"Who is rich? He who is happy with his lot."
- Pirkei Avos (4:1)
Caring for a parent or other relative takes both time and money. There are several tax provisions that can help you save money when providing this type of care.
Thank you to Atty Charles Rubin who posted about the news from the IRS on his blog: Rubin on Tax.
The new tax law enacted in December 2010 raised the federal estate and gift tax exemption to $5 million and extended the "Bush tax cuts" temporarily for two years - 2011 and 2012.