Wednesday, April 10, 2013

An obligation to pay for your parents' nursing home?

The AARP has posted a state-by-state guide to "filial support" laws, which obligate a child of an elderly parent, or the parent of an adult child, to contribute to his support if he is unable to support himself. The map shows that 30 states have some form of this law. (Michigan is not among them.) The author notes that some nursing homes are using these laws to require adult children of residents to pay for their nursing home care.

Updates on Federal and state limits

 Last last year, the IRS announced the annual updates to certain key figures:  $13.99 million - the lifetime per-person estate and gift tax ...