Friday, April 06, 2012 Bill would protect Survivor Benefit Plan for special-needs kids
The “Disabled Military Child Protection Act,” introduced by Rep. Jim Moran, D-Va., on March 29, would allow military retirees who participate in the Survivor Benefit Plan (SBP) to transfer their benefits to a special-needs trust for their disabled children that would be accessible after the retiree dies. Civilian federal retirees are able to establish similar trusts for their disabled children, but there is no equivalent within the military’s retirement system.
http://www.armytimes.com/news/2012/04/military-bill-protects-survivor-benefit-plan-special-needs-kids-040312w/
Wednesday, November 16, 2011 Special Tax Deductions for Special Education
Here's a good article from Wall Street Journal:
More than six million children in the U.S. fall into the "special needs" category, and their ranks are expanding. The number of those affected by one developmental disability alone—autism—grew more than 70% between 2005 and 2010.
The tax code can help—if you know where to look.
There are numerous tax breaks for education, but the most important one for many special-needs students isn't an education break per se. Instead, it falls under the medical-expense category.
Although students with disabilities have a right to a "free and appropriate" public education by law, some families opt out and others pay for a range of supplemental therapies.
Read the full article:
http://online.wsj.com/article/SB10001424052970203537304577030453437780894.html?mod=googlenews_wsj
Monday, October 03, 2011 Protecting Your Parents' Money from Fraud
One out of every five older Americans has been sold an inappropriate investment, paid excessive fees for a financial product or service, or been a victim of fraud, according to a 2010 study by the Investor Protection Trust; new research from MetLife puts their collective losses at $2.9 billion last year.
http://money.cnn.com/2011/08/10/retirement/protecting_parents.moneymag/index.htm Friday, June 24, 2011 Heiress's nurse inherits $30 million — but should she? (msnbc.com)
The wealthy recluse's bequest to her nurse and doctor raises serious ethical questions.
See article by Arthur Caplan, Ph.D., is director of the Center for Bioethics at the University of Pennsylvania at:
http://www.msnbc.msn.com/id/43516963/ns/health-health_care/ Thursday, June 09, 2011 IRS household employee tax guide (IRS Publication 926 for 2011)
When working with caregiver agreements, it is important to remember the tax implications. This link takes you to the IRS guide for wages paid in 2011.
If you pay a household worker $1,700 or more in cash wages during 2011, you must deduct Social Security and Medicare taxes and report the wages once a year. This includes reporting any cash you pay to cover the cost of the employee’s transportation, meals or housing. If you do not report the wages on time, you may have to pay a penalty in addition to the overdue taxes.
http://www.irs.gov/pub/irs-pdf/p926.pdf Sunday, May 15, 2011 Website for "Children of Aging Parents" offers resources
The website for Children of Aging Parents is a place to find community and resources. View the website at http://www.caps4caregivers.org/. |