Medical Expenses

‘Tis the Season….to Work on Your Taxes

The holidays are over, and instead of greeting cards filling your mailbox, W-2s, K-1s, and 1099s forms are arriving. These signal the beginning of tax season and the time to start gathering all the information needed to send to your accountant. If you tackle the task now, you'll be able to identify what you are missing before the deadline. 

Financing Your Aging Parents

{Time to read: 4 minutes}

Financing Your Aging Parents By Anastasia A. Saterson Do you have an aging parent who is facing the burden of increasing medical expenses and health care costs?

Whether it be doctor bills, pharmaceutical costs, or installing a stair lift, elderly people have many needs and additional expenses beyond what their income allows, but they have equity in their home. As an alternative to informally loaning your parents money, setting up a personal mortgage to them may be the answer.

Susan lived closer to her parents than her four siblings. When her mother began having health issues they decided to hire a caregiver. She needed someone to help with her exercises, meals and bathing. Initially, it was a few days a week, but eventually, 24-hour assistance was required. Her parents could not afford it and they were not eligible for traditional loans. Susan began loaning them money.

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