Some of my clients share their household with a parent who cannot live on his/her own. Others come to me and say they are considering having the parent move in with them.
It goes without saying that there are a host of legal, financial and of course, psychological considerations to such a decision. Recently, the New York Times ran an article about claiming a parent as a dependent for tax purposes. Read the article here. Additionally, declaring your parent as a dependent may have implications for your parent's eligibility for public benefits such as Medicaid long-term care benefits. For more information about long-term care planning for your relative, contact The Karp Law Firm..
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