The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance.
Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the insured’s adjusted gross income.
Read moreMaking sure your end-of-life wishes are followed no matter where you happen to be is important. If you move to a different state or split your time between one or more states, you should make sure your advance directive is valid in all the states you frequent.
Read moreFederal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs).
Read moreIt is a very good idea to create advance directives in order to plan for the possibility that you may one day be unable to make your own medical decisions. In doing so, there can be confusion about the difference between a living will and a “do-not-resuscitate” order (DNR). While both these documents are advance medical directives, they serve different purposes.
You can’t amend it, modify it, change it or revoke it. The written terms of an irrevocable trust are much like the iron-clad sides of ship, strong and impenetrable, except in some rare circumstances. Not to be altered for any reason and managed by a trustee, when you place assets in an irrevocable trust, you essentially no longer own them. With all that said, for certain individuals, there are some distinct advantages to having an irrevocable trust.
Read moreThe median cost of a private nursing home room in the United States increased to $100,375 a year in 2018, up 3 percent from 2017, according to Genworth’s Cost of Care survey, which the insurer conducts annually.
Read moreWe are sending you this alert as there will be a significant change in the qualification requirements for wartime Veterans and surviving spouses of wartime Veterans who are eligible for VA pension benefits. These new rules go into effect on October 18, 2018 and will make it more difficult to qualify for this important benefit that can help defray the cost of care.
Read more
Although a nursing home cannot require a child to be personally liable for their parent’s nursing home bill, there are circumstances in which children can end up having to pay. This is a major reason why it is important to read any admission agreements carefully before signing.
Read more
Older parents are becoming more common, driven in part by changing cultural mores and surrogate motherhood. Comedian and author Steve Martin had his first child at age 67. Singer Billy Joel just welcomed his third daughter. Janet Jackson had a child at age 50. But later-in-life parents have some special estate planning and retirement considerations.
JANUARY 9- IF MEDICAID IS ON THE FEDERAL CHOPPING BLOCK, WHAT SHOULD YOU DO?
With the recently-passed tax bill in the news, many are fearful Medicaid funds will be cut. That’s been a goal for Congressional Republicans for many years. Lou explains that the tax bill is estimated to add 1.4 trillion dollars to the deficit, which is also an impetus for cuts in the entitlement prorams. Medicare, a health care program for the elderly, could face cuts. Medicaid, which is a Federal-State health insurance program for low-income and needy people, may be cut as well. Eligibility rules for the program could also change. Lou’s biggest piece of advice is to plan ahead and soon! If you do legal planning under current eligibility rules, you will be grandfathered in, meaning that Medicaid can’t revoke your assistance down the road.
Give us a ring to get started. Pierro, Connor & Associates offers a free consultation at any of our locations or by phone. Call 1-518-459-2100 or email us at [email protected]