CARES Act RMD Waiver, 60-Day Rollover Extension and July 15th Deadline
Retirement account owners, many of whose retirement balances have been pummeled by a stock market drop due to the coronavirus pandemic, do not have to take mandatory withdrawals this year. Typically there are rules mandating Required Minimum Distributions, or RMDs, Read More ...
Feds Release 2020 Guidelines Used to Protect the Spouses of Medicaid Applicants
The Centers for Medicare & Medicaid Services (CMS) released the 2020 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures. How Much Can the Spouse Keep Without Jeopardizing Medicaid Read More ...
What to Do and Not Do with Your Estate Planning Documents
Creating and executing estate planning documents is just the first step. Once you have completed the documents, you need to know what to do with them. All estate plans should include, at minimum, two important planning instruments: a durable power Read More ...
How to Assist Aging Parents During the Pandemic
If your parents are getting on in years, you may be helping them with their finances and other matters, such as medical visits and shopping. You may live close by and be able to visit weekly or more often. Or Read More ...
SECURE Act Increases Tax Implications for Inherited IRAs and Retirement Accounts
In previous posts, "Important Change Affects Special Needs Planning: Stretch IRAs Eliminated." and "Time to Check-Up on your Estate Plan if it Includes IRAs" we have covered certain implications of the recent SECURE Act. In this post we cover the Read More ...
The Coronavirus Pandemic Presents Ample Reasons to Reevaluate Your Estate Plan
The coronavirus pandemic is another reminder that life is unpredictable, and it makes sense to be prepared. It may sound self-serving, but the threats to life and finances posed by the pandemic offer ample reason to reevaluate your estate plan Read More ...
Save Your Loved Ones the Stress With Instructions
So you have your estate planning documents in order - an updated will, a trust, updated beneficiaries on your life insurance policies and retirement accounts. You have taken care of all the big stuff, maybe even pre-planned the funeral, but Read More ...
The Coronavirus Relief Bill: Impact on Seniors and Estate Planning
Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion economic relief package Congress passed to help Americans deal with the devastating financial impact of the coronavirus pandemic. This Coronavirus Read More ...
SSI Recipients to Get $1,200 Emergency COVID-19 Automatically Deposited
Until recently, there were more questions than answers about the one-time $1,200 payments to millions of eligible individuals that were at the centerpiece of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, Read More ...
Medicare and Medicaid Covers Coronavirus Testing
Those of you familiar with Joseph L. Motta, LPA know that we typically focus our blogs, posts and updates on estate planning, long term care planning and special needs planning. However, we will be expanding our topics to provide expertise Read More ...
Estate Planning
CARES Act RMD Waiver, 60-Day Rollover Extension and July 15th Deadline
Retirement account owners, many of whose retirement balances have been pummeled by a stock market drop due to the coronavirus pandemic, do not have to take mandatory withdrawals this year. Typically there are rules mandating Required Minimum Distributions, or RMDs, Read More ...
Feds Release 2020 Guidelines Used to Protect the Spouses of Medicaid Applicants
The Centers for Medicare & Medicaid Services (CMS) released the 2020 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures. How Much Can the Spouse Keep Without Jeopardizing Medicaid Read More ...
What to Do and Not Do with Your Estate Planning Documents
Creating and executing estate planning documents is just the first step. Once you have completed the documents, you need to know what to do with them. All estate plans should include, at minimum, two important planning instruments: a durable power Read More ...
How to Assist Aging Parents During the Pandemic
If your parents are getting on in years, you may be helping them with their finances and other matters, such as medical visits and shopping. You may live close by and be able to visit weekly or more often. Or Read More ...
SECURE Act Increases Tax Implications for Inherited IRAs and Retirement Accounts
In previous posts, "Important Change Affects Special Needs Planning: Stretch IRAs Eliminated." and "Time to Check-Up on your Estate Plan if it Includes IRAs" we have covered certain implications of the recent SECURE Act. In this post we cover the Read More ...
