Q. My mother just died, and her will leaves her estate equally to us three children. I am fairly well-off, but my two brothers are not quite as fortunate. Is there a way that I can redirect some or all of my share to them in a tax efficient way? A. The answer may very… Read More »
Posts Categorized: Tax Matters
Free Tax Filing Help Is Available to Seniors
Q. I hear that the IRS may offer free tax preparation services. Do you know anything about this? A. Yes. The IRS offers free tax preparation software, fillable forms, and free taxpayer assistance, all available in an effort to make tax compliance easier, especially for seniors, those with a disability and those whose primary language… Read More »
What Happens To My Medicare Premium If I Sell My House
Q. I am in my 70’s and receiving Social Security and Medicare. I am considering selling my home and moving into a Senior Living facility. I heard that the sale might affect my Medicare premium and Social Security benefits. Can you shed any light on this? A. I believe so, and you heard correctly if… Read More »
Estate Planning for Surviving Spouses
Q. I recently had to lay my wife to rest after almost 50 years together. Our children keep saying that I should review our estate plan with an attorney to see if anything needs to be done and that all is in order. Do you have any suggestions as to things I should look for,… Read More »
Fixing a Problem Trust After the Death of a Spouse
Q. My wife and I created a Living Trust back in the year 2001. We never thought to have it reviewed or updated. She recently died and I just re-read our trust. To my surprise, it requires that her half of our assets go something called a Bypass Trust and greatly limits my access to… Read More »
Consider Tax Savvy Year End Gifts To Family
Q. Last year around this time, you wrote an article on year-end gift planning, but I cannot find the copy I saved. My wife and I are considering making large gifts to our two children to help them remodel their homes, and we would like to do so in a way that is “tax wise”…. Read More »
When Your Most Valued Assets Are Not Covered by Your Will
Q. My wife and I hold title to her home as joint tenants, and most of our cash assets are in the form of two large IRA accounts and one big annuity. We have basic wills which leaves everything to the other and then on to our children. Our son suggested that our wills may… Read More »
Add Flexibility To Your Trust To Handle Change
Q. My husband and I are concerned about how to keep our trust up to date in light of changing tax law and changing family circumstances. What if we are too ill to make changes ourselves. Any thoughts on how we can handle these concerns? A. With the ever-changing tax landscape, and changes over time… Read More »
Does Your Trust Need a Tuneup?
Q. My wife and I had our Living Trust prepared back in the year 2008. I hear there have been changes in tax law since then which might affect us. Is it time to have our trust reviewed? A. You refer to the Tax Cuts and Jobs Act,” (“TCJA”) signed by former President Trump on… Read More »
The Tax Consequences of Selling a Home After the Death of a Spouse
Q. My husband died last year, and I am now considering selling our home and relocating to be closer to our daughter. I am concerned, however, about the potential tax consequences when I sell. Can you provide any information on this point? A. Yes. The biggest concern when selling property is capital gains taxes. A capital… Read More »