Federal income tax provisions affecting individual tax payers that expired on December 31, 2011. Done Deals • Individual AMT exemption amounts – Prior law increased the individual AMT exemption amounts for 2011 to $74,450 (MFJ), $37,225 (MFS), and $48,450 (Single/HoH). In 2012 the exemption amounts will decrease to $45,000 (MFJ), $22,500 (MFS), and $33,750 (Single/HoH). [...]
The minimum daily benefit for all CA Partnership long-term care insurance policies is $180/day, effective Jan. 1, 2012.
Final expense insurance is one of the fastest growing segments of life insurance sales. Boomers that bought term with the advice to invest the difference between the term premium and a premium for a permanent plan of insurance have seen their term policies end. They’re invested retirement accounts have probably not grown nearly as much as they had hoped. Therefore, [...]
Prudential Financial Inc. won a federal judge’s approval to void a $10 million insurance policy on the life of a Delray Beach, Fla., retiree, the latest setback to investors who buy older people’s policies in order to later collect the death benefit. Prudential alleged the policy was an example of unlawful so-called stranger-originated life insurance, [...]
Long-term care premiums paid by a C-corporation are, under current tax code, 100% deductible as a business expense. This needs to be verified by the corporations tax advisor and/or business attorney to make sure that the kind of C-corp being worked with qualifies for this deduction. (NOTE: one of my CPA friends became a C-corp [...]
