If you are in the State of New Jersey and would like to discuss your estate plan, our team at Willis Law Group LLC is here to provide you with any assistance that you may need. We are pleased to now also offer Snap Estate Plan services, where you can acquire Attorney-Drafted Estate Plans from the comfort of your own home. To schedule a virtual consultation with us, give our main office a call at (877) 296-2575.
Not everyone will receive the relief payment that the federal government is sending to many Americans during the coronavirus pandemic. Among those left out are seniors and adults with special needs who are claimed as dependents.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act included one-time payments of up to $1,200 to millions of eligible individuals, based on their income. While the law provides an additional $500 per child to parents of minor children, adults who are claimed as dependents are not eligible for either of the stimulus payments. This is true even if the senior or individual with a disability works or receives Social Security.
Many caregivers claim their parents or adult children with disabilities as dependents in order to obtain a tax credit. The IRS allows taxpayers who support a relative to claim a $500 tax credit for any non-minor dependents. However, when Congress wrote the CARES Act legislation, it decided that seniors who are claimed as dependents are not eligible for coronavirus relief payments.
According to USA Today, AARP is urging Congress to address the issue in the next economic recovery package.
“A lot of times when people think about caregiving or dependent care, they initially think children and don’t always extend that same kind of thinking to older dependents in the household,” said David Certner, legislative policy counsel for the AARP. “We think that’s a mistake because it’s just as important to be able to provide for the caregivers of those dependents as well.”
As always, we want to remind you that our team at Willis Law Group LLC is always available for any questions that you may have. Please do not hesitate to call us at (877) 296-2575 if we can be of any assistance.