Annuities can be valuable retirement and longevity planning tools, but they are complex financial products that can be misused. There are two kinds of annuities: deferred and immediate. Variable annuities are a common form of deffered annuities that have gotten a bad reputation in recent years because they are often sold to people, especially seniors,
While the execution of wills requires formalities like witnesses and a notary, the reality is that most property passes to heirs through other, less formal means. Many bank and investments accounts, as well as real estate, have joint owners who take ownership automatically at the death of the primary owner. Other banks and investment companies
Q: My son was disabled prior to age 18 and is now 39. He lives with us at home and draws Social Security benefits on his dad's work record. I will be 62 in June and have applied for early retirement. Will our son be able to draw from my work record as well?
Direct and indirect changes create new and interesting life insurance planning opportunities. The Tax Cuts and Jobs Act was signed into law by President Trump on December 22, 2017. The Act brings direct changes to the tax treatment of insurance and significant indirect changes to planning with life insurance. These changes present new and
Sam, Mary’s son and agent under her power of attorney, didn’t bother to seek legal advice after Mary entered a nursing home. “She only has $60,000. There’s nothing we can do”, he told his sisters. Six months later, with her funds exhausted, Mary sought Medicaid to pay for her care. To Sam’s shock and dismay,
The Pennsylvania Supreme Court has agreed to hear the appeal of the Pennsylvania residential facility that was denied parental filial support payments for its care of a New Jersey adult with severe disabilities. Melmark v. Schutt (Pa., No. 580 MAL 2017, Dec. 26, 2017). As we have previously reported, Melmark, Inc., a Pennsylvania residential care facility
By Stanley M. Vasiliadis, Esquire, Professionals, small business owners and tax advisors for both of these groups are all scrambling to make sense of the sweeping new rules regarding pass-through entities, codified as section 199A of the Tax Cuts and Jobs Act (TCJA). This provision establishes a new 20% deduction for small business. It was
Some people become disabled as the result of a work-related illness or injury. In these cases, the individual may be eligible for both Social Security Disability Insurance (SSDI) and workers’ compensation benefits. Unfortunately, their total benefits may be limited by what is known as the “workers’ compensation offset.” Key to understanding the interplay between the two programs
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
