Tuesday, December 16, 2008

Long-Term Care Insurance Tax Planning Idea For Business Owners

Long-term care insurance is one of the greatly overlooked tax deductions with special advantaged best suited for small business owners. The American Association for Long-Term Care Insurance maintains helpful information about deductibility levels and rules on it's website. Click here to read more.

But here is a tip summarized from the just published edition of Long-Term Care Insurance Sales Strategies magazine. The idea was shared by David Hillelsohn of the Haslett Management Group.

The firm worked with an employer who desired offering an employer-paid long-term care insurance plan to employees, but only wanted to selectively provide the coverage to those nearing retirement age.

To accomplish this,, the firm created their own eligible classification for the insurance benefit by creating a point system - giving a point for years of service and a point for the employees age. Any employee with 50 or more points was eligible for the employer paid plan.

The use of Executive Carve Out plans for long-term care insurance remains one of the best ways small businesses can use pre-tax dollars to pay for this important benefit. For more information, contact your long-term care insurance professional or click here for no-obligation information.

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