What You Can’t Do With a Will
While a will is one of the most important estate planning documents you can have, there are things that it won’t cover. A will is just one part of a comprehensive estate plan.
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.
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…
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…
Should You Complete The Medicaid Application Yourself?
Simply stated, the answer is “No”, “No”, and “No”. There are no instructions to explain how to fill-out the Medicaid Application. Consequently, this results in many hidden traps that could have been avoided. I have a retired attorney friend who…
Should I Transfer My Home To My Children?
Before transferring your home to your children, there are several issues that should be considered. Some are tax-related issues and some are non-tax issues that can have grave consequences on your livelihood. The first thing to keep in mind is…
Tax Season Results in Increased Telephone Scam Calls to Seniors
With only one week remaining until this year’s tax filing deadline, the Senate Special Committee on Aging has announced that the Committee’s fraud hotline is experiencing an increased number of reports of scam artists who call seniors pretending to be…