What Is the Great Wealth Transfer?

According to research, the great wealth transfer is referring to approximately $30 trillion in assets that will be passed on from baby boomers to their children and grandchildren in the next couple of decades. This creates numerous challenges for beneficiaries, baby boomers themselves and the financial industry as well. Many of these aging baby boomers… Read More »

Long-term care insurance rates rising

Long-term care insurance rates continue to skyrocket. This is a story from Massachusetts, but similar increases are being seen elsewhere. In a story in the Boston Globe, people who bought long-term care coverage under group plans saw their rates rise nearly 100 percent over two years. The story pointed out that there is no regulation… Read More »

Long-Term Care Costs Soar

Costs for new long-term care insurance jumped 8.6 percent on average compared to last year, a survey shows. View image | gettyimages.com The coverage, which pays for nursing home or at-home care, now will cost a healthy 55-year-old man $1.060 per year, according to the 2015 Long Term Care Insurance Price Index. The price is… Read More »

Long-Term Care Premium Deductibility Increased

The amount taxpayers can deduct from their 2015 taxes for buying long-term care insurance has been increased by the IRS. The premiums for so-called “qualified” long-term care policies are deductible as long as they, along with other unreimbursed medical expenses, including Medicare premiums, exceed 10 percent of the insured person’s adjusted gross income, or 7.5… Read More »