Long-Term Care Savings
Tax Advantages For Individuals Who Plan Ahead
Nebraska residents have a terrific opportunity to plan ahead for potential long-term care (LTC) needs while enjoying immediate Nebraska state income tax benefits. American National Bank can answer your questions and help you take advantage of this important opportunity to prepare for the future.
- How much can be saved: Up to $198,550 per person for the life of the account, adjusted for inflation.
- Nebraska tax deduction: Annual $1,000 deduction for individual returns, $2,000 deduction for joint returns; earnings used for defined expenses are tax free.
- Qualified distributions: Long-term care expenses at any age or long-term care insurance after age 50 for the account holder, spouse or other person in whom the account holder has an insurable interest.
Service fee of $1.50 per month if minimum daily balance is less than $1,000. $0.50 fee for each withdrawal exceeding five per month. Interest rate is compounded daily, credited to account monthly
Some restrictions may apply. Ask your Personal Banker or your tax advisor for details or more information on potential tax advantages.
Click here for current rate sheet.