Cost of Long-Term Care Cuts into Investments

By Collins, Jan; Warner, Jan | The Florida Times Union, October 9, 2000 | Go to article overview

Cost of Long-Term Care Cuts into Investments


Collins, Jan, Warner, Jan, The Florida Times Union


Q. My husband, 78, was diagnosed with Alzheimer's three years ago. I am no longer able to keep him at home because of his wandering and aggression toward me. He needs help with almost all of his activities. We do not have long-term care insurance, and we do not have enough income to pay for his care. I have a durable power of attorney that my husband signed, and am now forced to begin selling the stocks we purchased many years ago at low prices.

Although the value of this stock has grown, I am told that I will be paying at least 25 percent state and federal capital gains taxes. Is there a way to avoid paying the capital gains taxes?

A. Unfortunately, you find yourself in the position of many American families that face long-term care: Fixed income, low-basis stock or land, no long-term care insurance, the need to preserve assets for the spouse who remains in the community, and the need to pay high monthly nursing home fees.

Because of the importance of these decisions and because each situation is different, we always suggest that you consult with an elder law attorney and your tax advisor before taking any steps.

That said, we believe that you may be able to offset all or part of these capital gains taxes if your husband's care qualifies for the medical deduction. Expenditures for doctors, registered and licensed practical nurses, and prescription drugs have always met the definition of deductible medical expenses.

However, until 1996, there was uncertainty about the deductibility of items which were more in the nature of custodial expenses, such as the cost of a personal attendant hired to come into the home and monthly charges for care at a long-term care facility. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

Cost of Long-Term Care Cuts into Investments
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.