Health care costs are a major concern for many, especially those with disabilities. Spending reductions and tax hikes are set to start in January unless the Federal government can figure out how to control the federal budget deficit.
Current tax laws will expire at the end of 2012, leaving significant changes:
· Increase in income and capital gains taxes.
· Rules of charitable gift giving.
· Change in exemptions for estate, gift & generation-skipping tax.
· Decrease in the amount you can own before your estate is taxed.
· Increase in top estate taxes.
Garner as much information as you can to learn how to protect your family members with disabilities and protect your assets and the future of your family members.
Take time to resource articles or attend local workshops. For example Countryside Association for People with Disabilities, Palatine, is offering a free-of-charge, open-to-the-public seminar on Thursday, November, 15, 2012, on financial planning for people with disabilities, with a focus on the tax law changes. Find out the importance of identifying the need for future care planning, planning for and securing disabilities benefits at age 18 and preparing wills and living trusts. Join in the discussion to find out how the results of the election may affect the investment markets during the coming year.
People with intellectual and developmental disabilities need others to advocate on their behalf. For additional resourcing or information on the seminar on November 15th, 6:30-p.m., at 21154 W. Shirley Rd. , Palatine, Ill., contact email@example.com or 847-540-3706.