KIRKLAND, Wash. — Tax time is a good time to ask your accountant about long term care insurance. Why? “Because this special form of insurance can make a big difference in your tax liability and overall financial security,” says Jonas Roeser, Senior Vice President of Marketing & Operations for LTC Financial Partners LLC (LTCFP), one of America’s most experienced long term care insurance agencies. Roeser’s organization offers free long term care insurance information to certified public accountants (CPA’s) and other tax advisors. This information is then made available, without added fees, to the public. “During tax season, there are two reasons to ask your tax advisor about long term care insurance,” says Roeser.
“First, if you already have a policy, you may be eligible for a significant deduction — one often overlooked. Second, if you don’t have a policy, your accountant can guide you (with our help) to an affordable one that brings tax deductions or other benefits year after year.”
The information that LTCFP offers to tax advisors consists of printed matter and by-phone consultation on alternative long term care policies available from multiple state-certified insurance carriers. “Any policy may be tax-deductible,” says Roeser, “but long term care insurance is complex. You want to get the best policy for your situation — at the lowest cost and positioning you with the best tax and other financial advantages.” It’s also important, he points out, to choose a top-rated insurance carrier with a good record of rate stability and customer service.
Currently, long term care insurance tax deductions, when applicable, range from a few hundred dollars to nearly $4,000 per year. “The amount goes up each year,” says Roeser. “Your tax advisor can give you the details.”
When appropriate, LTCFP specialists make themselves available to meet with an accountant and the accountant’s client together. “We’re not tax experts, the tax advisors are,” says Roeser. “But we’re aware of the tax legislation and we bring the actual long term care insurance options to the party.”
The tax and other financial benefits of long term care insurance may be especially important for business owners and people with substantial estates. “A big reason for bankruptcy is the uncontrolled cost of care that often occurs late in life,” he says. “Long term care insurance can protect against that, and this can be a much bigger benefit than mere tax deductions.”
Tax advice is not available to the public from LTCFP, Roeser emphasizes, saying people should request assistance from their tax advisor, who may then request LTCFP’s special input. “Just have them get in touch with us,” he says. The web address for tax advisors is http://www.ltcfp.us/ltcfp/LTC-tax-adv.htm.
Send2Press(R) is the originating wire service for this story, Copr. 2009.
[tags]Jonas Roeser, LTC Financial Partners, LTCFP, tax deductions[/tags]
