After his wife died Frank, a retiree, updated his Will. He wanted his estate to pass in equal shares to his three children. Most of Frank’s estate consisted of investments held in a brokerage account. Unfortunately, Frank, after signing his Will, on the advice of his financial planner, and unbeknownst to his lawyer, designated his
Do you own a vacation home? If so, you appreciate the opportunity it provides you, your children, grandchildren and other loved ones to gather and share happy times together. But after you’re gone and the home passes to the next generation, without proper arrangements in place, family harmony can suffer. George Vasiliadis, an attorney with
Medicare is a federally-funded program administered by the Centers for Medicare and Medicaid Services (CMS), an agency within the U.S. Department of Health and Human Services. It pays for medical care provided to seniors, age 65 or older, and for younger persons who are permanently disabled. But did you know that Medicare, just as some
It’s 10 o’ clock. Do you know where your digital assets are? And even if you do, can someone you trust access them for you if you can’t? Does your estate plan include measures that will enable your agent under power of attorney, trustee, or the executor of your estate to identify and access these?
Two retired married couples, long-time friends, Bob & Carol, Ted & Alice, experienced very similar health care crises. They responded differently with radically different results. Bob’s wife, Carol, sustained a massive stroke, rendering her severely paralyzed. After a brief hospitalization, Carol transferred to Dirty Pines Nursing and Rehabilitation Center for short-term rehab. Thirty days later,
When a person declares bankruptcy, an individual retirement account (IRA) is one of the assets that is beyond the reach of creditors, but what about an IRA that has been inherited? Funds held in an inherited IRA are not exempt from creditors in a bankruptcy proceeding because, according to the U.S. Supreme Court, they
The Centers for Medicare & Medicaid Services (CMS) has issued the 2025 figures for Medicare. As in 2024, these health care costs are going up across the board. Medicare Part B Changes for 2025 Medicare Part B covers the cost of doctor visits and other preventative care and outpatient medical services. The cost of
Amazingly, many people are unaware of a potentially massive income tax deduction that has been available since 1996. The entire cost – 100% - of home health care or care at an assisted living facility can potentially be deducted. For seniors who rely upon their IRA, 401(k) or other qualified retirement plan to cover
The Social Security Administration (SSA) has officially released its annual cost-of-living adjustment (COLA) figures for 2025. These newly issued numbers will have an impact on monthly Social Security benefits payouts for retirees, as well as recipients of Social Security disability benefits and survivor benefits, over the forthcoming year. The COLA Change From 2024 to 2025
The Internal Revenue Service (IRS) has released its tax inflation adjustment figures for tax year 2025. Annual Gift Tax Exclusion Effective January 1, 2025, you will be able to make individual gifts of up to $19,000 in the calendar year (an increase from $18,000 in 2024) tax-free. In other words, giving more than $19,000 to
