Even if you have a long-term care insurance policy, you may likely be hoping that you won't ever have reason to use it. Regardless of what the future holds, there's one silver lining of which you may not be aware. That is, premiums on many long-term care insurance policies are in fact tax-deductible.
As they grow older, your parents may prefer to continue living in their home rather than moving to a long-term care facility. They are not alone in this; more than three-quarters of adults over the age of 50 say they would prefer to age in place.
To qualify for Medicaid, you must have limited income and assets (in most states, no more than $2,000 in your name). If you have more than that, you may find yourself having to "spend down" your extra assets to meet the $2,000 limit.
Even if you have a long-term care insurance policy, you may likely be hoping that you won't ever have reason to use it. Regardless of what the future holds, there's one silver lining of which you may not be aware. That is, premiums on many long-term care insurance policies are in fact tax-deductible.
As they grow older, your parents may prefer to continue living in their home rather than moving to a long-term care facility. They are not alone in this; more than three-quarters of adults over the age of 50 say they would prefer to age in place.
As part of recent negotiations between Congress and the White House over the budget, major changes to Social Security took away some key strategies that couples could use to boost their total benefits. File and Suspend Under this strategy, a…
If your income is too high, you can’t contribute directly to a Roth individual retirement account, but you can get one in a "backdoor" way. Step 1: Open a traditional IRA (in your case, it’s nondeductible). Step 2: Convert it…
Social Security may be broke and busted but it’s still writing checks; get all to which you are entitled before it changes. Here are three "super secrets" for married folks: 1. Pick which retirement you want; yours or your spouse’s.…
IRA owners turning 70-1/2 this year must comply with required minimum withdrawal rules -- or pay a costly penalty. If you own one or more traditional individual retirement accounts and will turn 70-1/2 this year, get ready to start taking…
Part of the 2006 tax reconciliation bill is about to matter to many of us come January 1, 2010. It's sort of a good-news/bad-news deal -- but more good than bad for many. As of January 1, 2010, there will…