Help: California LTC proposed tax. What are my options?

[me4tux]

Hello,
(Note: I searched this forum and found nothing discussed so my apologies if there is a discussion thread from the past and if there is a link pls provide it)

Does anyone here know anything about the 2024 state of California proposed LTC tax?
What is the official process and timeline for state of California to seek approval to implement this tax?
What are the chances of this being approved?

Thanks.

 

[yankee466]

Last I heard it was all still being studied so as not to repeat the State of Washington mistakes.

Else...hey, it's California....so the more stupid it is, the more likely it will pass.

Suggest you start lining up clients to buy LTC insurance before the mandates occur. Every LTC carrier was overwhelmed with applications when Washington started this. California's track record of offering LTC options is not exactly stellar.

 

[Tahoe Ray]

Suggest you start lining up clients to buy LTC insurance before the mandates occur.

Haha...don't do that.

 

[yankee466]

It's likely not a violation to say its being considered/studied with no time lines involved. Your document supports that. ??

 

[scagnt83]

The whole agenda seems to be stalled. Maybe next year it will happen.

 

[DHK]

I've been attending most of the NAIFA meetings this year and I haven't heard much of anything new regarding the LTC task force.

 

[SUNus]

I get why you're concerned about the proposed California LTC tax. Honestly, it's challenging for anyone involved in the firearms community.

If you're worried about the impact, one option could be looking into ways to legally structure your assets to minimize exposure, like transferring ownership or considering trusts. But I'd recommend contacting a professional who knows the ins and outs of California's tax laws.

They can guide you on the best options based on your situation. You could also check out resources like thevatconsultancy.com for advice. It never hurts to stay ahead and get the right advice early.