The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2016.

If you itemize your deductions, you can generally claim a deduction if your premiums, added together with your other unreimbursed medical expenses, total to more than 10% of your adjusted gross income (or 7.5% if you’re 65 or older.)

The maximum amount of the premiums you can deduct each year depends on your age at the end of the year:

For policies issued in 1997 or later, the premiums are deductible so long as the policies meet certain requirements, such as they offer “inflation protection” and “non-forfeiture protection.” (You don’t have to actually choose these options, but the policy has to offer them.)

For policies issued before 1997, the premiums are deductible if the policies were approved by the State Insurance Commissioner.

Also, don’t forget that New York State also has a credit if you (or your business) pay for qualifying long-term care insurance policies. The allowable credit is 20% of the premiums paid during the tax year for the purchase of, or for continuing coverage under a qualifying long-term care insurance policy.

One of the biggest problems I have seen that leads to issues with estate plans is people letting their plan become out of date. Unfortunately, I believe if you asked most people, they think once their will or trust is signed, they never have to worry about it again.

However, over time things change. Laws change, personal situations change, assets change, etc. These changes could often affect your estate plan. How do you make sure your plan works as best as possible when a crisis strikes? Keep it updated.

By following this link you can get our free self assessment that you can use to see if your estate plan is out of date, or missing newer (or better) provisions that are available to you. If you find you are answering “no” or “don’t know” to many of the questions, you may want to sit down and have your plan formally reviewed.

Amidst attending marketing classes and studying for political science exams as an undergraduate at Syracuse University, young Ronald J. Klokus still managed to find time to volunteer for Meals on Wheels. And it’s fortunate he did—it was during his time volunteering with the elderly that the aspiring lawyer developed a passion for Elder Law.

“Being able to help families through what can be a very difficult time, is some of the most gratifying work that I have been a part of.” says Ronald.

His commitment to improving the lives of the elderly and their families is matched by his dedication to small businesses. As a graduate student and a young lawyer, Ronald worked with small businesses from a wide array of different industries, finding he had a special fondness for working with families and entrepreneurial newcomers...

Through his law and consulting services, Ronald strives to provide small business owners with the knowledge and support needed to ensure they are successful for generations to come... READ MORE

While the puppy bowl (and Super Bowl if you’re a sports fan) is over, this recipe is good for any get together or just to have on hand for a snack:

Ingredients:

• 
  
• 1 - Bread Bowl (Rye Is Preferred)
• 1 Pint - Mayonnaise
• 1 Pouch - Powdered Ranch Dressing/Dip Mix
• 1 Small - Chopped Onion (If Desired)
• 1 Jar - Dried Beef
• 1 Pint - Sour Cream

Instructions:

1. Chop onion to a desired size.

2. Rinse and dice the dried beef.

3. Combine all ingredients in large mixing bowl.

4. Bake at 350 degrees for 5 to 6 minutes.

5. Chill for 30 minutes if desired.

6. Serve bread bowl with chips or vegetables... Be creative!