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Estate Taxes, Gift Taxes, Capital Gains Taxes and Medicaid

People are often confused between the rules for estate taxes, gift taxes, capital gains taxes and Medicaid.  Here is a brief summary of some of the rules. Estate Tax and Gift Tax. If you are a member of the middle class, you are not subject to gift taxes during your lifetime and estate taxes upon … Continue reading “Estate Taxes, Gift Taxes, Capital Gains Taxes and Medicaid”

LAST MONTH TO MAKE TRANSFERS TO AVOID A 2 1/2 YEAR LOOK-BACK

I hope you are well. In a previous post, we told you that a new Medicaid law was passed.  One of the provisions of the new law is that as of October 1, 2020 there will be a 2 ½ year look-back period for Community Medicaid.  Community Medicaid includes home health care services, private duty … Continue reading “LAST MONTH TO MAKE TRANSFERS TO AVOID A 2 1/2 YEAR LOOK-BACK”

The Secure Act and The Demise of The Stretch IRA

The Secure Act has changed the way in which we engage in planning for Qualified Retirement Plans (herein after referred to as “QRP”).  Examples of QRPs are IRAs, 401(k)s and 403(b) plans. First the good news: under the Secure Act, you do not have to start taking your required minimum distributions until age 72. You … Continue reading “The Secure Act and The Demise of The Stretch IRA”

Health Care Decisions: How To Ensure Your Wishes Are Followed When You Can No Longer Make Decisions For Yourself

We have the right to accept or refuse medical treatment for ourselves if we have capacity to make health care decisions. “ ‘Capacity to make health care decisions’ means the ability to understand and appreciate the nature and consequences of health care decisions, including the benefits and risks of and alternatives to any proposed health … Continue reading “Health Care Decisions: How To Ensure Your Wishes Are Followed When You Can No Longer Make Decisions For Yourself”

Medicare Open Enrollment Period Has Begun

By Guest Blogger, Lewis Knopf For 2020 coverage, open enrollment for Medicare will run from October 15, 2019, to December 7, 2019. During the annual enrollment period you can sign up or make changes to your existing coverage. If you are currently receiving Social Security benefits, you are automatically enrolled in Medicare Parts A and … Continue reading “Medicare Open Enrollment Period Has Begun”

THE PITFALLS OF GIFTING REAL ESTATE

One of the most important assets that most people have is their home. Very often parents want to ensure that their children and/or grandchildren receive a share of this valuable asset. However, there are pitfalls to be avoided. Giving the Property Away During Lifetime There are three ways to give real property away during your … Continue reading “THE PITFALLS OF GIFTING REAL ESTATE”

5 THINGS TRUSTEES CAN DO TO AVOID BEING SUED

Being a Trustee is an important responsibility.  If one does not handle the duties of a Trustee appropriately, he can be liable to the beneficiaries of the Trust for the improper actions taken.  This article gives general guidelines to Trustees but is not legal or tax advice.  Every situation is different, and you should consult … Continue reading “5 THINGS TRUSTEES CAN DO TO AVOID BEING SUED”