Preparing for tax time is an important task whether you’re doing your own returns or handing them off to a tax professional. The federal tax code changes frequently and it can be difficult to keep up. And then there’s all the paperwork and math. But tax time doesn’t have to be so stressful. With planning, Read more >>
If you’re trying to figure out if you can claim a medical alert system on your taxes, the answer is: Probably. The only way to get a definitive answer is to consult with a tax professional like your accountant, tax attorney or financial advisor. That’s because IRS guidelines don’t expressly mention medical alert systems like Read more >>
Wondering if it’s worth claiming medical expenses for equipment on your taxes? The answer is yes! Researching deductions for medical equipment used by yourself, your spouse or another person in your care is worth the effort because you may be able to reduce your tax bill. The IRS allows taxpayers who itemize to potentially deduct Read more >>
Aging well: Understand and manage the costs associated with getting older Covering expenses related to aging can be a cause of stress for many older Americans and their family members. Data from the West Health and Gallup report, The U.S. Healthcare Cost Crisis1, found that Americans borrowed an estimated $88 billion to cover health-care costs Read more >>
Even the most conservative estimates place losses from elder financial exploitation at $36 billion each year. And that’s just what’s reported to financial companies and the police. “Elder financial abuse is happening in America at an alarming rate – if it was reported as often as it happens,” asserts Syracuse-based CPA and financial planner Ted Read more >>
One of the most challenging aspects of caring for your aging parents is taking control of their finances or assisting them with financial choices. The decision can be a difficult one and following through may be even more complicated, especially if your parents don’t agree. Understanding the Issues of Caring For Seniors Sometimes it may Read more >>
“This morning I found a medicine bottle in my father-in-law’s room. It was from 2013, one of my daughter’s prescriptions. It’s a urinary incontinence medication, but since it says “oxy” on it I think he was looking for Oxycodone. We have a system, with an excel spreadsheet. However we are increasingly having to make the Read more >>
More and more healthcare providers and insurers are spending more time focusing on the patient and their family caregivers. Here’s how you can use this shift to get more from the healthcare system for your aging parent. Tip #1: Use Email and Apps Realizing caregivers’ reliance on mobile apps and digital communications, “health systems have Read more >>
“If we care about someone, it’s going to have a financial impact, an emotional impact, and a physical impact,” admits Chris Cooper, a certified financial planner in San Diego. This isn’t exactly news for most adults who care for their aging parents. But Cooper points out that it is possible to lighten the emotional and Read more >>
It’s probably no surprise to you that paying for care can be very expensive. When providing caregiving support, you may even find that you are paying many of your loved one’s medical bills out of your own pocket. A Medicare supplement plan, also known as Medigap insurance, can fill the gaps left by traditional Medicare. Depending on Read more >>