As elder law attorneys, we keep a finger on the pulse of government benefits for seniors, and Medicare is one of them. In this post, we are going to share some recently released information about the relatively modest out-of-pocket cost increases seniors will face in 2021. Four Distinct Parts Medicare is broken up into four distinct parts. Part A is the hospitalization component. There is not a monthly premium if you have earned eligibility through your payroll tax contributions. To … [Read more...] about Some Out-Of-Pocket Medicare Costs Will Go Up in 2021
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What Are Advance Directives for Health Care?
When planning your estate, you want to express your wishes regarding how you want your assets distributed after your passing. Many people think this is the long and short of it. But a well-constructed estate plan will address another possibility Health Care Decision Making You don't know if you may become unable to communicate sound health care decisions at some point. This is not a pleasant subject and many people refuse to think about it, but this is a mistake. If you take the right steps … [Read more...] about What Are Advance Directives for Health Care?
Getting Together with Family for the Holidays
The holidays are a special time with family and friends. You can take the opportunity to check on elderly loved ones. It’s also a great time to discuss planning. Read on to learn more. by Steve Hartnett The holidays are a special time for friends and family. We gather around the tree recalling past joyful times and we remember loved ones who are no longer with us. While we are gathered is a great time to pull loved ones aside and speak with them about your estate planning. If you’ve … [Read more...] about Getting Together with Family for the Holidays
Medicaid Allowances for the Healthy Spouse
While Medicaid is not a concern for everyone, it can be extremely relevant to people who need to qualify for Medicaid because Medicare will not pay for custodial care. Custodial care is the type of assistance you would receive in a nursing home or in some assisted living communities. Actually, everyone should take Medicaid seriously, because 70 percent of senior citizens will eventually need help with their activities of daily living. Many folks who need this assistance can get the help they … [Read more...] about Medicaid Allowances for the Healthy Spouse
Do I Pay Capital Gains Taxes on Inherited Assets?
Capital gains tax is payable any time you realize a gain on the sale or transfer of an asset. This is a fancy way of saying you will pay taxes if you sell an asset that has gone up in value while you owned it. There are two types of capital gains taxes. Long-term capital gains are gains realized on the transfer of an asset you owned for more than a year. Short-term capital gains are due on profits from the sale of assets you held less than a year. Short-term gains are taxed at your … [Read more...] about Do I Pay Capital Gains Taxes on Inherited Assets?
What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
When you’re deciding to whom to leave assets, most people choose their children or other descendants. However, you also need to decide on the “contingent remainder” beneficiary. In other words, who should get your assets if all your other beneficiaries are gone. Read on to learn more about this often-confusing concept. by Steve Hartnett When you’re planning your estate, among other things, you decide who should inherit your assets. You choose your beneficiaries, typically your … [Read more...] about What’s an “Atom Bomb” or “Contingent Remainder” Beneficiary?
Can You Fund a Special Needs Trust With a Settlement?
People with disabilities are likely to need very expensive medical care throughout their lives. While many Americans get health insurance through their employers, people with special needs are not in a position to work, thereby denying them this benefit. Fortunately, a solution exists in the form of Medicaid. This is a jointly administered federal/state government health insurance program. Many people who qualify for Medicaid also receive modest monthly benefits through another program … [Read more...] about Can You Fund a Special Needs Trust With a Settlement?
These Errors Can Tarnish Your Legacy
There are some common estate planning mistakes that can yield negative consequences for survivors. We are going to look at three of them here. Assuming the State Will Take Care of Everything Some people do not prioritize estate planning because they assume that the state will step in to make sure the assets go to their loved ones. The probate court does provide supervision during intestacy cases, so part of the assumption is correct. However, as for the idea that the assets will automatically … [Read more...] about These Errors Can Tarnish Your Legacy
Planning Is Important
Planning is important. End-of-year tax planning is one part of that planning. This year you should also consider whether you’ve had any payroll tax withholdings deferred. If your employer deferred those withholdings, you’ll have more money withheld next year than usual. That means you’ll have less money for other things, like IRA contributions. by Steve Hartnett As Autumn arrives, it’s not too early to consider end-of-year planning. Fundamental to end-of-year planning is deciding … [Read more...] about Planning Is Important
An Overview of 529 College Plans
When you are contemplating your legacy, you will ask yourself how you can have a positive impact on your loved ones that persists after you are gone. If you have youngsters on your inheritance list, you can potentially give them the gift of a college education. Giving someone the ability to reach their full potential is a very meaningful act. The benefits begin when the young student recognizes the fact that college is in their future. During the preparatory years, they will always have their … [Read more...] about An Overview of 529 College Plans
