Highlights of How the Omnibus Bill Will Benefit Older Adults
The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts. The bill, which runs more than 4,000 pages and includes a wide variety of legislation, heads to President Biden next for his signoff. Here is a breakdown of some […]
What Does ‘Geriatric’ Mean, and What Is Geriatric Care?
Long-term care for seniors is always evolving. Geriatric care may be a possible next step for you or your loved one. You may be wondering: What does this type of care entail? Is it any different from the arrangements I have previously made for my aging family member? What does ‘geriatric’ even mean? Keep […]
5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning
Many seniors consider transferring assets for estate and long-term care planning purposes, or to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions of […]
Will You Owe a Gift Tax This Year?
The rules surrounding taxes on gifts often create confusion during tax season or any other time. Below are some of the nuts and bolts of the gift tax, including when a gift tax form needs to be filed. What Is the 2022 Gift Tax Exclusion? The annual gift tax exclusion is $16,000 for 2022. […]
Giving Your Home to Your Children Can Have Tax Consequences
Many people wonder if it is a good idea to give their home to their children. While it is possible to do this, giving away a house can have major tax consequences, among other results. You May Not Have to Pay a Gift Tax … When you give anyone property valued at more than $16,000 […]
11 Common Acronyms in Elder Law and Estate Planning
In helping clients prepare for their future, estate planning and elder law attorneys use many acronyms. Understanding some of the common medical and legal terms in this field can give you added confidence in your approach to planning for your own future or that of your loved ones. 1. AEP (Accredited Estate Planner) — An […]
Plan Ahead Before Seeking Nursing Home Care: Avoid Unnecessary Debt for You and Your Family
Many senior citizens may need the services of a nursing home or at-home care at some point in their life. You might assume that government assistance or health insurance will step in and cover the cost if you cannot afford these services. Unfortunately, neither health insurance nor Medicare covers long-term care. Because obtaining long-term […]
How Changes to Portability of the Estate Tax Exemption May Impact You
On July 8, 2022, the Internal Revenue Service issued new guidance that allows a deceased person’s estate to elect “portability” of their unused gift and estate tax exemption for up to five years after their death. So, if your spouse passed away less than five years ago, you may be able to file an […]
What to Do If Your Medicaid Application Is Denied
If you apply for long-term care assistance through Medicaid and your application is denied, the situation may seem hopeless. The good news is that you can appeal the decision. Medicaid is a program for low-income individuals, so it has strict income and asset eligibility requirements. Qualifying for Medicaid requires navigating the complicated application process, which has […]
October is National Estate Planning Awareness Month
What is Estate Planning? While this designation is very recent, the concept of Estate Planning itself is not. “Estate planning is a process involving the counsel of professional advisors who are familiar with your goals and concerns, your assets and how they are owned, and your family structure. It can involve the services of a […]
