Recently I was involved on a case where adult children, as part of their financial planning, explored the purchase of long term care protection on their parents. (Of course, the parents had to consent, and qualify medically.) The rationale was this: the adult children and spouses understand that 40% of women, and 37% of men, […]
Introduction: A Buy-Sell / Business Continuation Sell agreement should be considered in every closely held business. This agreement defines the disposition of an owner’s interest in the business upon the specific triggering event such as a partner’s death, disability, retirement or other termination. This is especially important when the owners want the business to stay […]
EPIC, (Elderly Pharmaceutical Insurance Coverage) is a New York State program for seniors administered by the Department of Health. It helps eligible seniors supplement their out-of-pocket Medicare Part D drug plan costs. Eligibility requirements are: Resident of New York State Age 65 or older Income up to $75,000 (single) or $100,000 if married. EPIC offers two plans, […]
Annuities, long-term care insurance or a hybrid life insurance / LTC rider are better options than trying to go-it-alone.
39% of U.S. adults care for someone with significant health issues, up from 30% in 2010.
This photo was taken on Sunday, May 11, 2014 on Union Street in Schenectady, New York
The Elderly Pharmaceutical Insurance Coverage (EPIC) program is a New York State program for seniors administered by the Department of Health. It helps income-eligible seniors aged 65 and older to supplement their out-of-pocket Medicare Part D drug plan costs. The New York State 2014-15 budget included the expansion of the program to cover the prescription needs of […]
For many years, companies have purchased and owned life insurance policies on key personnel considered essential to the business. In the event of a key person’s death the Company-Owned-Life-Insurance (COLI) policy would pay a tax free benefit to the business – to help fund the business through the transition, recruit a replacement, buy out the […]
Did you know? New York State residents are entitled to a nonrefundable tax CREDIT if you or your business pay premiums for qualifying long-term care insurance policies. How much is the credit? “The allowable credit is 20% of the premiums paid during the tax year for the purchase of, or for continuing coverage under a […]
Your personalized Plan Design will reflect four important selections: Amount. The maximum daily or monthly benefit. (Choose monthly. ) Period. The number of days or months the benefit will apply. (Maximum ten years.) Inflation Protection. Elimination Period. The amount of time you will wait after eligibility and before benefits are paid. Listed below are the ten […]