Five Most Important Legal Documents for 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 ...
Estate Planning: Considerations When You Have a Stepfamily
Ideally, when a second marriage joins two families together, it should be a joyous occasion that creates one bigger blended family unit. Unfortunately, when the estate plan lacks clarity, it too often also creates inheritance fights between stepparents and children. Read More ...
What Makes a Will Valid? Dramatic Wills: Scribbled Notes, Videos and Last Wishes.
You've surely seen a dramatic presentation of a will in either a movie, television show, or in a book. From handwritten notes and scribbled on a napkin to a self-made video or last utterances to a companion in the last Read More ...
Why Everyone Over 60 Should Update Their Estate Plan
How frequently you should review your estate plan depends on how old you are and whether there has been a significant change in your circumstances. If you are over age 60 and you haven't updated your estate plan in many Read More ...
Southwood Case Reminds Us That Incapacity Planning is Important
What is Mental Incapacity or Incapacitated? As we age, our likelihood of mental incapacity increases. After all, our bodies and minds deteriorate as we age. Mental incapacity could result from dementia, stroke, brain injury, or other illness. What is mental Read More ...
Maximizing Couple’s Assets When Applying For Medicaid
Medicaid Snapshot Date When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. The date that the agency chooses for this analysis is called the Read More ...
Why Small Business Owners Need an Estate Plan
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone. What Happens Read More ...
Biden Proposes Major Nursing Home Reforms Implemented by Medicare Services
The Biden administration has announced far-reaching nursing home reforms, targeting staffing and accountability at facilities with deficient care. Advocates are calling the proposals, which include the first-ever federal minimum staffing levels, the most significant reforms in decades. Nursing homes have Read More ...
How to Give Gifts to Your Grandchildren
Gifting assets to your grandchildren can do more than help your descendants get a good start in life -- it can also reduce the size of your estate and the tax that will be due upon your death. Perhaps the simplest Read More ...
Spending From ABLE Accounts
ABLE (Achieving a Better Life Experience) accounts offer people with disabilities a great, tax-free way to accumulate money without jeopardizing their qualifications for Supplemental Security Income (SSI) and other means-tested programs. Withdrawals are tax-free as long as the money is used Read More ...
The Tax Consequences of Selling a House After the Death of a Spouse
If your spouse dies, you may have to decide whether or when to sell your house. There are some tax considerations that go into that decision. The biggest concern when selling property is capital gains taxes. A capital gain is Read More ...
5/26: Wesleyan Village Classic Car Show in Elyria
Come meet Joseph L. Motta Thursday, May 26th, 2022, at the Wesleyan Village Classic Car Show from 5:00pm-7:00pm. Free admission - food trucks, games and raffles available for a charge. A must see event for the classic car enthusiast or Read More ...
When Are Survivors Eligible for Benefits After a Social Security Recipient Dies?
When loved ones pass away, there are lots of considerations, including what happens to their Social Security. The decedent’s payments need to be stopped, but survivor’s benefits may be available to the spouse or, in certain cases, children. Social Security Read More ...
5/5th: North Coast Business Expo in Avon Lake, Ohio
The City of Avon Lake, in cooperation with the North Coast Chamber of Commerce, has announced the 9th Annual North Coast Business Expo on Thursday, May 5 from 3:00 p.m. to 5:00 p.m. at Ahern's Banquet Center, 726 Avon Belden Read More ...
4/28th: Boomer Bash at Crocker Park in Westlake
Come meet Joseph L. Motta Thursday, April 28th, 2022, at the NEO Boomer Bash at Crocker Park in Westlake. General Admission tickets are only $10 per person. Save your spot and buy tickets now at eventbrite.com. Event Details Boomer Bash West Read More ...
4/13 Lunch and Learn in Avon: Estate Planning, Aging in Place and More
Come meet Joseph L. Motta Wednesday, April 13th, 2022, at The Ganzhorn Suites in Avon, OH. Join us as the same panel from The Most Informative Lunch & Learn EVER!, that we put on Tuesday, March 22nd at Read More ...
How Long Does an Executor’s Job Take?
Being the executor of an estate can be a time-consuming job, depending on the size and complexity of the estate. While a simple estate can take a few months and not require a huge time commitment, if there are problems, Read More ...
Using a Roth IRA as an Estate Planning Tool
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation. Unlike a traditional IRA, contributions to a Roth IRA are taxed, which Read More ...
Home Health Aide Costs See the Sharpest Increase in Annual Long-Term Care Survey
Long-term care costs climbed again in 2021, with rates for home health aides and homemakers seeing the sharpest rises, according to Genworth’s annual Cost of Care Survey. The coronavirus pandemic continues to contribute to cost increases. In the past year, Read More ...
Declining to Act as an Agent Under a Power of Attorney
Acting as an agent under a power of attorney is a big responsibility and it isn’t something everyone can take on. It is possible to resign or refuse the position. There are two main types of powers of attorney – Read More ...
What Happens When Gift and Estate Tax Exemption is Cut in Half?
