Advisor Spotlight: Phil Grossman, CLTC, LTCP
Phil Grossman, CLTC, LTCP of Long Term Care Options, Inc. was featured in Senior Market Advisor’s “Advisor Spotlight” in October. Phil has been writing LTCi exclusively since 1997 and now has almost 953 clients and in-force premium of over $2.1 million. He responds to the publication’s questions about his biggest challenges, how he is addressing them and why he got involved in the senior market.
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Estate Tax to Expire; 15% Capital Gains Tax, Loss of Step-Up on Inherited Assets
As you work with estate planning attorneys and financial advisors, be aware that the Federal estate tax is scheduled to vanish for one year starting 1-1-2010. This article, from CLTC’s strategic partner ElderLawAnswers, explains the ramifications of its disappearance and its replacement by a new capital gains tax that will impact heirs of more modest wealth.
Read "Senate Likely to Let Estate Tax Expire, Spelling Higher Capital Gains Taxes for Less Wealthy Heirs" by clicking here.
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LTCi Policyholders More Likely than Uninsured to Receive Care at Home
Individuals who mistakenly believe LTCi is nursing home insurance may see the light after they see new figures on home health care. Statistics from a recent study indicate people who own LTCi receive significantly more home care and can stay in their homes longer than those who are uninsured.
Read "New Study Reports Three Times More People Receiving Health Care Support at Home Rather Than in Nursing Homes or Assisted-Living Facilities" by clicking here.
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New Guide Details 2010 LTCi Tax Deductibility Rules
A new guide prepared by the American Association for Long Term Care Insurance explains
2010 tax deductibility rules and limits for individuals and self employed/small business owners purchasing long-term care insurance.
Federal tax deductibility limits and state-by-state deductibility rules can be viewed online on the Association's website: http://www.aaltci.org/tax.
Read "New Guide Addresses Increased Tax Deductions for Long-Term Care Insurance "
by clicking here.
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High Rates of Disability Characterize Boomers over Age 60
Baby boomers may live to be older than their parents and grandparents but a UCLA study finds that a greater percentage of them will be living with disabilities than previous generations. The influx of so many potentially disabled adults will put an added burden on the healthcare system and long-term care resources.
Read "
Adults entering their 60s have more disabilities than older cohorts, research finds" by clicking here
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Newsweek Article Helps Drive Home Need for LTCi
Those Americans nearing retirement who saw the value of their portfolios plummet during the market downturn this advice from Newsweek magazine on December 15: Buy long term care insurance. It’s just one of the smart strategies recommended for older workers who have lost savings and want to protect their retirement lifestyle.
Read "
Is Your Nest Egg Safe Again?" by clicking here
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Reducing Sugar Consumption May Increase Longevity, Reduce Cancer Risk
Having cancer ranks high among illnesses that shorten lifespan and require long-term care. Researchers speculate one way to prevent cancer and increase longevity is to restrict calorie consumption and reduce intake of glucose, the most common dietary sugar.
Read "Calorie Intake Linked To Longevity And Cancer Development" by clicking here
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Genworth Recognizes the Nation’s Caregivers in New Ad Campaign
There are 120 million reasons to recognize caregivers in the U.S., and Genworth Financial (NYSE: GNW) celebrated and gave thanks to these men and women via the launch of a new national, multimedia advertising campaign during the Thanksgiving holiday. This campaign ended on December 15.
Read "Genworth Recognizes the Nation's Caregivers in New Ad Campaign" by clicking here.
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CalPERS Ups Premiums for LTCi
The CalPERS (California Public Employees’ Retirement System) board recently approved a 15 percent to 22 percent increase in long-term care insurance premiums, overriding the protests of a few angry senior citizens. The higher premiums kick in in the middle of 2010.
CalPERS said the higher rates were necessary to cope with big investment losses and higher-than-expected benefit payouts.
Read "CalPERS ups premiums for long-term care" by clicking here
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