Watch Out for These Potential Problems with Life Estates
Life estates can be an excellent tool for Medicaid planning, probate avoidance and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation.
What to Look for When Choosing a Medicare Advantage Plan
As Medicare premiums rise, a Medicare Advantage plan can seem like an attractive option. But if you are considering switching from Original Medicare to a Medicare Advantage plan, you need to know what to look for.
Medicare Premiums to Increase Slightly in 2021
Medicare premiums are set to rise a modest amount, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50.
Utah Hospitals May Implement Age-Based Care Rationing as Covid Cases Surge
As the coronavirus pandemic worsens in Utah, the state is expected to implement a health care rationing system that favors younger patients over older ones. Similar policies in several other states have been successfully stopped.
IRS Issues Long-Term Care Premium Deductibility Limits for 2021
The Internal Revenue Service has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance.
Do You Pay Capital Gains Taxes on Property You Inherit?
When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it.
Gifts to Grandchildren: What Do UGMA and UTMA Have to Do With Grandma?
The Uniform Gifts to Minors Act (UGMA) and the Uniform Transfers to Minors Act (UTMA) are sometimes called the “granddaddies” of college savings accounts.
The Hazards of Do-it-Yourself Estate Planning
Many websites offer customized, do-it-yourself wills and other estate planning documents, but although these products are convenient, using them could cause serious and expensive legal problems for heirs.
Don’t Forget to Fund Your Revocable Trust
Revocable trusts are a very popular and effective estate planning tool. But the trust will be ineffective if you do not actually place your assets in the trust.
Where Trump and Biden Stand on Issues Important to Older Americans
With the presidential election only a few weeks away, it is important for voters to know the candidates’ positions on issues like Medicare, Medicaid, and Social Security.
