Tax Deductions in Elder Law

Please remember this is for your informational purposes and we highly suggest you speak to a professional tax accountant regarding your individual needs.

As we navigate through the intricate landscape of elder law, it’s essential to stay informed about tax deductions associated with assisted living and estate planning, especially considering our Florida-based clientele.

Tax Deductions from Assisted Living

Medical Expenses:

The IRS allows deductions for certain medical expenses, including those incurred in assisted living facilities. These may encompass costs related to medical care, meals, and lodging if they meet the criteria outlined in IRS Publication 502.

Long-Term Care Insurance Premiums:

Qualified long-term care insurance premiums may be deductible, providing additional financial relief for individuals residing in assisted living facilities. It’s crucial to review the specific terms of the insurance policy to ensure eligibility.

Home Modifications:

Expenses for home modifications necessary for medical reasons, such as installing handrails or wheelchair ramps, might also qualify as deductible medical expenses.

Estate Taxes in Florida

State Estate Tax:

Florida does not impose a state estate tax. However, it’s important to be aware of federal estate tax laws, which apply to estates exceeding a certain threshold. Consulting with an elder law attorney can help strategize estate planning to minimize tax liabilities.

Homestead Exemption:

Florida offers a generous homestead exemption, which can significantly reduce property taxes for eligible homeowners. Understanding the intricacies of this exemption can be beneficial for estate planning purposes.

Gift Tax:

While Florida does not impose a state gift tax, gifts exceeding the annual exclusion amount may have federal gift tax implications. Proper estate planning can help leverage gift tax exemptions to transfer assets efficiently.

At Friedman Elder Law & Estate Department, we specialize in providing comprehensive legal guidance tailored to your unique needs. Whether you require assistance with Medicaid planning, asset protection, or estate administration, our experienced team is here to support you every step of the way.

5 Tips to Protect Your Savings from the Nursing Home

5 Tips to Protect Your Savings from the Nursing Home

Learn how to get care you or a loved one needs without losing everything. 

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It's time to protect yourself & those you love.

Whether you are preparing for future long-term care needs, are seeking Veteran’s Benefits, or have a loved one entering or already in a nursing home, we are ready to assist you.

Take your first step by contacting us at (954) 866-1055 today.

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