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 […]
If you need a lot of cash on hand upon retirement, Social Security offers a lump-sum payment option that’s worth six months of benefits. However, it comes at a cost. It is important to understand the details before agreeing to the payment. If you have waited beyond your full retirement age (66 for those born […]
When a married couple applies for Medicaid, the Medicaid agency must analyze the couple’s income and assets as of a particular date to determine eligibility. The date that the agency chooses for this analysis is called the “snapshot” date and it can have a major impact on a couple’s financial future. In order to be […]
Working seniors without dependents may qualify for the earned income tax credit when they file their 2021 tax returns. The tax credit assists those with low incomes but was previously primarily available to people with young children. If you file taxes and your earned income is below a certain level, you can apply the earned income […]
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021. Many types of medical expenses are deductible from your taxes. To claim the deduction, your total unreimbursed medical […]
Although people are willing to voluntarily care for a parent or loved one without any promise of compensation, entering into a caregiver contract (also called personal service or personal care agreement) with a family member can have many benefits. It rewards the family member doing the work. It can help alleviate tension between family members by making sure the […]
If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon
With another round of stimulus checks in negotiations, here is some perspective from the first round about deceased family members receiving stimulus checks.
The $2 trillion economic relief package that Congress passed to help Americans deal with the devastating financial impact of the coronavirus pandemic contains some provisions that affect seniors. In addition to authorizing direct payments to most Americans, including seniors, the law also changes required retirement plan distributions for this year and includes two Medicare-related provisions. […]
Retirement is supposed to mean less stress- Learn where Seniors can find free help with their tax preparations!
Tax season is here! It can be a breeze for some people and others, not so much. We are all pretty much aware of the options available to us. Turbo Tax is a popular one for the DIY set. Some people have an accountant bear the burden, and responsibility, of filing it for them. The […]