|
Cora should start by investing time now to prepare. She should talk with her parents to get a complete picture of their financial and legal affairs. Do they have wills, long-term care or life insurance policies?
How about medical directives or powers of attorney? If not, Cora should consider getting these now instead of waiting until a health crisis. Having to handle these administrative tasks along with her grief may lead to unintended consequences.
If one parent is a veteran, the local Veteran Affairs office may have options for elder care and assistance.
|
|
|
|
Is downsizing right for her parents? Selling their empty nester home can yield a significant cash windfall and up to $500,000 of gain is excluded from tax, assuming eligibility tests for ownership and residency are met.
Client Profile is based on a hypothetical situation. The solutions we discuss may or may not be appropriate for you.
|
|
|
|
(516) 294-0400
(516) 938-0491
|
 |
415 CROSSWAYS PARK DR.
SUITE C
WOODBURY, NY 11797 |
KVLSMCPA.COM
 |
|
|
© 2020 KVLSM LLP - CERTIFIED PUBLIC ACCOUNTANTS AND ADVISORS - NEW YORK
This e-mail and any attachments are intended exclusively for the individual or entity to which it is addressed. It may be confidential or legally privileged. If you received this
message in error or are not the intended recipient, you should destroy the e-mail message and any attachments or copies, and you are prohibited from retaining,
distributing, disclosing or using any information contained herein. Please inform us of the erroneous delivery by return e-mail. Thank you for your cooperation.
|
|
