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 ...
How to Create an Estate Plan to Benefit a Child with Special Needs
People not familiar with children with special needs often find it surprising when we explain our areas of expertise are estate planning, long term care planning, elder law and special needs planning. They usually haven't considered that children with disabilities Read More ...
Time to Check-Up on your Estate Plan if it Includes IRAs
Even when you've taken all the precautions, met with an estate planning attorney and have all your documents and financial planning done, there are several times when you will want to make changes, or at minimum, re-evaluate, your estate plan. Read More ...
Estate Planning Is Even More Important for Unmarried Couples
What do millennial and aging couples have in common? Trends are showing that more older couples are choosing to stay unmarried, despite being in long-term committed relationships. Most married couples understand the importance of estate planning to transfer assets and Read More ...
Important Change Affects Special Needs Planning: Stretch IRAs Eliminated.
A stretch IRA was an estate planning strategy that applied to an Individual Retirement Account (IRA) inherited by a non-spouse, such as a child beneficiary. By using the stretch strategy, IRAs could be passed on, taking advantage of tax-deferred and/or tax-free Read More ...
Estate Planning 101 in N. Ridgeville. Free Estate Planning Seminar to Help You Avoid Common Mistakes
Register now for our free event with the Lorain Public Library System at the North Ridgeville Branch on Bainbridge. Estate Planning Events and Seminars At Joseph L. Motta Co., we genuinely enjoy sharing our expertise and knowledge in the areas Read More ...
Golden Grab Bag: Estate Planning in Sheffield Lake March 11th
Register now for our free event with the Lorain Public Library System at the Domonkas Branch in Sheffield Lake. Seniors, join us for a series of programs designed specifically for you! Joseph Motta discusses why most estate plans fail to protect your Read More ...
What Happens to Our ABLE Account If Our Child Is No Longer Disabled?
It is possible that an individual, once diagnosed as a person with special needs, sometime in the future will no longer qualify as “disabled” according to IRS regulations. The individual’s condition might have improved through remission or medical treatment, for Read More ...
Should You Transfer Funds from a 529 Account to an ABLE Account for Children with Special Needs?
Thanks to recent changes in the tax law, families can now make limited transfers from existing 529 accounts to ABLE accounts with no tax consequences. Families with special needs children may be thinking about rolling existing 529 funds into ABLE 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 ...
Estate Planning
How to Create an Estate Plan to Benefit a Child with Special Needs
People not familiar with children with special needs often find it surprising when we explain our areas of expertise are estate planning, long term care planning, elder law and special needs planning. They usually haven't considered that children with disabilities Read More ...
Time to Check-Up on your Estate Plan if it Includes IRAs
Even when you've taken all the precautions, met with an estate planning attorney and have all your documents and financial planning done, there are several times when you will want to make changes, or at minimum, re-evaluate, your estate plan. Read More ...
Estate Planning Is Even More Important for Unmarried Couples
What do millennial and aging couples have in common? Trends are showing that more older couples are choosing to stay unmarried, despite being in long-term committed relationships. Most married couples understand the importance of estate planning to transfer assets and Read More ...
What Happens to Our ABLE Account If Our Child Is No Longer Disabled?
It is possible that an individual, once diagnosed as a person with special needs, sometime in the future will no longer qualify as “disabled” according to IRS regulations. The individual’s condition might have improved through remission or medical treatment, for 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 ...
Inheriting a House – Blessing or Curse? Key Areas to Consider and Plan For.
We usually think that inheriting a home, a lake house, a plot of land or any real estate is a wonderful blessing, and it can be. However, without the proper estate planning, inheriting real estate from your parents also has 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 ...
Not All Retirement Accounts Treat Rights of Surviving Spouses the Same
The topic of beneficiaries and retirement accounts is one we've covered before in "Updating Your Beneficiaries. Estate Planning Tips from Joseph Motta", but in this post we go into more depth of how your 401(k) and individual retirement accounts (IRAs) Read More ...
Five Most Important Legal Documents for Effective Estate Planning
At Joseph L. Motta Co. our tagline is "Leave a Legacy, Not a Predicament," because we truly want to help people to avoid leaving their family a mess to unravel upon death. The passing of a loved one is already Read More ...
Rules for Minimum Distribution of Inherited IRAs & Retirement Accounts
Congress created the rules governing the minimum distribution of retirement plan funds to encourage saving for retirement and to allow retirement assets to build up tax-free during the plan owner's working years. But lawmakers built in provisions so the money Read More ...
Long Term Care Planning
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 ...
What Happens to Our ABLE Account If Our Child Is No Longer Disabled?
It is possible that an individual, once diagnosed as a person with special needs, sometime in the future will no longer qualify as “disabled” according to IRS regulations. The individual’s condition might have improved through remission or medical treatment, for 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 ...
Is This the Cure for Alzheimer’s? Promising Research Using Ultrasound.
Researchers in Australia have been experimenting with a non-invasive ultrasound technology that is showing great promise in the treatment of Alzheimer’s disease. Click here to read the full research article, "Scanning ultrasound removes amyloid-b and restores memory in an Alzheimer’s Read More ...