How Your Estate Is Taxed, or Not
Congress sets the amount that an individual can transfer tax-free either during life or at death. The current estate tax exemption is so high that very few estates will have to pay an estate tax.
Biden Administration May Spell Changes to Estate Tax and Stepped-Up Basis Rule
While it remains unclear exactly what tax changes President Biden’s administration will usher in, two possibilities are that it will propose lowering the estate tax exemption and eliminating the stepped-up basis on death.
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.
Why You Should Use a Lawyer for Medicaid Planning
Many seniors and their families don't use a lawyer to plan for long-term care or Medicaid, often because they're afraid of the cost. But an attorney can help you save money in the long run as well as make sure…
When Planning Your Estate, Don’t Let Perfect Be the Enemy of Good
There are many unknowns when planning an estate, but you can’t let the uncertainties get in the way of creating any kind of plan. Having an imperfect plan is usually better than having no plan at all. When planning an…
How Will the Coronavirus Pandemic Affect Social Security?
The coronavirus pandemic is having a profound effect on the current U.S. economy, and it may have a detrimental effect on Social Security’s long-term financial situation. High unemployment rates mean Social Security shortfalls could begin earlier than projected. Social Security…
A Family Caregiving Meeting Is an Essential Tool
A family caregiving meeting is an essential tool when dealing with the care of an aging loved one. These meetings are beneficial for helping to keep all family members abreast of decisions that need to be made along with changes…
Living Trusts and How They Help Seniors
It’s an unfortunate fact that seniors can be prime targets for financial abuse and scams. Sadly, the elderly are often taken advantage of by strangers — and sometimes even their own family members. That’s why it’s important that planning is…
Five Things to Include in Your Estate Plan
Estate planning is important for people of all ages, but as we age, the need for planning becomes even more critical. Many people avoid estate planning, because they do not want to think about the end of life, failing health…
Changes To Social Security Will Take Away Some Key Planning Strategies That Couples Used To Boost Their Total Benefits
As part of recent negotiations between Congress and the White House over the budget, major changes to Social Security took away some key strategies that couples could use to boost their total benefits. File and Suspend Under this strategy, a…