IT’S TIME TO GET EDUCATED !!!
Let’s start with an explanation of the proposed
Long Term Care Tax
funded through Payroll Deductions.
This is an article on the WA Cares.
https://bit.ly/43WogHM
This is an article on the proposed CA Long Term Care Tax that could be voted into law in early 2024!!!
https://bit.ly/3qEECpZ
You and I can create a solution so YOU make the best choice for YOUR $$$.
And PLEASE don’t wait until the last minute. There were so many applications that companies had to shutdown doing business in WA because they could not handle the volume. This resulted in people not having the option to apply for the exemption. Approximately 480,000 out of the 3,800,000 employees (13%) opted out of the Washington Cares Fund. There are approximately 16,500,000 employees in California or more than 4 times the number in Washington state.
Quote from Richard Lara, Insurance Commissioner: To ensure an adequate benefit within a solvent program, the options in the Feasibility Report will undergo financial analysis by Oliver Wyman and CDI. Their findings will be included in an Actuarial Report, which, if approved by the Task Force, will be submitted to the Legislature no later than January 1, 2024.
As of now, the proposed law states:
YOU MUST HAVE AN
EXISTING POLICY IN PLACE
TO APPLY FOR THE EXEMPTION !!!
So, I ask you this question:
What is important to YOU?
Do you want a state plan that requires you to pay premiums for the rest of your life for only a $36,000 lifetime maximum coverage
OR
Do you want to design a LTC plan that works best for YOU ???
If you are open to learning more, please schedule your free strategy session today so we can make a plan for you before it’s too late and you are STUCK with payroll deductions for the rest of your life !!! If you own a business, you pay the employer portion equal to what the employee pays. If you are self-employed, you will pay both parts in your Self Employment Tax.
We can design a plan for you.
Let’s talk about LIRP
Life Insurance Retirement Plan = Last Tax Shelter
The LIRP is based on IRS Code 7702 and it established rules so when you pay your premiums you create financial growth, legacy, and NOW (by adding a Long Term Care Rider) become eligible for the exemption to the CA Long Term Care payroll deduction.
The Power of Zero, by David McKnight, explains the LIRP: How to Get to the 0% Tax Bracket and Transform Your Retirement. It will answer most of your questions. It is available on Amazon.
Be aware if you live in these states. Watch for legislation to make a LTC a tax for you too:
- Alabama
- Alaska
- Colorado
- Hawaii
- Illinois
- Michigan
- Minnesota
- Missouri
- New York
- North Carolina
- Oregon
- Pennsylvania
- Utah
Here is a link to my calendar. If you are open to learning more, please schedule a Zoom meeting with me. Here’s a QR code or link: https://bit.ly/3NscK1l.
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