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Special Needs Tax Credit for Legal Fees
Published June 4, 2010
Establishing legal guardianship for a person with special needs can be a costly procedure, and these financial expenses can put a significant strain on many families. Caring for their loved ones is already an emotionally taxing process, and families do not need to feel financial pressure on top of this.
In order to help families deal with these financial burdens, Congress is considering a change to the current tax code that would provide up to a $5,000 tax credit for legal fees associated with establishing legal guardianship. This proposed tax credit would also be available for legal fees paid in connection with establishing a trust for a person with disabilities. Only the person who actually paid for the legal fees would be eligible to apply for the tax credit.
A non-profit organization, The Special Needs Tax Credit Alliance, raises awareness about the issue and is working to gain support for this important tax credit. Establishing such a tax credit would provide much needed relief for families that have loved ones with disabilities.
Additional information regarding this tax credit can be found at http://specialneedstaxcredit.com.
Bernard Krooks is a New York Elder Law and New York Estate Planning lawyer with offices in White Plains, NY and New York, New York. To learn more, visit Littmankrooks.com.
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