How Will the Elderly be Affected if Health Expense Deductions are Eliminated?

For elderly Americans, some of the proposed tax changes may have a big impact on their bottom line. There is a proposal to eliminate the medical tax deduction which allows people who itemize their deductions to write off certain medical...

Published On: Friday, January 12, 2018

Will my gift be subject to the gift tax?

Any property or assets given as a gift are subject to the federal gift tax. However, there are a number of exceptions or ways you can transfer assets, including money, without incurring gift taxes: Give any number of people up...

Published On: Thursday, January 11, 2018

So What Exactly Are Death Taxes Anyway?

So What Exactly Are Death Taxes Anyway? A common misconception I come across in helping families create an estate plan is the notion of owing a substantial death tax. Believe it or not, the term ‘death tax’ is an overused...

Published On: Wednesday, January 10, 2018

What is a supplemental needs trust?

Supplemental, or special needs, trusts are an estate planning tool that is most frequently used to receive an inheritance or personal injury litigation proceeds on behalf of an individual with a disability, in order to allow the person to continue...

Published On: Tuesday, January 09, 2018

What are the duties of a trustee?

The most important part of a trustee's role is its fiduciary responsibility. A trustee is legally and morally obligated to act solely for the benefit of the trust's beneficiaries and must manage the assets of the trust in a productive...

Published On: Monday, January 08, 2018

Should I Consult an Attorney Before Contracting for Nursing Home Care or Purchasing Long Term Insurance?

Yes, it could be beneficial to talk with a lawyer before applying for nursing home or assisted living care, contracting with a continuing care retirement community or purchasing long term care insurance. Most contracts are complex legal documents with terms...

Published On: Friday, December 15, 2017

DOES CREATING A REVOCABLE LIVING TRUST HELP ME AVOID WRITING A WILL?

No, even if you dispose of your assets through a revocable living trust, you still need a pour-over will. A pour-over will is a special type of will used in conjunction with a trust-based estate plan. Instead of governing the...

Published On: Thursday, December 14, 2017

HOW DO I KNOW WHEN MY AGING PARENT NEEDS ASSISTED LIVING CARE?

Facing the realities of aging and the potential transition away from home to an assisted living facility can be a challenging and emotional journey for an adult child to face with their aging parent. In some cases an aging parent...

Published On: Wednesday, December 13, 2017

HOW MUCH DOES THE AVERAGE PERSON SPEND ON LONG TERM CARE?

According to a recent Survey report by Genworth Financial, a private room in a nursing home now costs consumers over $8,100 per month, or $97,452 per year (national median cost). That’s an increase of 5.5% from only one year ago...

Published On: Tuesday, December 12, 2017

WHAT IS A LOOK-BACK PERIOD?

A look-back period is the period of time in which a government agency will review gifts or transfers of assets when a person applies for Medicaid (and some other government benefits). Transfers made during the look-back period are often subject...

Published On: Monday, December 11, 2017

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