Non-qualified annuities and life insurance can now be tax-free exchanged for long term care insurance (“LTCI”). This is huge because benefits paid out of a LTCI policy are paid out tax free. Example, Fred has an annuity. Right now he doesn’t need the income, but he expects the after tax stream of annuity payments will not be enough to pay for the in-home support services he might need to stay in his home. He can exchange this annuity for LTCI which might pay out benefits as much as 4 to 5 times his investment, or return all of his investment if not used for his care.
Litherland, Kennedy & Associates have been providing quality estate planning services in the Greater Bay Area since 1975. They are committed to helping those concerned with protecting their families from the devastating legal effects of disability and death. With the aid of public seminars, educational presentations, articles, and radio/television interviews, the law office has championed the use of revocable living trusts as a proven way to protect families from probate, to minimize or eliminate federal estate taxes, and to prevent the Medi-Cal Recovery lien. Attorneys Justin M. Kennedy and Maggie A. LaBranch-Gonzales are certified as Legal Specialists in Estate Planning, Trust and Probate Law by the California State Bar Board of Legal Specialization. Litherland, Kennedy & Associates are members of the American Academy of Estate Planning Attorneys and National Academy of Elder Law Attorneys.
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