Special Needs Tax Credit for Legal Fees?
There is a movement underway to encourage Congress to change the tax code to provide up to a $5,000 tax credit for legal fees paid with establishing legal guardianship. The tax credit may also be available for legal fees paid in connection with establishing a trust for a person with disabilities. The tax credit would be available for the person who actually paid the legal fees.
The Special Needs Tax Credit Alliance, a non-profit organization, has been formed in order to raise awareness for this issue and to build national support for the tax credit. The Special Needs Tax Credit Alliance petition is located at http://specialneedstaxcredit.com.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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