Helping Seniors & Families
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Feasterville, PA
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Doylestown, PA
215.345.5858

IRS Issues New Long-Term Care Deductibility Rules for 2019

Long-Term Care Deductibility Rules for 2019

The IRS has increased the amount of income taxpayers can deduct in 2019 if they’ve purchased long-term care insurance.

“Qualified” long-term care insurance premiums are tax deducible as long as they – along with other unreimbursed medical costs – do not exceed a certain amount of your adjusted gross income.

In the last two years, that amount was 7.5 percent of AGI, but the number has jumped to 10 percent in 2019.

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Dealing with Sibling Disputes Over Powers of Attorney

power of attorney Doylestown PA

When planning your estate, one of the most powerful tools at your disposal is a power of attorney.

Bucks County, PA residents can use these documents to appoint another person – referred to here as their “agent” to act on their behalf if they become disabled or incapacitated.

Powers of attorney come in two varieties: financial – which lets the agent handle your finances, including paying bills and cashing checks – and health care, which enables the agent to make medical decisions for you.

Continue Reading Dealing with Sibling Disputes Over Powers of Attorney