The new legislation will make it easier for homeowners that are living in a facility to receive the principal residence tax exemption. This exemption is for their primary home, and was the subject of a recent post in Assisted Living Facilities.org.
The bill was known as Senate Bill 990 and was approved by a landslide vote on a rare bipartisan basis. Before the bill was passed a homeowner had to be living in the home in order to qualify for the credit.
Many residents or their family members fail to take advantage of the tax breaks they can get from assisted living. As long as a resident or family member can meet the threshold of medical expenses to utilize the deduction, almost every expense in an assisted living facility can be tax deductible.
An easier way to get government help in paying for most of the costs for assisted living is now available. Use this source to make applying for Veterans Benefits quicker and simpler than using so-called “free “ veterans services that try to coax you into buying legal documents like Trust Agreements that you may not need to secure a VA pension.
Anticipating the costs of assisted living is naturally a major fear factor for families prior to entering a facility. Once the move into the ALF has been secured, however, residents are happy knowing that their payment has been made and each month will continue to be the same. Unfortunately, in many cases that sense of relief quickly vanishes.
There are options when it comes to affording assisted living care for seniors.