Will the New Administration Change Estate Tax or Stepped-Up Basis Rule?
While it remains unclear exactly what tax changes President Biden’s administration will usher in, a new administration usually means that tax code changes are coming. Two possibilities are that the new administration will propose lowering the estate tax exemption and Read More ...
Theft from Special Needs Trust. Consider Using a Professional Trustee.
A New Jersey man has been charged with stealing $330,000 from the special needs trust (SNT) of a man living in a long-term care facility. The case highlights the importance of having a professional trustee manage a special needs trust. Read More ...
What to Do with Stimulus Check if You’re in a Nursing Home or on Medicaid
As the second (and maybe third) round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients need to spend the Read More ...
Gifts to Grandchildren: What Do UGMA and UTMA Have to Do With Grandma?
The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the “granddaddies” of college savings accounts. Both allow parents to establish custodial accounts for a minor child, and a grandparent can then Read More ...
Married Couples Still Need an Estate Plan
Don’t assume your estate will automatically go to your spouse or that your spouse is automatically protected when you die. Consulting with a good estate planning attorney will make sure you have all the estate planning documents you need. If Read More ...
ABLE Accounts: Financial Independence for those Capable of Money Management
One area that particularly vexes trustees of special needs trusts is how to get beneficiaries what they need without running afoul of the strict rules for public benefits like Supplemental Security Income (SSI). Monitoring how money is being spent, collecting Read More ...
Prepare for Medicaid with These Estate Planning Tips
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper long-term care planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can Read More ...
What is Long-Term Care and Who Provides It?
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided which are explained in our Read More ...
Update Your Estate Plan when Moving to a New State.
If you're planning to move to another state, tell your estate planning attorney. There are a number of components making up your estate planning and long-term care planning that could be effected. Previous posts: Does My Living Will, or Advance Read More ...
Maximize Life Insurance as an Estate Planning Tool
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. Because life insurance passes outside of probate, it can also provide heirs needed funds more quickly than assets passing through Read More ...
Estate Planning
Will the New Administration Change Estate Tax or Stepped-Up Basis Rule?
While it remains unclear exactly what tax changes President Biden’s administration will usher in, a new administration usually means that tax code changes are coming. Two possibilities are that the new administration will propose lowering the estate tax exemption and Read More ...
Gifts to Grandchildren: What Do UGMA and UTMA Have to Do With Grandma?
The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the “granddaddies” of college savings accounts. Both allow parents to establish custodial accounts for a minor child, and a grandparent can then Read More ...
Married Couples Still Need an Estate Plan
Don’t assume your estate will automatically go to your spouse or that your spouse is automatically protected when you die. Consulting with a good estate planning attorney will make sure you have all the estate planning documents you need. If Read More ...
ABLE Accounts: Financial Independence for those Capable of Money Management
One area that particularly vexes trustees of special needs trusts is how to get beneficiaries what they need without running afoul of the strict rules for public benefits like Supplemental Security Income (SSI). Monitoring how money is being spent, collecting Read More ...
Prepare for Medicaid with These Estate Planning Tips
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper long-term care planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can Read More ...
What is Long-Term Care and Who Provides It?
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided which are explained in our Read More ...
Update Your Estate Plan when Moving to a New State.
If you're planning to move to another state, tell your estate planning attorney. There are a number of components making up your estate planning and long-term care planning that could be effected. Previous posts: Does My Living Will, or Advance Read More ...
Maximize Life Insurance as an Estate Planning Tool
Life insurance can play a few key roles in an estate plan, depending on your age and situation in life. Because life insurance passes outside of probate, it can also provide heirs needed funds more quickly than assets passing through Read More ...
Creating an Estate Plan to Include Your Dog, Cat or Other Pet
Whether you have a dog, cat, pig, bird or reptile, pets are members of the family, so it is important to consider how to provide for them in your estate plan just as you would the human family members. While Read More ...
Three Estate Planning Documents to Create When Your Child Turns 18
Once your child reaches the age of 18 the state considers your child to be an adult with the legal right to govern their own life. While your child is a minor you are entitled to access your child’s medical Read More ...
Long Term Care Planning
What to Do with Stimulus Check if You’re in a Nursing Home or on Medicaid
As the second (and maybe third) round of stimulus checks go out, it is important to know that nursing home residents are not required to turn their checks over to their nursing home. And Medicaid recipients need to spend the Read More ...
Prepare for Medicaid with These Estate Planning Tips
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper long-term care planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can Read More ...
What is Long-Term Care and Who Provides It?
Long-term care is the care you need if you can’t perform daily activities on your own for an extended period of time. There are a number of different ways that long-term care can be provided which are explained in our Read More ...
Update Your Estate Plan when Moving to a New State.
If you're planning to move to another state, tell your estate planning attorney. There are a number of components making up your estate planning and long-term care planning that could be effected. Previous posts: Does My Living Will, or Advance Read More ...
Rise in Assisted Living Facility Costs Amid Pandemic
All long-term care costs rose sharply in 2020, but assisted living facility costs increased the most, according to Genworth’s latest annual Cost of Care Survey. The across-the-board rises were due in part to increased costs brought on by the coronavirus Read More ...
IRS Long-Term Care Premium Deductibility Limits for 2021
The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance. Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible to the extent Read More ...
Plan for a Small Increase in 2021 Medicare Premiums
Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50. The Centers for Medicare and Medicaid Services (CMS) Read More ...
How to Choose a Medicare Advantage Plan
As Medicare premiums rise, a Medicare Advantage plan can seem like an attractive option. But if you are considering switching from Original Medicare to a Medicare Advantage plan, you need to know what to look for. Medicare Advantage plans are Read More ...
How Do I Fix a Mistake with My Required Minimum Distribution?
The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty. Read More ...
Are Medicare and Medicaid Plans Able to Transfer Between States if You Move?
If you are planning to move to another state, will you be able to take your Medicare or Medicaid plans along? We get this question frequently, and it's a good one. Many couples consider moving to warmer weather when they Read More ...