[Fredslist] [Promo] 20% tax credit for Long Term Care

[Tony Guggino, CLU, ChFC]

Hello all Gothamites,

For New York State residents there is a 20% of premium tax credit for Long
Term Care insurance. That means 20% of the premium is directly subtracted
from your tax amount. This is a credit not a deduction, which is much
better.

If husband and wife buy policies at the same time, there another 10-15%
discount on the premium.

Don't leave your children in the same position you may find yourself right
now.Taking care of and even paying for expenses for your elderly
parents.This is the largest unknown liability facing middle class Americans.

On another topic, the lifetime Federal estate tax exemption was increased to
$3,500,000 in 2009. This may be good for some and bad for others. 

Everyone needs to be reviewing their wills & Trusts. 

Depending on how the trusts are set up, the new exemption could result in
the deceased dis-inheriting their spouse.

New York State has it's own estate tax and the exemption is only $1,000,000.
This means even if you don't owe Federal Estate tax you can still owe NYS
Estate Tax which is approximately 10%. On a $2,500,000 taxable estate, the
NYS tax bill would be $229,000.

Please call for comparison rates for all the major Long Term Care Carriers,
and a complimentary review of your wills and trust agreements.



Tony Guggino, CLU, ChFC

 







-- 
Tony Guggino,CLU,ChFC
 
American Business
260 Madison Ave
8th Floor
New York, NY 10016
 
tony at guggino.us
917-267-4527
fax: 917-267-4539
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