There is a proposed California long-term care (LTC) tax which would be levied on workers wages. Beware of agents and insurers encouraging you to quickly purchase LTC insurance before the end of 2023. There is currently no public LTC insurance program in place. This is what we know:
There is no specific date that the program might be implemented, and thus no deadline to purchase LTC insurance.
No final decisions about the long-term care program have been made yet. The Legislature will potentially adopt some aspects of the proposed program only after the California Long-Term Care Insurance Task Force submits their report on January 1st, 2024.
We advise waiting until the details of the long-term care program are finalized to take action. In the meantime, read more about what to watch out for here, and reach out to us if you have any questions!
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You might have heard of the Corporate Transparency Act and the new filing requirement called the Beneficial Ownership Information report. Well, its real, and of course the penalties are high for non-compliance – up to $10,000! Below is a quick summary so you know what it is. Reach out if you need more detail, and […]
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