Business owners can take advantage of a little-known tax benefit through their business and walk away with protection for their retirement plan. A long-term care insurance policy can be purchased by the business for the owner and the owners spouse. Depending on how the business is organized, all or a significant part of the annual premium cost for the policies is a pre-tax deduction for the business. This tax strategy is especially important for those business owners who anticipate invoking their exit strategy in ten years. A long-term care insurance policy can implement a 10 Pay payment option. This means that an increased premium for the owner and spouse will be paid annually for ten years. At the end of this period, the owner and spouse have paid-up long-term care insurance policies for the rest of their lives. Business owners finish rich because the business has paid for their long-term care insurance, and they walk away from the business with paid-up policies that they personally own. Their personal retirement plan is protected from a serious physical occurrence due to an accident or health that could unravel their retirement plan. And, when benefits from the long-term care insurance policy are received, they are tax free. To learn more about this business opportunity, contact Mary Ellen Dunn, owner of Dunn Insurance Services LLC. Please visit www.dunninsuranceservices.org or call 602.923.4949. |
