This information is for general guidelines only. Consult a tax professional about your individual situation.
Caring for a loved one with a chronic illness or cognitive impairment, such as Alzheimer’s disease, takes a lot of time, and, let’s face it, a lot of money. You may be wondering if any of these mounting expenses are tax deductible.
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Embarrassment and guilt are feelings that often accompany being a victim of financial abuse. These strong emotions play a role in the underreporting of this crime by older adults. No one wants to admit they have been taken advantage of –especially older adults who may be afraid of appearing weak and foolish to their adult children.
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Financial exploitation or abuse of older adults occurs when a person’s resources are used by another for personal profit or gain, or actions that deprive an older person of the benefits entitled to them. No one is immune. This sort of theft can happen to anyone regardless of social standing and education levels.
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Handling a loved one’s finances can be a difficult task, particularly when that individual is afflicted with dementia. In fact, the inability to handle finances is often one of the first signs that a loved one has the disease. He or she might have trouble balancing a check book, or might pay bills more than once or not at all. A loved one with dementia might give away money or start hoarding it at the other extreme. Dementia leaves your loved ones open to financial risk and abuse, so it is important to recognize these signs.
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