Updated Tuesday, September 2, 2014 as of 7:38 AM ET

Elder Care Options: Help Clients Get Help

Our older clients come to rely on us more and more for issues that affect both their financial and personal lives. As financial planners, we need to be equipped to answer their questions and help their family find the right resources when a loved one needs more care than the clients are able to provide.

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Comments (2)
It is refreshing to read an article in which the advisor suggests the patient pay for their own medical and LT care. The advisor is correct that these costs are tax deductible provided the patient fails two or more of the activities of daily living (ADLs). My well-to-do mother writes off her entire cost of living at a Sunrise Senior Living center, or about $6,000 per month. Add additional state tax breaks for donating 529 college funds to grandkids, and state exemptions for being more than 65 years old (she is 92), and she doesn't pay state taxes at all. Just very low federal taxes.
Posted by David W | Friday, December 27 2013 at 7:52PM ET
A most useful article. Each one of us is bound to face this issue some time or other, how to extend a helping hand to the senior members of the family. It is heartening to know the kind of help that can be made available and that one can provide for it. Do not leave costs of medical care unattended. They will come to haunt you later on.
Posted by KIMMY B | Saturday, December 28 2013 at 1:32PM ET
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