Although the vast majority of Americans have estates that fall under the estate and gift tax exemption, the exemption is set to be cut in half in 2026. Proper planning may be necessary to make sure you are taking full Read More ...
Don’t Want an IRA Distribution? Donate It to Charity.
Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your distribution, one option is to donate it to charity and get a tax deduction. You are required to begin taking Read More ...
3/22 – The Most Informative Lunch & Learn EVER!
Join this amazing panel of experts for the "Most Informative Lunch & Learn EVER!" on Tuesday, March 22nd from 11:30AM - 1:00PM at the Avon Lake Old Firehouse Community Center. Gain valuable information from professionals concerning home care, medical & Read More ...
Annual Contribution Ceiling for ABLE Accounts Rises
The maximum amount that can be contributed each year to an ABLE account for a person with disabilities rose $1,000 to $16,000 on January 1, 2022. The figure, which is tied to the inflation-adjusted value of the IRS’s gift tax exclusion, had Read More ...
Should We Set-up an ABLE Account, a Special Needs Trust or Both?
If you have a child with disabilities, it is crucial to set money aside for the child’s future. At the same time, you need to consider your child’s access to public benefit programs such as Medicaid and Supplemental Security Income (SSI), Read More ...
What Documents Are Required for a Medicaid Application?
Medicaid applicants must prove that they have limited income and assets in order to be eligible for long-term care services. Before beginning the application process, it is helpful to understand what information you will be required to provide to prove Read More ...
Using Estate Planning to Prepare for Medicaid
Long-term care involves not only a loss of personal autonomy; it also comes at a tremendous financial price. Proper planning can help your family prepare for the financial toll and protect assets for future generations. Long-term care can be very Read More ...
Medicaid’s Power to Recoup Benefits Paid: Estate Recovery and Liens
Federal law requires the state to attempt to recover the long-term care benefits from a Medicaid recipient's estate after the recipient's death. If steps aren't taken to protect the Medicaid recipient's house, it may need to be sold to settle the claim. For Read More ...
Saying Medicaid Estate Recovery Keeps Families in Poverty, Groups Call to Abolish It
To qualify for Medicaid coverage of long-term care, you must satisfy very complicated financial eligibility rules—rules that often can be traps for the unwary. One of the most significant traps is Medicaid's right to recover its expenses from your estate Read More ...
2022 Annual Gift Tax and Estate Tax Exclusions Increase
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual. Read More ...
Article in This Month’s Northeast Ohio Boomer Magazine
This month's Northeast Ohio Boomer magazine features an article written by Joseph Motta. Understanding Long-Term Care One of the greatest concerns of seniors and their families is the cost of long-term care, especially the cost of nursing home care. Long-term Read More ...
What Are a Special Needs Trustee’s Record-Keeping Duties?
One of the most important roles in a special needs plan is that of trustee, the person who administers a special needs trust (SNT). Of a trustee’s many responsibilities, record-keeping is perhaps the most crucial. Because the trustee is managing accounts on behalf Read More ...
Medicare Premiums to Increase Dramatically in 2022
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month. The Centers for Medicare and Medicaid Services (CMS) announced Read More ...
Why You May Need a Trust in Addition to a Power of Attorney
While everyone should have a durable power of attorney that appoints someone to act for them if they become incapacitated, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable power of attorney Read More ...
What is the Difference Between Elder Law and Estate Planning?
Elder law and estate planning serve two different -- but equally vital -- functions. The main difference is that elder law is focused on preserving your assets during your lifetime, while estate planning concentrates on what happens to your assets Read More ...
IRS Issues Long-Term Care Premium Deductibility Limits for 2022
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021. Many types of Read More ...
Medicare’s Limited Nursing Home Coverage
Many people believe that Medicare covers nursing home stays. In fact Medicare's coverage of nursing home care is quite limited. Medicare covers up to 100 days of "skilled nursing care" per illness, but there are a number of requirements that Read More ...
How to Use Intrafamily Loans as Part of Your Estate Plan
When interest rates are low, intrafamily loans can be a good way to assist a relative (typically a child) with purchasing a house or a family business, and in certain circumstances they can be used to gift money to the Read More ...
Who Makes Health Care Decisions If You Can’t?
Being able to make health care decisions for ourselves is so important to us, but what happens if you become incapacitated and are unable to voice your opinion? If you don’t have a health care power of attorney or guardian Read More ...
Lock in the Current Estate Tax Exemption to Benefit Your Spouse
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of Read More ...
In 2022, Social Security Disability Recipients Will See the Biggest Increase in Four Decades
The year was 1983: The U.S. invaded Grenada. A gallon of gas cost 96 cents. Michael Jackson’s "Thriller" video premiered. That year was also the last time that recipients of Social Security disability benefits saw a cost-of-living increase steeper than the Read More ...
“New and Improved” Tax Deductions for Parents of Children with Special Needs
Unique tax benefits are available to families who have children with special needs. And thanks to recent changes in the tax code, there are opportunities to save substantial amounts of money at tax time. Thomas M. Brinker, Jr., a professor of accounting Read More ...