Sept 1 , 2006:
The Pension Protection Act of 2006 allows people 70 1/2 and older to give up to $100,000 from their IRA to charity in 2006 and 2007 and not pay taxes on it.
January 1, 2007:
The annual gift tax exclusion to any person remains at $12,000 for 2007.
Although this article uses providing long term care benefits as the example, this technique can squeeze more income out of any given asset, especially at advanced ages.
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Any time you can buy something you need without money coming out of your pocket, that's an "increase in income". Take a look at how this applies to long term care.
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Long term care premiums too high? Know you need it but can't afford it? Here are three solutions.
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Depending on your asset structure, there may be a way to cover any long term care risk just by moving money around.
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50% of those who buy long term care never need it. Here's a way to cover the risk without rolling the dice.
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Here's a way to leverage your IRA to do double duty.
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The purpose of long term care is to prevent dissipating your entire estate the last five years of your life. Still, at lot of folks go into denial while offering up a number of excuses.
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You can't you tell who the players are without a program. Knowing the lingo puts you on a level playing field when shopping for long term care.
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When you are retired and living off the income from your assets, as opposed to income from the job you had while working, you need to learn about the concept of "opportunity cost".
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