If things stayed the same, keeping up with the law would be a breeze. Unfortunately, tax and Medicaid laws seem to change on a daily basis. Over the past year, there have been a number of developments. In this article, I’ll offer some of the highlights. As a result of President Trump’s tax package, the […]
PAYING FOR NURSING CARE – PROTECTING INCOME
In a related article, I review Medicaid “resource assessment” rules that allow you to protect certain assets when your spouse enters a nursing home. These rules are designed to make sure that the spouse in the community is not rendered penniless by having to deplete all of the couple’s resources to pay for a nursing […]
PAYING FOR NURSING CARE – PROTECTING ASSETS
Contemplating a stay in a nursing home is certainly an unpleasant thought. On top of needing the care, you have the financial concern of having to pay the bill. Unless you have purchased private long-term care insurance, you may be faced with depleting the family’s resources in order to pay the nursing home costs. Once […]
SOCIAL SECURITY BENEFITS GET A BOOST IN 2021
With interest rates remaining low, Social Security benefits will jump just 1.3% in 2021. Benefit recipients will see the raise beginning with the checks to be issued the first week of January 2021. The Medicare Part B premium that is automatically deducted from Social Security check will rise from 144.60 to $148.50 for the vast […]
New Tax Break for Estate and Trust Beneficiaries
To understand this change, I’ll give a little background. When a person dies, their income tax year ends on the day of their death, and a new taxpayer called an “estate” comes into being. For federal income tax purposes, the estate files a Form 1041. On Form 1041, the estate has to report any income […]