This article first appeared on the Bank of America website September 10, 2018 by Carol Roth
As small business owners, we are often so focused on the day-to-day running of our businesses that we overlook benefits we can be creating and receiving – at a low cost – for ourselves and our employees.
We also overlook the importance of planning for ourselves and our loved ones. As Baby Boomers age, more entrepreneurs’ and employees’ lives are disrupted by having to become caregivers for parents and grandparents. And, as individuals age, the costs of caregiving for ourselves can make a big dent on our financials.
As my Future File legacy planning business is all about preparing families to deal with emergencies, aging and end-of-life issues, I spend each day talking about the importance of planning for long-term care. And, as there is a way to deduct premiums related to long-term care coverage, I thought it was important to spread the word.
I talked to Marc Glickman, a Long-Term Care expert, Actuary, and CEO of BuddyIns, to share some of the reasons why this is important and how you can go about taking advantage of this benefit as a business owner.