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Monday Afternews

Monday, October 31, 2016 13:34
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(Before It's News)

■ The Revenooer’s have published the 2017 guidelines for deducting LTCi premiums. What, you didn’t know that you could deduct some of your Long Term Care insurance premiums on your taxes?

Yup, and the “Internal Revenue Service is increasing the maximum long-term care insurance premium deduction for 2017 faster than the 2016 inflation rate.

Sweet!

At the same time, they’re also increasing how much one can set (temporarily) aside in a Flexible Spending Account (for certain health and child care expenses).

■ With the World Series now officially a nail-biter, it may be interesting to note how much the life insurance industry has changed in the 100+ years since the Cubs last won one. For example:

- Group life insurance came into being in 1911

- In 1914, just over a decade since Dayton’s Wright Brothers made the first powered flight (no TSA, either), Northwestern Mutual paid “its first death claim caused by an airplane accident” when some unfortunate passenger exited before the actual landing. Hundreds of feet in the air before

- One I first heard many years ago when I entered this business is that during the Depression, James C Penney (yes, that JC Penney) used his life insurance cash values to help keep his company afloat and employees paid.


Lots more at the link.
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