Let’s Talk Finances

  • When considering using your life insurance policy. An opportunity to review would be to take a loan from your current policy. This most likely would adjust your benefits so keep that in mind.

    You may also either surrender your policy to get a payout, take a settlement by selling your policy, or even convert your life insurance policy to a long term care plan.

    Some life insurance policies may even offer options for you to receive a portion of funds in the event of you becoming (what they define as)terminally ill.

  • This type of insurance generally focuses on individuals who require additional assistance with daily living tasks. Texas Heath & Human Services classifies a need for long term care by needing assistance with tasks such as bathing, getting dressed, hygiene upkeep & more. Click here discover specifics.

    Let’s say you don’t have this type of insurance & would like to attain it. Typically, you can do this by converting the life insurance policy to a “long-term care assurance benefit plan”. This can be very helpful for individuals who do not qualify for Medicaid.

  • An opportunity to pay for care that some individuals capitalize on would be selling the home/estate to a family member. This can keep the property in the family & also present an opportunity to attain your desired funds.

    If that is not an option you may also rent the estate until everyone is able to make a decision of what they feel is best.

  • Clients seeking to avail themselves to loans have the opportunity to do so by a home equity loan (which can present a tax deduction), a line of credit on the home, or reverse mortgage.

    Personal loans can be an option, however they typically are not be tax deductible & interest rate could be high.

  • These most often can include, 401K, IRA’s, pensions, social security, savings, and investments,.

  • You can be eligible for assisted living, residential (live-in), or home health care as a Veteran through the VA. Click here to learn about the procedures for obtaining these long-term care services.

Although we are happy to provide this information we encourage you to consult the necessary professionals regarding these resources we have listed out!

Tax deductions

Paying for senior living may provide opportunities to receive tax credits. Qualifying seniors paying for meals and long term care housing in home or communities may receive these deductions from the IRS. If a physician certifies that the individual seeking these deductions does not have the ability to perform at least two activities of daily living without assistance for 90 calendar days. Then they may be eligible candidates for those tax credits. Individuals experiencing cognitive diseases such as Alzheimers may be candidates for deductions as well.

If the child of the parent is covering the cost of care & the child is claiming the parent as a dependent this also presents an opportunity for a tax credit.

Clicking here will take you directly to the IRS website for further details and specifics. We are not providing professional tax advice and encourage you to speak with a tax advisor to confirm if you are eligible for tax credits from the IRS.

We have created a suggested guide above that will further serve our clients by providing a suggested budget that you may print and compare your expenses side by side to further determine if Care Beyond Care is a good fit for you!