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.
Continue Reading IRS Issues New Long-Term Care Deductibility Rules for 2019
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