Wednesday, January 06, 2010

Key Elder Law Numbers for 2010

ElderLaw Answers released a short summary of the key elder law numbers for different federal tax and benefit programs for 2010. The summary is much better than sifting through the various governmental portals for this information.

The highlights include:
  • Gift tax exclusion stays at $13,000
  • There was no cost of living adjustment to Social Security and SSI since the consumer price index did not increase
  • Medicare premiums, deductibles and copayments increased slightly
  • The amount you could deduct from your taxes for buying long term care insurance increased slightly
  • Medicaid's community spouse resource allowance, monthly mainteance and income cap remained the same as in 2009.
If you need a Texas Estate Planner, contact Peterson Law Group.

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