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ESTATE, TRUST, GUARDIANSHIP

Estate Deduction for Caretaker Expense Disallowed by IRS

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Estate of Emilia W. Olivo

In a recent estate case, the US Tax Court held that an unrecorded caretaker expense was not deductable from the estate. Mr. Olivia had taken care of Emilia Olivo, his elderly mother, who had numerous health issues and required assistance in the performance of daily tasks for about ten years until her death in April, 2003. Mr. Oliver subsequently became the estate administrator and claimed a deduction of $1,240,000 as a debt that the estate owed him for the care he provided. According to his testimony, his mother agreed to pay him $400 per day with payment deferred until after her death. Mr. Oliver failed, however, to record the agreement in writing, and the deduction was therefore disallowed by the Court.  [Read more…] about Estate Deduction for Caretaker Expense Disallowed by IRS

Dementia Caregiver Expenses Tax Deductable!

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Dementia: A Growing Challenge

8 million Americans currently exhibit some signs of dementia and this population is steadily increasing. Eventually, few people will be spared the challenge of caring for a relative with this disease.  In many cases, a physician may determine that the patient requires 24 hour supervision. If no relative or friend can provide the required supervision, it can result in considerable caregiver expenses. Often, people will hire unlicensed caregivers to minimize this cost.   In a recent Tax Court case, the issue presented was whether or not these expenses are deductible for income tax purposes. [Read more…] about Dementia Caregiver Expenses Tax Deductable!

Clients with Diminished Capacity- Seminar

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The Guardianship Association of NJ is presenting a seminar on June 14, 2011 on “Ethical Considerations and the Client with Diminished Capacity”. The seminar will cover:

  •  Three standards of Legal Capacity
  • The roles of attorneys, care managers, physicians and other professionals
  • Overview of the Code of Ethics for Social Workers, and Standards of Practice for Registered Guardians

Elder law attorneys, Shirley Whitenack and Sharon Rivenson Mark, will be presenting. I have worked with both of these top elder law attorneys for almost twenty years. Both Shirley Whitenack and Sharon Rivenson Mark are leaders in NJ in the field of guardianship law.  For more details see Guardianship Seminar