parenting after 50
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Get Out of My Life, but First Could You Drive Me & Cheryl to the Mall: A Parent’s Guide to the New Teenager, Revised and Updated $5.01 A brand new edition of the bestselling guide to raising teenagersWhen Anthony E. Wolf’s witty and compassionate guide to raising adolescents was first published, its amusing title and fresh approach won it widespread admiration. Beleaguered parents breathed sighs of relief and gratitude. Now Dr. Wolf has revised and updated his bestseller to tackle the changes of the past decade. He points out tha… |
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Helping Your Kids Cope with Divorce the Sandcastles Way $7.67 Kids tend to blame themselves when parents divorce. The Sandcastles workshop–now mandatory in over a dozen counties throughout the United States–is a half-day group session for children of divorce between the ages of 6 and 17. This intensive workshop helps kids open up and deal with their feelings through drawings, games, poetry, role playing, and other activities. Helping Your Kids Cope w… |
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The 100 Healthiest Foods to Eat During Pregnancy: The Surprising Unbiased Truth about Foods You Should be Eating During Pregnancy but Probably Aren’t $9.95 Backed up by the latest nutritional research, this guide makes preganancy nutrition easy with the top 100 foods expectant moms need to eat during pregnancy. Author: Jonny Bowden and Allsion Tannis Paperback… |
Tax Laws – Taking Care of Elderly Parents and Loved Ones
Are you a typical sandwich generation couple? Just when you are getting ready to take a breather from putting their kids through college, your mom or dad start to develop dementia.
Unfortunately, if you are like many Americans, you never took out long-term care insurance that would cover the cost of their medical care. So one of you decides to switch to a part-time job and move your parents into your home so the person working part-time can take care of them.
If this sounds like your scenario, you are certainly not a rarity. Many couples struggle to strike the balance between meeting their own financial goals and their newly added caregiving responsibilities.
One survey shows that more than 40 percent of caregivers spend more than $5,000 a year caring for an elderly loved one and many had to quit their jobs or take an early retirement.
There is a little bit of good news. Uncle Sam has a few tax breaks to help offset some of the cost.
These tax breaks include claiming your parents as dependents and writing off their medical expenses if you are paying for them. This is available to you regardless whether you provide the care yourself, like the example given at the beginning of the article, or hire a professional caregiver.
In order to claim your parent as a dependent, he or she must have earned less than $3,650 last year (excluding Social Security income) and you must have provided more than 50 percent in financial support. The couple in the example in this article could also write off a portion of their mortgage and utilities bill since the parents live with them.
You can write off the medical expenses (subject to the IRS limits), if you paid for them out of your pocket, again just as long as you provided at least 50 percent of your parent’s financial support.
So our example couple could potentially also write off the cost of their parents’ dental care and prescription drugs.
If you are not able to take advantage of any of these breaks, there are additional resources. Senior Helpers (seniorhelpers dot com), an agency that connects professional caregivers with seniors who prefer to stay in their homes, has a couple of tips
If your parent collects veterans pension benefits, up to $1,800 of this monthly benefit can be used to pay for in-home care, assisted living and nursing home care.
Low-income seniors can also contact organizations on aging in their community to find out about government assistance programs.
Balancing out your life with caring for your elderly parents can be a stressful task, especially in these uncertain economic times. So every bit of a help counts.
About the Author
Denisa Tova MBA, CFP, CFDP(TM), ChFC, CLU provides divorce financial expertise to divorcing individuals. She is a Certified Financial Planner(TM) practitioner and Certified Divorce Financial Analyst. You can find more information about Denisa Tova at: http://www.denisatova.com
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Get Out of My Life, but First Could You Drive Me & Cheryl to the Mall: A Parent’s Guide to the New Teenager, Revised and Updated $5.01 This is a survival guide for parents who find themselves marooned among volatile and incomprehensible aliens on Planet Teen. Area maps cover the obvious ground–there are chapters on school, sex, suicide, and so on–but it’s the title of Chapter 2, “What They Do and Why,” that best captures the book’s spirit and technique. Anthony Wolf’s modus operandi is not so much to make pronouncements a… |
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Helping Your Kids Cope with Divorce the Sandcastles Way $7.67 1998 – Random House – Paperback – 1st Edition – Helping Your Kids Cope with Divorce : the Sandcastles Way – By M. Gary Neuman L.M.H.C. – With Patricia Romanowski – Based on the Program Mandated in Family Courts Nationwide – Parenting Book – New – Collectible… |
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The 100 Healthiest Foods to Eat During Pregnancy: The Surprising Unbiased Truth about Foods You Should be Eating During Pregnancy but Probably Aren’t $9.95 Backed up by the latest nutritional research, this guide makes preganancy nutrition easy with the top 100 foods expectant moms need to eat during pregnancy. Author: Jonny Bowden and Allsion Tannis Paperback… |
