If we’re honest, there are two things that most people don’t want to spend their hard-earned assets on: Taxes and insurance premiums. That said, the downside risk of not paying either of those expenses is severe enough to motivate many to not only pay their taxes, but also take some risk off the table beyond home, auto, health, and life insurance. For example, Long-Term Care insurance has become another necessity for anyone seeking a high degree of control over how they receive care as they age.
That said, Long-Term Care insurance represents one of those rare instances where paying insurance premiums can actually reduce your tax bill. Exactly how to achieve those savings will depend on the nature of the coverage and the particulars of the client’s tax planning.
Drop me a note or give me a call if you want to take a closer look at how we’re designing this strategy with other clients.
