First, it isn’t likely that the tax bill for selling your home would eat up half the proceeds. The top capital gains tax rate is 20 percent and that is just a tax on the capital gain, not all of the proceeds. In addition, you can exclude the first $250,000 of gain....
Directed trusts can be a useful estate planning tool, allowing you to place your family’s assets in a trust but benefit from the expertise of an advisor who knows more about the handling of certain trust functions than you may. The benefit of a directed trust is it...
A Massachusetts land court rules that the state cannot recoup Medicaid benefits from a Medicaid recipient’s property, which was left in a life estate that had a scrivener’s error and included a limited power of appointment. Estate of Koutoukis v. Secretary of the...
Every year Medicare gives beneficiaries a window of opportunity to shop around and determine if their current Medicare plan is still the best one for them. During Medicare’s Open Enrollment Period, which runs from October 15 to December 7, beneficiaries can...
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 must be...
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...
Hiring a caregiver for someone with special needs can be a daunting task. Not only do you have to find a person with the experience, compassion, patience, and skills to work with your loved one, but you also have to comply with a host of employment laws and...
Being asked to serve as the trustee of the trust of a family member is a great honor. It means that the family member trusts your judgment and is willing to put the welfare of the beneficiary or beneficiaries in your hands. But being a trustee is also a great...
The SECURE Act, passed at the end of 2019, changed a number of rules regarding inherited IRAs, making it more difficult for most beneficiaries to save on taxes by “stretching” distributions over many years. However, an exception to the new rules...
Pandemic-related financial assistance will no longer affect an individual’s eligibility for Supplemental Security Income (SSI) or the benefit amount, the Social Security Administration (SSA) has announced. The assistance includes a long list of pandemic payments,...
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