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TAX TIP: Get Long-Term Care Insurance NOW to Qualify for Deduction Next Year
KIRKLAND, Wash., Jan. 26, 2012 (SEND2PRESS NEWSWIRE) -- Long-term care insurance is subsidized, in effect, by Uncle Sam. "For many people, a large part of their premium cost is deductible on their federal tax return," says Denise Gott, National Sales Manager and Chairman of the Board of LTC Financial Partners, LLC (LTCFP). "That doesn't make coverage free, but it makes it more affordable for millions." LTCFP is one of the nation's largest and most experienced agencies specializing in long-term care insurance.If you don't have LTC insurance, the time to get it is now, when the tax advantage is fresh in your mind, Gott advises. "Then remember to make your claim at tax time next year, and remember to do that again and again, year after year for as long as you pay premiums." Deduction limits for the 2011 tax year range from $340 to $4,240, depending on age. For the 2012 tax year, the deduction limits range from $350 to $4,370; and they tend to increase every year. "Over the lifetime of many policies, cumulative deduction claims can really mount up, from a few thousand to more than $100,000 in some cases," Gott says. Many states offer additional incentives for owning long-term care insurance. These usually take the form of state tax deductions or rebates. "LTC protection becomes even more of bargain with this nice double dip," says Gott. LTCFP does not offer tax advice but teams with accountants and other tax experts to help their clients get all the deductions or other benefits available to them. The following specialists are available to help, providing information on federal and state tax incentives that may be available for specific individuals in specific locations: CA: Todd Stein -- 415-861-5088 CA: Paula Taylor -- 510-763-5002 CA: Debra Rauser -- 650-306-0240 CA: Laura Weber -- 714-674-0190 CA: Bill Bargfrede -- 800-449-1241 CA: Jeffrey Flanzer -- 805-701-0085 CA: Sandra Stanley -- 888-316-8919 CA: Phyllis Solgere -- 909-627-5587 CA: Mavis Lombardi -- 916-276-6994 CA: Sue Varenchik-Martz -- 925-735-4341 CA: Michael Scoles -- 408-264-1759 CO: John Frederick -- 303-726-7044 CO: Joan Saucerman -- 719-598-1118 CT: Leonard Wik -- 860-432-1870 CT: Steve Foss -- 860-539-0674 CT: Richard Levine -- 860-651-9976 CT: Larry Golfin -- 860-677-4075 FL: Janet Washburn -- 239-404-7590 FL: George Braddock -- 305-378-8091 FL: Robin Wing -- 386-462-7032 FL: Jane Henderson -- 561-910-4272 FL: Mike Rou -- 904-276-9583 GA: Amy Pollock -- 404-237-1189 GA: Belen Hickman -- 404-245-2444 GA: Nancy Dower -- 678-525-6283 ID: Linda Hicks -- 208-331-2803 IL: Bobbi Foster -- 630-513-0034 IL: Cheri Davis -- 773-531-0669 IN: Kirk Bennett -- 260-969-1310 MD: Michael Markowitz -- 410-455-0680 MI: Marybeth Bayer -- 734-222-9882 MI: Tom Varner -- 810-796-2405 MN: Gary Marx -- 651-224-0709 MN: John Guinan -- 651-646-2200 MN: Jennifer Ragborg -- 952-898-2750 MO: Wendy Rinehart - 816-286-1297 MO: Keith Eisberg -- 573-303-3007 NC: Milton Goldstein -- 205-907-0670 NC: Carol DeLucia -- 919-280-6106 NE: Larry Neuwirth -- 308-635-2023 NE: Larry Heinert -- 402-339-8643 NJ: Gary Melnikoff -- 201-265-1958 NJ: Richard Landau -- 201-476-0880 NJ: Michael B. FitzPatrick -- 973-968-3394 NY: Ronald Brie -- 212-799-3900 NY: Michael Robinson -- 516-612-4936 NY: Ray Donnelly -- 516-747-1809 NY: Gene Cutler -- 516-869-6767 NY: Jay Charno -- 516-935-4029 NY: Jennifer Lenihan -- 631-262-7167 NY: Susan Lenihan -- 631-262-7167 NY: Sheila White -- 631-893-4040 NY: Dana Dee -- 716-983-1316 NY: Peter Molnar -- 800-588-9406 NY: Virginia Lee Kintz -- 866-582-6074 NY: Steve Brefere -- 914-234-7767 OH: Pattianne Baran -- 216-409-0859 OH: John Cullen -- 419-797-9210 OH: Denise Gott -- 440-461-5131 OH: Sam Desiderio -- 440-543-5814 OH: Michael Schadek -- 614-554-5607 OH: Richard Katz -- 614-866-0316 OK: Samuel Walker -- 405-816-0868 OK: Terry Anderson -- 620-805-2652 OR: Diane Steeves -- 503-297-7677 PA: Anthony Camill -- 412-445-6171 PA: Ted Soslow -- 610 642 3332 PA: Cathy Allen -- 610-588-0852 PA: Kevin Bressler -- 610-783-6970 TN: Mark Wardell -- 901-337-4146 TN: Teresa Will -- 931-619-1852 TX: Cathy Flanagan -- 214-221-2777 TX: Madeline Wade -- 214-295-8926 TX: Kat Roebuck -- 281-431-4033 TX: Kim Beckham -- 361-579-9663 TX: Raetta Aleshire -- 512-750-5754 TX: Kay Nettles -- 713-466-4614 TX: Bill Holland -- 817-283-7221 VA: Roy Smith -- 540-868-2435 VA: Penny Gilbert -- 703-281-0914 VA: James Meshanko -- 703-295-0606 VA: Patricia O'Neill -- 703-534-3255 VA: George Polizos -- 757-291-8505 VA: Michael Zuchowski -- 757-467-1354 VA: Joel James -- 757-478-5819 VA: Linda Sotirion -- 757-646-6820 VA: James Stallings -- 757-714-7761 VT: Tod Warner -- 802-985-4930 WA: Bill Kitchin -- 206-524-8532 WA: Allison Payne -- 206-755-2590 WA: Lucille Smith -- 206-877-3456 WA: Philip Shields -- 360-687-1838 WA: Jonas Roeser -- 425-284-4863 WA: Helen Boyer -- 425-557-5372 WA: Christine Khemis -- 888-582-5364 WI: Laura Brukwicki -- 414-324-5106 WI: Lynette Schiefer -- 920-434-4559 WV: Deborah Bailey -- 304-744-0111. Assistance is also available from hundreds of additional specialists, who may be located by state at http://www.ltcfp.com . LTCFP is a co-founder and sponsor of the "3 in 4 Need More" campaign, which seeks to alert Americans to the long-term healthcare crisis, and to multiply the number protected by long-term care planning. • For more information, visit: http://www.ltcfp.com
NEWS SOURCE: LTC Financial Partners LLC
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REFERENCES: TAX TIP: Get Long-Term Care Insurance NOW to Qualify for Deduction Next Year, 3 in 4 Need More, retirement planning, long-term care, Denise Gott, 3in4, ltc financial partners, ltci, insurance, tax planning, accounting, personal finance, seniors, boomers, finances, Washington state, agent, help, guide, salesperson, find, locate, planner, assist, aging in place, press release, Jan 26, 2012. |
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