Congress is considering legislation to provide a tax credit for those caring for elderly relatives.
From: InvestmentNews
A new House measure joins several existing congressional bills in aiming to provide tax breaks to caregivers of ailing or elderly family members. Called the Caregiver Tax Relief Act of 2010 and introduced by Rep. Christopher Carney, D-Pa., HR 5491 would create a $2,500 tax credit for caregivers whose incomes don’t exceed specified amounts. The bill is similar to S 2958, which also would provide a tax deduction for long-term-care insurance premiums. Also in the mix are S 1604 and HR 517. For more details, visit thomas.loc.gov.
My take: government is going to have to do more to encourage care at home because the number of people “becoming poor” by hiding assets and then pawning seniors off to state Medicaid programs will bankrupt, and is bankrupting the states.
If you need to talk to someone regarding planning for this situation, contact me through my company site here: Walnut Hill Advisors, LLC or call me at 781.393.0021.
