Some limits and deadlines have wiggle room, but IRS rules, especially those regarding retirement rules, aren’t among them. The “retirement rule of $1 more” refers to the costly situations created when an increase, even by as much as $1, can trigger tax consequences or increase Medicare costs. Want to avoid crossing this expensive line? Here’s […]
Continue reading…
Don’t Let Poor Estate Planning Ruin a Great Legacy – Jimmy Buffett’s Widow Battles Over $275 Million Estate
When Jimmy Buffett passed away in 2023, he left a legacy of a beach lifestyle where it’s always time for a margarita. But the same laid-back island vibes are in direct contrast to the battle now underway between his widow and a co-trustee. Jane Buffett and co-trustee Richard Mozenter filed lawsuits against each other. She […]
Continue reading…
New York State’s Estate Tax Cliff: How to Keep Your Estate on Solid Ground
New York State residents shouldn’t overlook a crucial and potentially costly component of their estate planning: New York State’s estate tax cliff. If your estate falls within the $7 million to $14 million range, it is imperative to address this issue now—before it results in an unnecessary and substantial tax burden on your heirs. Understanding […]
Continue reading…
Seniors, What Do You Need to Know About Out of Pocket Health Care Costs?
Medicare doesn’t pay for everything. One of the big financial challenges of Medicare is the out-of-pocket cost, which can be a surprise if you’re not ready for it. How much you’ll pay and when depends on the kind of Medicare you have. Traditional Medicare, operated by the government, provides care on a fee-for-service basis. Medicare […]
Continue reading…
Why Do You Need an Elder Law Attorney?
Elder law attorneys provide various legal services to help seniors and their families navigate the challenges accompanying the aging process. This includes asset protection but extends beyond applications for Medicaid. An Elder Law attorney will also help coordinate legal planning to address such matters as needing guardianship, help with obtaining Social Security and Veteran’s benefits […]
Continue reading…
When is the Best Time to Use a Medicaid Asset Protection Trust?
Long-term care planning is a critical aspect of estate and financial planning, especially for individuals who may require Medicaid in the future. A Medicaid Asset Protection Trust (MAPT) is one of the most effective tools for protecting assets while ensuring Medicaid eligibility. If an individual owns substantial assets, setting up a MAPT early can prevent […]
Continue reading…
Washington Abandons Beneficial Ownership Reporting for U.S. Nationals and Companies
In a dramatic policy reversal, the U.S. Treasury has permanently suspended the Corporate Transparency Act (CTA) beneficial ownership reporting requirements for all U.S. citizens and domestic businesses. This decision significantly shifts corporate compliance regulations, impacting businesses nationwide. The CTA, enacted to enhance financial transparency and combat illicit finance, required most U.S. entities to report their […]
Continue reading…
Elder Lawyer Stephen J. Silverberg Speaks on Income-Only Trusts for Medicaid Eligibility
On Wednesday, December 4, Elder Law attorney Stephen J. Silverberg will speak before an audience of Elder Law and estate planning attorneys for a Continuing Legal Education program on the topic of drafting income-only trusts for Medicaid eligibility. Mr. Silverberg was invited to speak based on his extensive knowledge of Medicaid planning, the use of […]
Continue reading…
Social Security Goes Digital For Signatures on More than 30 Forms
In an effort to make life easier for Social Security beneficiaries, the Social Security Administration (SSA) recently announced a change to how signatures are gathered. On 30 forms, electronic i signatures will be accepted and no signature will be required at all for 13 forms. The intent is to make applications simpler and remove one […]
Continue reading…
Medicare Guide – What You Need to Know for This Year
Every September, the CMS mails out a hard copy handbook, Medicare & You. Around the same time, the annual avalanche of ads about Medicare Advantage plans arrives in your mailbox, on television, and on your social media feeds. These sales pitches escalate during the Open Enrollment season (October 15 – December 7). Every year, we prepare […]
Continue reading…