With estate planning in mind ideally, when a second marriage joins two families together, it should be a joyous occasion that creates one bigger family unit. Unfortunately, it too often also creates inheritance fights between stepparents and children. A good strategy for estate planning is necessary to help avoid these types of family squabbles. Complications
By Stanley M. Vasiliadis, Esquire, CELA Here are some important inflation adjustments for 2020: Federal Estate & Gift Tax Lifetime Exclusion Amount. For persons who die or make taxable gifts in 2020, there is a lifetime exclusion of $11,580,000 -- $11.58 million. With proper planning, a married couple can combine their exclusions and pass on
After small or no increases the past couple of years, Medicare’s Part B premium will rise sharply in 2020. The basic monthly premium will increase $9.10, from $135.50 a month to $144.60. The Centers for Medicare and Medicaid Services (CMS) announced the premium increase on November 8, 2019. Not everyone will pay the whole increase,
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
Thanks to recent changes in the tax law, families can now make limited transfers from existing 529 accounts to ABLE accounts with no tax consequences. Families with special needs children may be thinking about rolling existing 529 funds into ABLE accounts. Perhaps on the birth of your child, you started a 529 account to save up for college.
Medicare's Open Enrollment Period, during which you can freely enroll in or switch plans, runs from October 15 to December 7. Don't let this period slip by without shopping around to see whether your current choices are the best ones for you. During this period you may enroll in a Medicare Part D (prescription drug)
The Social Security Administration has announced a 1.6 percent Social Security increase in benefits in 2020, nearly half of last year's change. The small rise has advocates questioning whether the government is using the proper method to calculate the cost of living for older Americans and those with disabilities. Cost-of-living increases are tied to the
Being appointed guardian of a loved one is a serious responsibility. As guardian, you are in charge of your loved one's well-being and you have a duty to act in his or her best interest. If an adult becomes mentally incapacitated and is incapable of making responsible decisions, the court will appoint a substitute decision
Clarence and Elsie were the envy of all who knew them. Friendly, kind, and content, this happily married couple were sometimes asked for the secret to their long and happy life together. “We never argued about money,” replied Clarence. “We worked hard, spent prudently, saved, and invested wisely with professional help.” Observed Elsie, “We put our kids through school, paid for their weddings, and managed to set aside a nice little nest egg. Now, in retirement, we live comfortably without struggling to pay our bills. We travel and we spend quality time with our grandchildren. What’s to argue about?”
According to the U.S. Department of Health and Human Services, 70% of people who reach age 65 will need some form of long-term care during their lives. “Long-term care” refers to those services and supports that might become necessary to perform everyday tasks and personal care needs. Determining the Level of Care Everyday tasks, sometimes
