When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return.
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As your cherished family member gets older, they may need some help with their day-to-day financial tasks. Ordinarily simple tasks such as balancing a checkbook and paying household bills become increasingly difficult for the elderly.
Not only have I served as a Trustee for several of my aging clients , aunts and uncles, I have also had to deal with the issue of losing a father due to the complications from Alzheimer's. I can tell you that the situation is more time consuming than you ever imaged. It is also frustrating because you will need to deal with insurance companies, caregivers, a variety of medical professionals who typically don't communicate with one another, and your siblings and healthier parent.
On top of this, there is the paperwork and every piece is critical whether it is the Living Trust (or lack thereof), the appropriate Powers of Attorney, or just the daily life finances which become problematic for an elderly person. My observation is that dementia issues are not easy to detect if your elderly person is aging in a familiar environment. They can fool you for quite a while, especially if you don't interact with them on a daily basis. You may want to put yourself on "cognitive alert" and watch for small declines.
Of course, this means there will be a variety of new considerations for you. Whether your loved one is no longer entirely independent or simply needs extra help to enjoy their lives, you may need help with any or all of the following areas...
Medicaid Gets Tough: Prepare to pay for your own longterm care.
Until recently, families might have been able to retain a significant amount of money and still declare "poverty eligibility by transferring assets to special trusts or to relatives and using the remainder to pay the nursing-home bills long enough to satisfy the penalty period for such transfers.
Under the new law known as the "Deficit Reduction Act of 2005,(signed into law in February 2006) that strategy to qualify for government-paid nursing-home care, is now history. You may need to consult and attorney specializing in elder-law to assist you with planning.
The nation's 78 million baby boomers are starting to retire (actually at a pace of 10,000 per day). "They will face a health care work force that is too small and woefully inadequate to meet their needs," warns a recent report by the Institute of Medicine."
The National Alliance for Caregiving did a survey and found that those caring for their elderly parents made many sacrifices: