How to GET PAID for Taking Care of Your Elderly Parents

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As parents age, they often become less and less independent. As a result, many of them become more dependent on people such as their children for many different things. Providing care to an aging parent can be extremely time-consuming and expensive. However, for many families, it is an absolute necessity.

In this video, tax expert Karlton Dennis explains how it is possible for some people who provide care for their parents to actually get paid for this care. For almost anyone who provides care to their parents, it is going to be far better to get paid to provide this care as opposed to not receiving any money for it.

Karlton Dennis breaks down two different options to get paid to provide care to parents. Crucially, he also explains a number of key tax credits that can also be extremely beneficial for anyone who has elderly parents who qualify as dependents. So, if you have elderly parents who are dependent on you, or if they might be in the future, this video can be highly beneficial for you.

CHAPTERS:
0:00 Intro
0:22 How to Get Paid to Take Care of Your Elderly Parents
1:29 Option 1: Government Programs
4:43 Option 2: Long-Term Care Insurance
6:21 Tax Credits for Providing Care to Your Parents
6:48 The Credit for Other Dependents
7:41 The Child and Dependent Care Credit
8:38 Outro

*Disclaimer: I am not a financial advisor nor am I an attorney. This information is for entertainment purposes only. It is highly recommended that you speak with a tax professional or tax attorney before performing any of the strategies mentioned in this video. Thank you.

#medicaid #elderlycare #taxstrategy