THE CONTINUUM OF CARE
by Thomas D. Begley, Jr., CELA Families of many individuals who require long-term care believe that their only option is to place their loved one in a nursing home. Actually, there is an eight-step continuum of care: Informal Caregiving. Most care for Alzheimer’s patients is provided by informal caregiving provided by a family member or…
PAYING FOR LONG-TERM CARE
by Thomas D. Begley, Jr., CELA Financing Long-Term Care There are five ways to pay for long-term care: Private Pay. The patient or resident simply signs a monthly check. Long-Term Care Insurance. Long-term care insurance is the best way to pay for long-term care, but only about 8% of the American population has long-term care…
INCOME TAX CONSIDERATIONS INVOLVING LONG-TERM CARE
by Thomas D. Begley, Jr., CELA Medical Deduction – Client The IRS permits an income tax deduction for medical expenses. Medical expenses include qualified long-term care services. A taxpayer can claim an itemized deduction for unreimbursed medical expenses to the extent such expenses exceed 10% of adjusted gross income. For individual age 65 and older,…
Estate Planning: 5 Things You Should Consider
by Thomas D. Begley, Jr., CELA Grandchildren Many grandparents would like to leave something to their grandchildren. Frequently, the grandparents have not thought of this idea, but are enthusiastic when it is presented to them. One way to remember the grandchildren in a Will is to leave a flat sum of money, i.e., $10,000 per…