Florida Elder Law & Estate Planning Blog

Tax Deductions for for Long-Term Care Insurance Increase in 2024
January 8, 2024

The U.S. Administration on Aging projects that 70% of Americans currently age 65 will need some form of long-term care in the future, be it at-home care, assisted living, or a nursing home.  The average stay in long-term care is…

Long-Term Care Planning Is A Middle-Class Necessity
November 22, 2023

The article below appeared originally in The New York Times. It explains why long-term care planning is essential for middle-class Americans.  The Karp Law Firm has been assisting clients and their families to meet this challenge for over 25 years,…

How To Handle Premium Increases On Your Long-Term Care Insurance Policy
April 16, 2023

Long-term care insurance was introduced in the 1980s to solve a growing problem for the middle class: How to shoulder the staggering cost of long-term care. If you were not poor enough to qualify for government programs and not wealthy…

Long-Term Care Insurance Deductions Increase
January 7, 2023

Good news if you have a long-term care insurance policy or are considering purchasing one: The IRS has announced higher deductions for long-term care premiums in 2023. There are some strings attached, though. First, to be deductible, your medical expenses,…

long-term care insurance
Long-Term Care Insurance Can Safeguard Assets, and Premiums May Be Tax Deductible
November 13, 2020

The American Association for Long-Term Care Insurance reports that as of January 1, 2020,  7.5 million Americans have some form of long-term care insurance. If you are thinking about purchasing a long-term care insurance policy, you should take into consideration…

Boomers More Prepared For Dying Than Living
Boomers More Prepared For Dying Than Living
April 16, 2019

The values of the Baby Boom generation seem to have have changed over the years. Once it was all about flower power. Now the focus includes financial power – specifically, leaving a financial legacy. A March 25, 2019  Financial Advisor…

medicaid worries
Long-Term Care Costs Increase Sharply
October 19, 2017

Genworth Financial has released its 2017 survey of long-term care costs. The picture is not encouraging. Although the cost of care has always been shockingly expensive, and increased annually without fail, the rate of increase seems to be picking up….

If You Knew You Had a Good Chance of Developing Alzheimer’s, What Would You Do? What Should You Do?
June 6, 2017

Suppose you could find out if you have a greater-than-average chance of developing Alzheimer’s Disease. Would you want to know? What would you do with this information? A genetic secret? One of the genetic secrets revealed in recent years is…

Penn Treaty fails: What does this mean for you if you want long-term care coverage?
April 9, 2017

Thousands of people across the nation hold long-term care policies from Penn Treaty Insurance Company. The company and its American Network Insurance subsidiary have been in dire financial straits since at least 2001. With the company short the $4 billion…

myths and facts
Florida Medicaid Myths
November 8, 2016

In Florida, the average annual cost of a private room at a long-term nursing facility now hovers upwards of $90,000 annually, with a semi-private room around $83,000. With the oldest Baby Boomers turning 70 and the escalating incidence of chronic…