Avoid Paying the New Costly Long-Term Care Tax
Watch Our Long-Term Care Solutions Video
Don't Want to Pay the Tax?
The deadline to have qualifying coverage is fast approaching. Schedule Your Free Consultation with independent CERTIFIED FINANCIAL PLANNER, Michael MacKelvie, and find Your Solution.
Meet With Michael
Schedule your complimentary 30 minute discover meeting to find your LTC solution from independent CFP®, Michael MacKelvie
Why Talk With Michael?
As a fully independent CERTIFIED FINANCIAL PLANNER, Michael is a fiduciary, meaning he is legally obligated to act in the best interests of his clients.
Being independent means he and his firm have no proprietary products, or incentives. Having access to the marketplace, he will look to find the best solutions for each individual client.
Michael comes from a planning background, helping his clients in a multitude of ways beyond just investable assets, and insurance. First, he will begin with understanding where the client is at, and where they are looking to go. From here, inefficiencies will be identified, and solutions will be recommended.
Affiliated with Cascadia Wealth Management, Michael is a local advisor who is highly connected within his community. In 2021 alone, his program "Financial Futures" taught financial literacy to over 20 different public high schools.
Even if it doesn't make sense to work together, Michael is available to discuss any basic questions one might have.
5 Reasons to Opt Out
1. The Tax is Uncapped
This means the more money you make, the more you pay, unlike the Social Security tax.
2. The Benefit is Capped
Regardless of how much you pay into the system, you will receive the fixed benefit (assuming you are vested, and location requirements are met).
3. Location Requirements
You can only receive benefits in the state of Washington. If you move, you may be forfeiting your benefit.
4. Vesting Requirements
You must pay into the system for several years to qualify for a benefit, unlike most private plans.
5. Tax, and Benefit Can Change
The tax could increase over time.
How to Opt Out
To opt out of paying the tax, one must have qualifying coverage in place (or be self-employed) by November 1st, 2021. An independent advisor will be able to discuss what solutions will qualify to opt you out of the tax, potentially saving you thousands over your lifetime.
- Michael MacKelvie
CERTIFIED FINANCIAL PLANNER
Vivid Wealth Creator, Fiduciary
CERTIFIED FINANCIAL PLANNER™
Life and Health Insurance License
Regis University, BA in Business, and Finance.
CA Insurance License #0L96564. Domiciled in Oregon.
Trusted by dozens of universities and schools, Michael regularly teaches financial courses to the public. He is the creator of Vivid Wealth Management, and runs his practice in the Pacific Northwest. As a trusted fiduciary and CERTIFIED FINANCIAL PLANNER™, Michael is legally required to act in the best interests of his clients. Being fully independent, he is not tethered to any specific company or product, and is able to meet the needs of his clients by providing true comprehensive planning, both with investments, and insurance. If you would like to meet with Michael, register to watch our solutions video, and you will have the chance to schedule a complimentary consultation.
As Seen On...
Vivid Wealth is affiliated with Cascadia Advisory Services, a Registered Investment Advisory firm that has been serving the PNW for over 20 years. Though Michael's practice has become primarily virtual through the pandemic, his team has grown, spanning from Washington, down to Oregon.
Cascadia Partners, and Michael MacKelvie CFP®
$640,000,000+ Assets Under Management
18 Years, Average Experience
Quick Tax Details
The tax is set to .58%, and is uncapped, which means the tax will become increasingly inequitable as you earn more money due to a capped benefit. A fully vested wage earner making $1,000,000 a year will be entitled to the same benefit as someone making $40,000.
Lifetime Capped Benefit
If you meet the vesting requirements, you will be eligible for up to $100 a day for the new plan (365 days, or $36,500 in lifetime benefits). The benefit could adjust over time.
You must live in the state of Washington to receive benefits. So if there is a chance you could move at some point in your life, you would have to move back to Washington to receive LTC benefits (or someone will need to wheel you in your hospital bed…?)
This means the tax will become increasingly inequitable as you earn more money due to a capped benefit. A fully vested wage earner making $1,000,000 a year will be entitled to the same benefit as someone making $40,000.