Other Tax-Advantaged Benefits
What other benefits do I need? I don’t want to break the bank & also want it tax-deductable.
One of the least used benefits for business owners is disability insurance. This is a benefit that can be paid for using corporate dollars, but only offered to those whom you choose (maybe just yourself). As I said on another page under personal services, a person is 7 times as likely to become disabled than they are to have an early death. What will happen to your business and more importantly, your family if you become temporarily or even worse, permanently disabled?
What else can I do?
Long-term care insurance is another benefit you can purchase for yourself using your corporation’s dollars. As I’ve seen the struggles my own grandparents are going through as my grandmother has been in and out of a nursing home, it’s unbelievable how that can financially destroy a couple. I am grateful that my parents have let me help them by getting long-term care coverage to provide for their future custodial health care costs. They are fortunate to live in a state that also provides asset protection from Medicaid spend down with the proper long term care policy.