856.235.8501

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,…

Read More

PROTECTING THE HOME FROM THE COST OF LONG-TERM CARE

By: Thomas D. Begley, Jr., CELA INTRODUCTION The most important asset for most Americans is their home. They have worked hard, paid off a mortgage, and enjoyed many happy times in their home. They do not want to lose it. Seventy percent of Americans will require some form of long-term care be it nursing home,…

Read More

PROTECTING THE HOME FROM THE COST OF LONG-TERM CARE

by Thomas D. Begley, Jr., CELA Seventy percent of Americans will require some form of long-term care be it nursing home, assisted living or home care. The cost of this care can range from $20 per hour or more for home care to $10,000 – $12,000 per month for nursing home care. Before becoming eligible…

Read More

Planning for Long-Term Care

By Thomas D. Begley Jr. WHAT SHOULD YOU KNOW ABOUT LONG-TERM CARE? Long-term care is an area of growing concern to older Americans and their families. Approximately 70% of individuals age 65 or older eventually require some form of long-term care. Whether that consists of home healthcare, assisted living or nursing home care, the costs…

Read More