Q. My wife and I created our estate planning documents about 10 years ago and we really have not even looked at them since. Do you have any thoughts about when we should consider updating them? A. Yes, I do. I would tie a review and update into a New Year’s Resolution. Many of us… Read More »
Blog Posts Page 14
Make Your Charitable Gifts Count Under the New Tax Law
Q. I am wondering if I can still get deductions for charitable gifts under the new tax law? Do you have any thoughts on this? A. Yes. Under the Tax Cuts and Jobs Act, effective this year, the traditional method of making a gift and itemizing your deductions on your Federal Income Tax Return, as… Read More »
Hang Up On Phony Calls from SSA
Q. I hear there is a new scam going around whereby seniors receive phone calls that appear to be from Social Security. Do you know anything about this? A. Yes. There is a spoofing scam going around the entire country whereby seniors receive calls which appear to be coming from the Social Security Administration, but… Read More »
Will Mom Lose Her SSI and Medi-Cal If She Sells Her Home?
Q. My mother, who receives Social Security, SSI and Medi-Cal, is thinking of selling her home and either buying a smaller condo, or possibly moving into a spare room in our home. When she sells her home, will she lose her any of her benefits? A. She won’t lose her Social Security, because eligibility does… Read More »
Is There A Downside to Gifting My Home To My Son Now?
Q. I am thinking about just gifting my home to my son now, in order to minimize estate administration after I’m gone. Of course, I would continue to live here as long as possible. Do you see any downside to this plan? A. Yes, there may be a big one, depending upon how you do… Read More »
The New “Tax Cuts & Jobs Act of 2017” Makes It Important to Review Older Trusts
Q. My wife and I set up a Living Trust back in 2001, but we have never updated it. In view of the recent change in the tax law, is that something that we should consider? A. Yes, by all means! At the time you created your trust, the estate tax exemption was only $675,000… Read More »
VA Establishes an Asset Limit and New Transfer Penalties for Needs-Based Pension Benefits
Q. Has the Veterans Administration announced new rules about qualifying for an Aid & Attendance Pension to help Vets with long term care expenses? I recall that they were in the planning. A. Yes! The VA has announced final rules for those Veterans and their surviving spouses who seek to qualify for a pension to… Read More »
What Is a ‘Springing’ Power Of Attorney
Q. I recently heard the term “Springing” Power of Attorney, but I am not sure what that is. Can you shed any light on this? A.. Sure. Broadly speaking, there are two general categories of financial Powers of Attorney: (1) those that are immediately effective upon signing by the principal, and (2) those that are… Read More »
Proposed New Medicare Payment System May Affect Beneficiaries
Q. I hear that Medicare is proposing a new payment arrangement for doctors that may dramatically impact access to care by seniors and other beneficiaries. Do you know anything about that? A. You heard correctly. Medicare is proposing a new flat rate reimbursement system for doctors who treat Medicare patients. Some worry that the plan… Read More »
Does a Will Override a Joint Tenancy Deed?
Q. A few years ago, our mother signed a Joint Tenancy Deed adding our brother to the title on her home. More recently, she signed a Last Will leaving the home equally to all three of her children. She passed away last month and we are now conflicted about who owns her home. Does the… Read More »