Included in the new tax bill, signed by President Trump on December 22, is a provision that could provide some temporary relief for families with high medical expenses. Federal law currently allows families with medical expenses exceeding 10 percent of their adjusted gross incomes to deduct certain medical expenses from their income taxes, provided that
By Ron Leiber and Tara Seigel Bernard (UPDATED) — Republican lawmakers passed a sweeping tax overhaul this week. Several of the most anticipated changes — such as a significant increase in the standard deduction and the curtailing of state and local income tax breaks — made the final cut of the bill. Some of the most controversial
Dionysios Pappas and George Vasiliadis take the helm at Vasiliadis Pappas Associates LLC. Stanley Vasiliadis remains in Of Counsel capacity Effective January 1, 2018, ownership and management of Vasiliadis & Associates vested in Dionysios C. Pappas and George M. Vasiliadis, long-time associates of Stanley M. Vasiliadis. The new firm, Vasiliadis Pappas Associates LLC, starts the
Families of people with special needs often face unusually high travel expenses. Medical emergencies or other unforeseen circumstances may require travel to care for their loved ones at a moment’s notice. Or family members may simply need to travel in order to visit the person with special needs. Typically, family members can be reimbursed for
The announcement of the 2018 Medicare premium is good news for some beneficiaries and bad news for many others. The good news is that the standard monthly Part B premium, which about 30 percent of Medicare beneficiaries pay, will again be $134 next year, unchanged from 2017. But most Medicare recipients pay a lower premium because they
After staying the same for five years, the amount you can give away to any one individual in a particular year without reporting the gift will increase in 2018. The annual gift tax exclusion for 2018 is rising from $14,000 to $15,000. This means that any person who gives away $15,000 or less to any one individual
You may be afraid of losing your home if you have to enter a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Although you generally do not have to sell your home in order to qualify for
The main purpose of a will is to direct where your assets will go after you die, but it can also be used to instruct your heirs how to pay your debts. While generally heirs cannot inherit debt, debt can reduce what they receive. Spelling out how debt should be paid can help your heirs.
In 2018, Social Security recipients will get their largest cost of living increase in benefits since 2012, but the additional income will likely be largely eaten up by higher Medicare Part B premiums. Cost of living increases are tied to the consumer price index, and an upturn in inflation rates and gas prices means recipients
By Stanley M. Vasiliadis After his wife died, Frank, a retiree, updated his Will, Financial and Health Care Powers of Attorney, and Living Will. His Will directed that his estate, a large part of which included investments managed under a brokerage account, pass in equal shares to his three children. Frank, unbeknownst to his lawyer
