As the Baby Boomer generation moves into retirement—an estimated 40 million more by 2030—or 10,000 a day turning 65 for the next 10 years—we will see an influx of seniors facing a new set of tax and accounting issues, often related to their health and personal care needs. On the other hand, because many have little or no savings, some are even choosing to open and run their own businesses.

If you have a parent in either situation, you may be wondering how best to make sure they’re properly cared for and how to determine what they—and you—can afford. You need an established accounting firm like Lethert in your corner as you answer questions like:

• Should I sell or rent my parent’s house?

• Who should be in charge of their assets? Which should we sell, if any?

• What about tax ramifications? Capital gains taxes?

• How should we handle the minimum distributions from their retirement account(s)?

• What about that family cabin?

We can help you answer these questions—and many more—as you walk through the potential difficulties ahead … and we can take some of the stress and pressure off of you and your parent! Contact us today for more information.