February 2017

Will Your Grandkids Ever See the College Money You Saved for Them?

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

How to Deduct Long-Term Care Premiums From Your Income

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

How to Make Distributions to an SNT Beneficiary Without Disrupting Their SSI

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