond Smith, The Long Term Care Specialist, does not give legal or tax advice. Consult your tax advisor or attorney for these matters.

 

 

Earlier this month, my wife & I made a quick trip to Florida to visit my mother-in-law.  A nice lady, now in her 90s.  Mom is in the independent living section of a CCRC (Continuing Care Retirement Community).  We have now concluded that she can no longer safely live by herself.

        

So, we are now going down the road that leads to assisted living/memory care at best.

        

We are all vulnerable to needing long term care services for ourselves or for our loved ones.  Did you think I was immune?

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CCRC (Continuing Care Retirement Community): A Good Deal For You?...Or Not?
CCRCs can be found all over the country, inclHeritage Club, Mountain Viewuding several in Metro-Denver.  The basic concept is that you move into an apartment or small house around your 60s or 70s, while you are still healthy (if not healthy, the CCRC will not allow you to move in).  Then as you age, and as you become less able to live independently, you move into assisted living...READ MORE 
 
Taxes, Taxes.  Don't Forget Available Long Term Care Insurance Deductions
Tis the season.  The general rule is if you are a business owner, you can deduct at least a portion of your long term care insurance premiums.  If you are not a business owner, you cannot deduct.  Of course there are exceptions.  See the December, 2015 eNewsletter (in "Archive" on the left) for more details. 
For Colorado residents: There is a $75 (per policy) state income tax credit for those who have a tax-qualified long term care insurance policy and have taxable income below specified levels
As always, speak with your tax advisor about this as I do not give tax advice.

 

 
A plan to pay for Long Term Care services is not a financial plan.  But a financial plan that does not address long term care can not be a complete financial plan. 
Sincerely,
 Ray Smith
 Raymond Smith, CLU, CLTC, MBA
 The Long Term Care Specialist
 303-699-4172

© Raymond Smith, The Long Term Care Specialist, 2015