Q. My wife and I are being charged extra for Medicare Part B and prescription drug coverage premiums, apparently based upon our higher income in years past. Beginning last year, our income dropped significantly. Is there way to get the surcharges removed? A. Yes, if you can link the reduction in income to a “life… Read More »
Blog Posts Page 17
The Ethical Will: Putting Your Values on Paper
Q. In connection with creating our estate planning documents, my husband and I would like to leave our children and grandchildren something more than just our money and assets. We would like to leave them a sense of our values. A friend mentioned something to us about an “Ethical Will”. Do you have any thoughts… Read More »
Leaving an IRA to Grand Children? Beware the ‘Kiddie Tax’
Q. I was thinking about naming my minor grandchildren as beneficiaries of my IRA, to inherit in the event of my demise. But I heard something about the “Kiddie Tax” that might apply here. Can you share any thoughts about this? A. Yes, the so-called “Kiddie Tax” is essentially a special tax that was adopted… Read More »
How Does an Alternate Agent Under Power Of Attorney Take Over?
Q. Years ago, when my mother and father created their powers of attorney, they each appointed the other as their first choice agent, and appointed me, their son, as first successor. Neither of my parents is now able to handle their own affairs, nor act as agent for the other. How do I step in… Read More »
New Protections For Widowed Homeowners Facing Foreclosure
Q. I hear there is a new law which protects widows from losing their homes in foreclosure when a spouse dies. Do you know anything about that? A. Yes. I believe you refer to the new California law referred to as the “Survivor Bill Of Rights” (SB 1150), effective January 1, 2017. SB 1150 now… Read More »
How Much Can We Leave to Our Children Estate Tax Free?
Q. My wife and I were wondering how much we could leave to our children free of any gift or estate tax? A. The answer may surprise you. A married couple can actually transfer to up to $10,980,000 to their children, free of any gift or estate tax (in 2017). You can either do so… Read More »
Trusts Will Still Be Useful Even If Estate Tax Is Repealed
Q. I hear that the federal estate tax may be repealed during this administration. If that happens, will trusts still be a useful estate planning device? A. In a word, yes. But remember, the federal estate tax now only kicks in if your estate is valued at more than $5.49 Million at death (2017). At… Read More »
Powers of Attorney Are Not All The Same
Q: My friends and I were recently discussing powers of attorney. It seems that we have different understandings as to what they look like and how they can be used. Can you provide me with a short lesson which I can share with them? A. Sure. Powers of attorney are very important legal documents. In… Read More »
What Is a Life Estate Deed?
Q. My primary asset is my home, which I purchased about 40 years ago and now own free and clear. I would like to leave it to my children, but in a way that avoids the fuss of a probate or trust administration when I die. Is there some way to do this? A. Yes,… Read More »
Debt Relief For Low Income Seniors
Q. My wife and I have about $10,000 in credit card debt that we struggle to pay each month. Our incomes are very modest and all from Social Security and my work Pension. Is there any way that we can legally avoid paying this debt without dire consequences? A. Very likely, yes. Generally speaking, income… Read More »