For most people, tax season means going through the motions of another filing. But some tax changes implemented in the New Year could affect long-term financial planning. Stay updated on estate tax exemptions changes and 401k and IRA contribution income limit changes. 1 – Leave behind more of your estate, tax free. Last year, individuals could […]
On November 2, 2015, President Obama signed into law a federal budget agreement that will throw a wrench into retirement plans for many married couples. Two different Social Security “strategies” will take the brunt of it: file-and-suspend and restricted application. What is file-and-suspend? If you were born between 1943 and 1954, your full retirement age […]
If you are caring for a loved one, you need to know about HIPAA. Although the Health Insurance Portability and Accountability Act, or HIPAA for short, was established in 1996, it wasn’t until 6 years later, in 2002, that the Privacy Rules were enacted. Prior to the rules, personal health information could pass between anyone; […]
With unanimous approval by The Senate, the Special Needs Trust Fairness Act is on its way to helping those individuals with disabilities who are able to help themselves. What is a special needs trust? Medicaid is a program that can help pay for health care costs, housing and support services. Many individuals need Medicaid to help pay […]
Without a doubt, most individuals 65 or older (at least 70% of them to be exact) will require some form of long-term care during their golden years. Dealing with the costs of such care can be overwhelming, which is why certain insurances exist to help ease the burden. It can often be difficult to decipher […]
Families with special needs children often are often concerned about how they can pass assets to their children without interrupting important public benefits, such as Medicaid. Supplemental needs trust, sometimes called special needs trust, can assist in protecting these very important benefits. There are three main kinds: 1) third party supplemental needed trust 2) self-settled […]
Veterans and spouses of veterans – you may want to pay close attention. A new rule was proposed by the Department of Veterans Affairs in January of this year that may cause you an extra headache or two when it comes to applying for needs-based benefits. The pension program that would be affected by the […]
Each year, an overwhelming majority of estates will get by without having to pay any federal estate tax, or “death tax”. This is because you can leave a rather significant amount of assets to the inheritor(s) of your estate before taxes would even begin to kick in, which is a huge relief. Just how much can you leave […]
It is important to start thinking about, and prepping for, the unexpected. Many people will wait until they become older to think about end of life issues, but accidents and disability can be these tough decisions in front of families sooner than they anticipated. Advance directives help to ensure that your preferences for medical treatment are […]
Becoming an executor of an estate is a huge responsibility – one that should be handled with extreme care and diligence. You will be in charge of cooperating with the probate court and tying up all loose ends. It may seem overwhelming at first, but don’t be intimidated. It’s important to establish good communication with all parties involved early, […]