Navigating Long-Term Care in the Pacific Northwest: A Guide for Retirees

Long-term care has changed dramatically since COVID. Many families have watched a loved one in need of this type of care and experienced firsthand how quickly the costs add up. It can be emotionally overwhelming, especially without a plan in place.

The good news is this: today’s tax code gives retirees a powerful way to turn existing assets such as IRAs, 401(k)s, annuities, even life insurance into tax-free long-term care benefits.

Here are three core ideas from the book Tax-Free Benefits for Long-Term Care in a Post-COVID World that stand out:

• You can reposition existing retirement dollars into tax-free care benefits.

  New IRS-approved strategies allow you to use qualified funds to create tax-free dollars for care with little or no underwriting. In many cases you can even include a spouse in this plan. This can help leverage our dollars to pay for future care, protect income, preserve assets, and avoid forced spending during a health crisis.

  
  

• COVID exposed a real care-planning gap.

  Rising costs, caregiver shortages, and strained facilities make it risky to rely on “we’ll figure it out later.” A tax-free LTC strategy turns uncertainty into a predictable plan.

  
  

• A good plan protects your spouse and your legacy.

  Tax-free benefits help make sure one spouse’s care needs don’t consume all the assets the other depends on and helps to preserve your legacy if that’s important.  This creates more control, protects dignity, and reduces the likelihood of becoming a burden to family members.

  
  

Receive a free digital copy of Tax Free Benefits for Long Term Care. Click the picture below!