by Stanley Vasiliadis Jim and Betty so adored their young grandchildren. Establishing a fund to financially assist in paying for their college education seemed like just the right thing to do. Of course, this is a common scenario. “Section 529” plans are perhaps the most popular vehicle to accomplish this goal. Under Section 529 of
When serving as the trustee of a special needs trust, it is crucial to be careful when making distributions for the benefit of the trust beneficiary. This is particularly true if the beneficiary receives Supplemental Security Income (SSI) because any distribution could potentially violate Social Security’s rules regarding unearned income for SSI recipients. If a
Taxpayers with long-term care insurance policies can deduct some of their premiums from their income. Whether you can use the deduction requires comparing your medical expenses to your income in a complicated formula. Premiums for qualified long-term care insurance policies are tax deductible to the extent that they, along with other unreimbursed medical expenses (including
Emotions can run high at the death of a family member. If a family member is unhappy with the amount they received (or didn't receive) under a will, he or she may contest the will. Will contests can drag out for years, keeping all the heirs from getting what they are entitled to. It may
by Stanley Vasiliadis John and Mary did everything right – or so it seemed. They worked hard, saved money, invested wisely, and spent prudently. Now in their golden years, John and Mary looked back contentedly upon a lifetime of achievements. They had put their children through college, paid for nice weddings, and helped the kids
Parents who have a child with special needs in school will meet annually with the school district to develop an IEP (Individualized Education Program), a document that outlines the educational program and special services their child will receive. (Although the IEP team must meet annually, meetings can be scheduled any time at the request of
Yes, but be aware that a co-trustee can be held responsible for another co-trustee’s breach of a fiduciary duty. Thus, it is important that all co-trustees pay close attention to everything that is done in the administration of the trust. If there is any question or problem, it should be communicated to the other co-trustee
Finra, the SEC and NASAA have all been in discussion for years about increasing protection of senior investors. There is a move to create such protection by requiring that financial professionals report suspected abuse to Adult Protective Services and utilize methods to freeze accounts and notify a trusted other when abuse appears to be going
Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs. Leave the house in your will The simplest way to give your house to your children is to leave it to them in your
John Hancock Financial, owned by Manulife Financial Corp., a Canadian firm, is pulling out of the long-term care insurance market this December. John Hancock has been one of the largest long-term care insurance providers in the United States with over 1.2 million outstanding policies. These policies will remain in effect, but no new policies will