The Coronavirus Pandemic Presents Ample Reasons to Reevaluate Your Estate Plan
The coronavirus pandemic is another reminder that life is unpredictable, and it makes sense to be prepared. It may sound self-serving, but the threats to life and finances posed by the pandemic offer ample reason to reevaluate your estate plan Read More ...
Save Your Loved Ones the Stress With Instructions
So you have your estate planning documents in order - an updated will, a trust, updated beneficiaries on your life insurance policies and retirement accounts. You have taken care of all the big stuff, maybe even pre-planned the funeral, but Read More ...
The Coronavirus Relief Bill: Impact on Seniors and Estate Planning
Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion economic relief package Congress passed to help Americans deal with the devastating financial impact of the coronavirus pandemic. This Coronavirus Read More ...
SSI Recipients to Get $1,200 Emergency COVID-19 Automatically Deposited
Until recently, there were more questions than answers about the one-time $1,200 payments to millions of eligible individuals that were at the centerpiece of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, Read More ...
Must Read: Three Ways Coronavirus Relief Changes Retirement Account Tax Rules
Those of you familiar with Joseph L. Motta, LPA know that we typically focus our blogs, posts and updates on estate planning, long term care planning and special needs planning. However, we will be expanding our topics to provide expertise Read More ...
Long Term Care Planning
Feds Release 2020 Guidelines Used to Protect the Spouses of Medicaid Applicants
The Centers for Medicare & Medicaid Services (CMS) released the 2020 federal guidelines for how much money the spouses of institutionalized Medicaid recipients may keep, as well as related Medicaid figures. How Much Can the Spouse Keep Without Jeopardizing Medicaid Read More ...
The Coronavirus Relief Bill: Impact on Seniors and Estate Planning
Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion economic relief package Congress passed to help Americans deal with the devastating financial impact of the coronavirus pandemic. This Coronavirus Read More ...
How to Protect Yourself or Loved Ones from Coronavirus in Long Term Care Facilities
At the office of Joseph L. Motta, LPA in Avon Lake, we specialize in offering our expertise in long term care planning and estate planning so we know that as the coronavirus spreads across our country, long term care residents Read More ...
Millennials Taking Care of Aging Boomers Makes Long Term Care Planning Even More Important
Do you remember the term “sandwich generation?” It's a phrase coined to refer to baby boomers who were taking care of their parents while also having young children of their own. However, now millennials are moving into the sandwich generation Read More ...
When Do I Need a Living Will? Is it the Same as a DNR?
We're all fairly familiar with the acronym CPR, for Cardiopulmonary Resuscitation - a process that uses mouth-to-mouth or machine breathing and chest compressions to restore activity in the heart and lungs when someone's heart has stopped or they are no Read More ...
Avoid Tax & Medicaid Consequences: 6 Tips to Consider When Gifting to Grandchildren
Grandparents often are particularly generous to grandchildren as they see their family’s legacy continuing on to a new generation. In many cases, grandparents feel they have ample resources and their children or grandchildren may be struggling financially. Assistance with summer Read More ...
Paying Relatives for Caregiver Services? This Case Shows Why a Contract Could be in Order.
A growing number of people are entering into caregiver contracts with their family members. These contracts, also called personal service or personal care agreements, have many benefits, including rewarding the family member for indispensable help. Unfortunately when family caregivers keep Read More ...
Bringing Up Estate Planning During Your Holiday Visit
Do you worry your parents don't have their estate planning in order? Are you unsure how to tactfully approach the subject of wills, trusts, beneficiaries, retirement accounts, living wills, power of attorney, medical power of attorney and long term care Read More ...
2020 Social Security Raise – Much Less Than 2019
For many retired seniors their social security income is the main source of how bills, medical and and housing expenses are paid so we understand that every little bit counts. The cost of living adjustment announced by the Social Security Read More ...
Don’t Give Your Home to Your Children to Protect it from Medicaid
Many people fear losing their home if they have to enter a nursing home and apply for Medicaid. They believe that they can preserve their home by transferring it to their children prior to applying for Medicaid. Transferring a home Read More ...