As our parents age, it’s natural to worry and wonder about their health. But looking early on for financial troubles as well could save you and your family from hassle and headaches later down the line.
The Tax Cuts and Jobs Act that went into effect in 2017 materially raised the standard deduction. This increase has sharply cut into the number of filers who will itemize their tax deductions. However, if you’re a retiree over age 70½, you have a potential workaround that preserves the tax benefits of giving, even if you don’t itemize!
