long term care and taxation

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Taxation & Long-Term Care

By |March 4, 2020|Categories: Uncategorized|Tags: , |

Piggy Bank Saving Money

How to Pay

Deciding how to pay for your future long-term care is important. Some may opt for out of pocket funding, hybrid policies, or traditional long-term care insurance options however, it is best to understand the tax implications of each.

Out of Pocket

When covering your own long-term care needs from your out of pocket income, you would first pay taxes on that income at the time it was initially earned. Additionally, if you are using any sold assets to cover the cost of your long-term care you would have to[…]

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