Medicare provides health insurance for retirees, but it doesn’t cover everything. In fact, there’s a lot that Medicare does not cover, and many of these are health care costs that can consume a nest egg. Here are the top five healthcare costs that should be part of your retirement preparations: Medicare and Long Term Care […]
Continue reading…IRS and Treasury Announce Intent to Issue Regulations: State and Local Income Taxes Will be Deductible for Businesses Structured as Passthrough Entities
Anyone who owns rental property and has not yet re-structured ownership into a passthrough entity now has another reason to make this change. We encourage you to call our office to get this done before year’s end to make the most out of this opportunity from the Treasury and the IRS. The $10,000 limit on […]
Continue reading…Stephen J. Silverberg Named to 2020 Super Lawyers – Scott B. Silverberg Named to 2020 Rising Stars
Stephen J. Silverberg has been selected to the New York Metro Super Lawyers list as one of the top New York metro area lawyers for 2020. This is an exclusive list, recognizing no more than 5% of attorneys in the state. Super Lawyers has named Silverberg to its select list of attorneys for thirteen consecutive […]
Continue reading…
Veterans Day 2020
Today we honor the veterans who have kept our country and our democracy safe with respect, honor, and gratitude. We encourage our clients, friends, and colleagues to consider making a donation to a Veterans organization, as so many of the nearly 100,000 veterans living on Long Island struggle to meet basic needs. This year, the […]
Continue reading…
Top Tax Moves Before December 31, 2020 – But Don’t Wait Until the Last Minute
There are a number of smart money moves to make before this historic year is over. Some of them were enacted as part of the economic relief package passed earlier in this year and others are traditional techniques, like charitable donations from an IRA. There’s still time to make these changes, but I’d encourage you […]
Continue reading…IRS Issues Changes in Revenue Procedure 2020-45
On October 26, 2020, the IRS issued IRS Rev. Proc-20-45 outlining the changes in the various tax rates, brackets and exemptions, and other income and estate and gift tax exclusions. Highlights of Changes in Revenue Procedure 2020-45 The Consolidated Appropriation Act for 2020 increased the amount of the minimum addition tax for failure to file […]
Continue reading…
NEWS UPDATE: Important Changes to the New Community Based Long Term Care Laws
Adding new lookback requirements for those applying for community-based Medicaid home care that went into effect on October 1, 2020 have been pushed back to January 1, 2021 because of the renewal of the Federal Public Health Emergency (PHE) Declaration. The renewal is effective as of October 23 and for 90 days thereafter. All COVID […]
Continue reading…
Medicare Awareness: An Annual Wellness Exam is Covered; An Annual Physical Examination is Not
People who went for annual physicals throughout their adult lives are surprised to learn that Medicare does not cover an annual physical. It seems counterintuitive–wouldn’t you want to have more care, not less, so you can age well? But Medicare rules are different. Many people learn about this the first time they go for an […]
Continue reading…
Does Medicare Advantage Make Your Medical Coverage Better or Worse?
Some of the smartest people we know find enrolling in Medicare confusing and overwhelming. Despite the warm and fuzzy commercials from insurance companies, Medicare Advantage plans are tricky to figure out. And sometimes, Medicare Advantage can be more expensive than traditional Medicare. You want to go into the Medicare enrollment process with information to prevent […]
Continue reading…
Medicare Open Enrollment Season and Our Free Medicare Consultations
Open enrollment for Medicare Advantage plans and Part D prescription coverage begins on October 15 and ends on December 7, 2020. When it’s over, whatever decisions you may have made will be set in stone for a full calendar year. Mistakes are costly, especially for people who require multiple prescriptions. Also, if you do not […]
Continue reading…