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Elder Care Accounting Services

elder care accounting NJBoth Urbach & Avraham, CPAs partners, Jeff Urbach and Pamela Avraham, personally took care of their elderly parents. They experienced how difficult it is to see a parent decline and become totally dependent on others. This unique perspective means we understand what you're going through and are here to help. Read Pamela's story.

Elder Care Tax and Finances

You're probably worried about how you can afford proper care for your parent. A geriatric social worker should assess the health needs of your aging parent. We can work with your family members and the social worker to determine what care you can afford. Our services range from locating your parent's assets, coordinating the investments, reviewing prior years’ income tax returns, and establishing a budget for your parent's care. We can consult with your investment advisor in regards to cash flow issues. Which assets should you sell? Should you sell or rent your parent's house? What about the tax ramifications? Capital gains tax? Minimum distributions from your parent's retirement accounts? Who should be in charge of your parent's assets? These are important financial issues, which we can resolve for you in a practical manner.

Estate Planning and Investments

We can work with your attorney on estate planning issues, income taxes, and investment issues. There may be a need for a specific type of elder law attorney to provide for a Special Needs Trust for a family member. An attorney specializing in Medicaid planning may be required. We can recommend an attorney suitable for your family’s needs. We can consult with the attorney about the income and estate tax issues and investment strategies.

Reconstruction of Financial Records

Often a family member is in charge of your parent's finances and also takes care of your parent's health needs. This is a tremendous burden and obviously the accounting records take back seat to your parent's health needs. What happens when your siblings and relatives ask for an accounting of your parent's assets for the last 2-5 years? Help! I am taking care of Mom day and night and can’t produce an accounting. And I am not an accountant! Do not despair. At Urbach & Avraham, CPAs, we can review the statements you provide and reconstruct the books and records of your parent's finances.

Court Accountings

We can prepare proper accounting for your relatives and the Court if required. We have acquired special Trust and Estate Administration software that helps us produce professional Court Accountings and supporting schedules in accordance with NJ Rules of Court. We can review the income tax returns, request transcripts from the IRS and amend tax returns if needed. We can resolve open tax issues with the IRS.

Guardians must file an annual report of the financial affairs of the incapacitated person in most states. In NJ, many counties require that the Guardian of the Estate file an onerous accounting annually: the Periodic Comprehensive Accounting Form or a formal court accounting. Both types of accountings are complex. The Comprehensive Form requires numerous attachments to substantiate the figures reported. Urbach & Avraham can prepare these accountings for you.

Elder Care CPAs in New Jersey

Please call for a free consultation to discuss how we can assist you in establishing realistic budgets for your parents’ health needs. We can then coordinate the available assets and advice you of the tax issues, so that you can maximize the funds and provide quality health care for your parents.

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