Thomas M. Brinker, Jr., LL.M. CPA, Professor of Accounting and Executive Director of the M.B.A. program, published “Home Equity Loans and Retirement Plan Distributions” in the November 2011 issue of Exceptional Parent magazine.
Brinker focuses on two common resources frequently utilized in financing medical care: home equity loans and retirement plan and individual retirement account distributions. The article offers an overview of some of the unusual concerns encountered by families in financing their medical expense deductions and discusses financing options, itemizing deductions, and ascertaining which medical expenses are actually deductible, such as special schools, therapeutic activities and medical conference expenses.
Brinker notes that the number of children diagnosed with autism, Asperger’s syndrome, and other neurological disorders continues to grow, and parents are concerned about obtaining the resources to finance the associated expenditures. “Parents of special needs children are often unaware of the astronomical costs associated with caring for a special needs child,” Brinker writes. “In the end, it is important to understand that substantial tax benefits are available to those caring for children with special needs and the medical care financing options available that provide either a tax incentive or discentive.”