WGY Ask the Expert: Be Prepared for Tax Reforms
Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.
In the first podcast, Lou and Joe discuss tax reform in Washington. Although it is not final, the elimination of income tax deductions is likely to be included in the final bill. It will affect blue states the most, which tend to have higher income taxes. Because of this, Lou recommends being proactive in your spending habits. Take advantage of the deductions by the end of the year and pre-pay property taxes and mortgage.
In the second podcast, Lou talks about the misconceptions with Medicare. Many seniors rely on Medicare, but are unaware of the gaps in coverage that it can leave. Medicare pays for no long-term care, so it’s important that you plan to protect yourself and assets as you get older. Ask yourself: what is my liability? Then, plan to anticipate that risk. Examples of this are setting up a trust, so that if you do need to go on Medicaid, your assets will be protected, and you can avoid the ‘spend down’.
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