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As parents age, adult children often experience a profound shift in family dynamics. The roles once firmly established, with parents as caregivers and decision-makers, gradually change as seniors begin to rely on their children for support. While these transitions are natural, they can also bring emotional, logistical, and relational challenges that require thoughtful navigation.
Paying for assisted living is a significant financial commitment that many seniors and their families must navigate carefully. However, there’s good news: many of the expenses associated with assisted living are tax deductible. These deductions can provide flexibility in your budget and help allocate funds more effectively. By understanding the criteria and keeping thorough records, you can maximize potential tax savings.