Tax season is in full swing with the filing deadline quickly approaching on April 15. Many family caregivers who provide time and money to elderly relatives may qualify for some tax advantages that will reduce the amount of taxes owed.
It can be challenging to provide care for elderly loved ones even in the best of situations. It can be considerably more difficult when the loved one has a history of being emotionally abusive or is suffering from loss of control due to some type of cognitive impairment.
Maryland seniors are at the highest risk for contracting and dying of Covid-19, and are steadfastly attempting to obtain vaccinations. Medical providers are not giving shots directly so many seniors call their doctors’ offices and fail to get any closer to acquiring an appointment for a vaccine.
More than half of the small businesses in Maryland do not have a proper plan in place should the owner become disabled or pass away. Now that so many businesses are struggling due to the pandemic, it is more important than ever to have a proper plan in place for the future of the business.
If there is a concern that biological children will inherit the entire estate because you do not have a living spouse should you adopt a child that you raised so you would be sure they receive an equal share of your estate?
Our isolated seniors are spending more and more time online as a way to connect with family and friends. While this is helping them through a difficult pandemic, they are opening themselves up to certain risks from being online and communicating on various platforms.
There are two types of insurance that offer benefits for serious illness – long-term disability insurance and critical illness insurance. While a regular health insurance plan typically offers comprehensive coverage for all types of illnesses many of those plans require the policy holder to pay a considerable amount of money out-of-pocket for critical illnesses.
When you set up a trust as part of your comprehensive estate plan, it is important to know how this will figure into your income tax filings. All trusts become separate legal entities upon creation. Therefore, depending on the type of trust you create, you may need to file a separate tax return for the trust itself.
The largest coordinated sweep of identity fraud involving US seniors has recently been conducted. The US Department of Justice has reported that more than one million elderly people have collectively lost hundreds of millions of dollars because of this targeted financial abuse.
