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EP02: Advantages of Living in a Life Plan Community with Nadia Keric
Description
Join Pam in an enlightening conversation with guest Nadia Keric, a Certified Financial Planner from Raymond James Family Wealth Planning Group, as they discuss the tax advantages of A Life Plan Communities. The two explore the unique opportunities available to retirees in Type A Life Care Communities and deductions for entrance fees and ongoing monthly expenses, benefiting retirees in these communities.
In this episode, they talk about:
- Tax advantages available for living in a Type A life plan community
- The IRS allows medical expense deductions for the prepayment of future medical care
- One-time entrance fee deduction for residents and its benefits
- Ongoing medical expense deductions and their impact on tax rates and benefits
- Potential variations in state income tax benefits for community residents
Memorable Quotes:
"Most individuals and very few professionals are aware of the tax advantages of living in a Type A life plan community."
"A Type A life care community is a continuing care contract that allows a resident to prepay for future medical care, creating a consistent and predictable monthly expense for them."
"The deduction for a portion of the entrance fee can offset some or all of the income that residents have in the year they move in, resulting in a refund of income taxes."
Resources:
Links Mentioned:
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