If you are about to turn 70, congratulations on reaching a big milestone. And if you also have delayed claiming Social Security retirement benefits up till now, you are joining a select group -- only 6.5 percent of Social Security recipients put off collecting their benefits until they reach three score and ten, the age
Not everyone wants to take the required minimum distributions from their retirement accounts right away. If you don’t want your distribution, one option is to donate it to charity and get a tax deduction. You are required to begin taking distributions from your tax-deferred IRA when you reach age 72 (70 ½ if you turned
Anyone who gifted assets within five years prior to applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned. In order to be eligible for Medicaid, you cannot have recently transferred assets. Congress does not want you to move into a
When a married person applies for Medicaid, the Medicaid agency must analyze the income and assets of the applicant and the applicant’s spouse as of a particular date to determine eligibility. Elder Law attorneys refer to this as the “snapshot” date. It can have a major impact on a couple’s financial future. In order to
By Stanley M. Vasiliadis, Esq., CELA While a durable general power of attorney that appoints someone to act for you if you become incapacitated is a great tool, in some circumstances it is not enough. In these cases, a revocable trust can help. A durable general power of attorney allows you to appoint someone you
As a trust beneficiary, you may feel that you are at the mercy of the trustee, but depending on the type of trust, beneficiaries may have rights to ensure the trust is properly managed. A trust is a legal arrangement through which one person, called a "settlor" or "grantor," gives assets to another person (or an
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual. The IRS’s announcement that the annual gift exclusion will rise for calendar year 2022 means
Running a small business can keep you busy, but it should not keep you from creating an estate plan. Not having a plan in place can cause problems for your business and your family after you are gone. While an estate plan is important for everyone, it is especially important for small business owners. Planning
Being able to make health care decisions for ourselves is so important to us, but what happens if you become incapacitated and are unable to voice your opinion? If you don’t have a health care power of attorney or guardian in place, state law chooses who can make those decisions. In an emergency, medical providers
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of your estate. The current federal estate tax exemption is $11.7 million for individuals and $23.4
