Can I Deduct my Long-Term Care Expenses?

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Long-term care can be very expensive. Can you deduct the costs on your income tax return? What is Long-Term Care? “Long-term care” refers to the ongoing personal assistance you need when you have a prolonged physical illness, disability or severe cognitive impairment (such as Alzheimer’s disease). It may involve help carrying out basic self-care tasks, […]

When is Trust Planning Appropriate?

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Clients who are nearing retirement age are bombarded with information about asset protection planning from many sources. Their insurance salesman says one thing. A neighbor warns about the cost of nursing home care and tells a horror story about a family member who lost everything. Friends at the beauty salon share what they’ve done to […]

Community Spouse Resource Allowances for 2017

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The cost of care in a nursing home can devastate the lifetime savings of a married couple. In recognition of this problem Congress passed a law in 1988 which was intended to limit the “spousal impoverishment” that can result when one spouse becomes a nursing home resident. Under this Medicaid law, minimum amounts of financial […]