Eligible individuals with disabilities received IRS guidance on rules regarding tax-favorable ABLE accounts to save money to meet qualified disability expenses.
Elder, Special Needs & Chronic Illness Planning
CPA financial planners can use these approaches to help clients avoid delays and expensive mistakes in providing top-quality care for loved ones dealing with issues from aging or dementia.
Many clients making modifications to make homes more accessible may qualify for valuable home improvement medical expense deductions.
Financial planners and tax advisers are sure to receive an increasing number of questions related to elder housing decisions and the financial implications of various choices.
This column explores the warning signs of senior fraud and offers suggestions for identifying those signs and resources for guidance in handling such situations.
With the rapid increase in the number of elderly clients, tax practitioners will need to become familiar with the special issues that affect tax compliance and planning for the elderly.
Long-term care is defined in the Code as “necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and maintenance or personal care services” for a chronically ill individual.