The Costs of the Rising Cost of Long-Term Care

Do you have a family member receiving some form of long-term care? If you don’t, the chances are good that someday you will – and that day may not be too far away. As the U.S. population ages and life expectancies increase, long-term care is becoming an essential consideration for many individuals and families. Long-term […]

Avoiding Property Tax Foreclosures for Older Adults

         If you are a homeowner falling behind on your real estate taxes, you may face foreclosure on your property. Because your property taxes hinge on the value of your property, you may find your taxes rising beyond what you can afford. Before your situation becomes more serious, be sure to educate yourself. Get a […]

Retirees: Deduct Your Long-Term Care Insurance Premium

Even if you have a long-term care insurance policy, you may likely be hoping that you won’t ever have reason to use it. Regardless of what the future holds, there’s one silver lining of which you may not be aware. That is, premiums on many long-term care insurance policies are, in fact, tax-deductible. What Is […]

Key Elder Law Numbers for 2023: Annual Roundup

For quick reference, please find below the figures for 2023 that are frequently used in elder law practice that are of interest to our clients. Medicaid Spousal Impoverishment Figures for 2023 Medicaid Home Equity Limits Access CMS’s complete chart of the 2023 SSI and Spousal Impoverishment Standards. Income Cap The income cap (in applicable states) […]

Keeping Medicare Solvent Could Mean Higher Taxes for the Wealthy

       With the 2024 presidential election in the not-too-distant future, coverage of heated debates over the nation’s government budget, including how to secure the future of public benefits programs like Social Security and Medicare, has dominated the daily headlines. In one recent development, President Joe Biden, who has pledged to bolster such federal programs, has […]

This Tax Season, Seniors Can Get Free Assistance

         When filing your 2022 federal tax return for the 2023 tax season, you may be able to access several free assistance forms. Filing Online: IRS Free File In January 2023, the Internal Revenue Service (IRS)’s Free File service opened to taxpayers. Through IRS Free File, you can prepare and file your federal individual tax online — […]

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 […]

Tax Deductions for Assisted Living Costs

If you or a family member lives in an assisted living facility, you know that assisted living costs continue to rise every year. But did you know some of those costs may be tax-deductible? Medical expenses, including some long-term care expenses, are deductible if the expenses are more than 7.5 percent of your adjusted gross income.  […]