IRS Issues Long-Term Care Premium Deductibility Limits for 2021
The Internal Revenue Service has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance.
Do You Pay Capital Gains Taxes on Property You Inherit?
When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it.
Gifts to Grandchildren: What Do UGMA and UTMA Have to Do With Grandma?
The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the “granddaddies” of college savings accounts.
The Hazards of Do-it-Yourself Estate Planning
Many websites offer customized, do-it-yourself wills and other estate planning documents, but although these products are convenient, using them could cause serious and expensive legal problems for heirs.
Don’t Forget to Fund Your Revocable Trust
Revocable trusts are a very popular and effective estate planning tool. But the trust will be ineffective if you do not actually place your assets in the trust.
Where Trump and Biden Stand on Issues Important to Older Americans
With the presidential election only a few weeks away, it is important for voters to know the candidates’ positions on issues like Medicare, Medicaid, and Social Security.
A Modest Social Security Increase for 2021
The Social Security Administration has announced a 1.3 percent increase in benefits in 2021, an increase even smaller than last year’s.
How to Fix a Required Minimum Distribution Mistake
The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty.
New York Imposes Restrictions on Medicaid Eligibility for Home Care
New York was the only state that didn’t have a look-back period for Medicaid home care, but that is now changing. New York Medicaid applicants will no longer be eligible for home care if they gave away assets within 30 months of applying.
