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Unfortunately, if you are like many Americans, you never [url=http://www.orlando-apts.com/cheapnfljerseys/]cheap nfl jerseys[/url] took out long-term care insurance that would cover the cost of [url=http://www.lotogame.fr/louboutin-pas-cher/]louboutin pas cher[/url] their medical care. So one of you [url=http://www.tesangay.com/barbour.php]www.tagverts.com/barbour.php[/url] decides to switch to a part-time job and move your parents into [url=http://www.lotogame.fr/hollisterfrance.php]hollister pas cher[/url] 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 [url=http://www.tesangay.com/barbour.php]barbour deutschland[/url] off their medical expenses if you [url=http://www.golfwithashotgun.co.uk]barbour outlet[/url] are paying for them. This is available to you regardless whether you provide the care yourself, like the [url=http://www.golfwithashotgun.co.uk]barbour by mail[/url] 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 [url=http://www.marrakech-hotel.fr]hollister france[/url] support. The couple in the example in this article could also write off a portion of [url=http://www.reedlawky.com/hollisterde.php]hollister[/url] 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 [url=http://www.tesangay.com/barbour.php]barbour online shop[/url] are not able to take advantage of any of these breaks, there are additional resources. Senior Helpers (seniorhelpers dot com), an agency that [url=http://www.ttcarpets.co.uk]mulberry sale[/url] 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 [url=http://www.rtnagel.com/airjordan.php]nike air jordan pas cher[/url] this monthly [url=http://www.riad-marrakesh.fr]abercrombie pas cher[/url] 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.

Source:
Article Tags: Elderly Parents
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