After staying the same for five years, the amount you can give away to any one individual in a particular year without reporting the gift will increase in 2018.The annual gift tax exclusion for 2018 is rising from $14,000 to $15,000. This means that any person who gives away $15,000 or less to any one individual (anyone…
What is a Care Plan in Elder Care Planning? Elder care planning is crucial to senior care planning for long-term care. It’s often overlooked. Many people make significant effort planning for other life phases, like retirement, financial planning, home ownership, or a child’s college education. A care plan is a tool that professional caregivers and…
In 2018, Social Security recipients will get their largest cost of living increase in benefits since 2012, but the additional income will likely be largely eaten up by higher Medicare Part B premiums.Cost of living increases are tied to the consumer price index, and an upturn in inflation rates and gas prices means recipients get…
All of the abbreviations and acronyms we face today can be overwhelming. I stay confused! But Medicare parts should be simpler, right? Here is the breakdown.Medicare Part A– Medicare is a health insurance program for: people age 65 or older, people under age 65 with certain disabilities, and people of all ages with End-Stage Renal…
Medicare is offering relief from penalties for certain Medicare beneficiaries who enrolled in Medicare Part A and had coverage through the individual marketplace. For a short time, these individuals will be able to enroll in Medicare Part B without paying a penalty for late enrollment.Individuals who do not enroll in Medicare Part B when they…
Most of us are cautious when it comes to taxes. We don’t want to pay more that we should, and we most certainly do not want to evade legitimate taxes and be penalized. So when discussions of the use of Trusts in Estate Planning, Medicaid Planning or Long-term Care Health Care Planning comes up, taxes…
Many seniors and their families don’t use a lawyer to plan for long-term care or Medicaid, often because they’re afraid of the cost. But an attorney can help you save money in the long run as well as make sure you are getting the best care for your loved one. Instead of taking steps based…
“President Donald Trump and Republicans in Congress have committed to repealing and replacing the Affordable Care Act (ACA). How do their replacement proposals compare to the ACA? How do they compare to each other? Plans available for comparison: The Better Care Reconciliation Act of 2017 (PDF) – Updated 7.13.17 The American Health Care Act, as passed…
The following article by Valerie Peterson, J.D. CEO of ElderCounsel is the most up-to-date status of President Trump’s repeal and replace efforts for the ACA: On May 4, House Republicans passed the American Health Care Act (AHCA), an updated version of the Act first introduced in March and which was not voted on. If it passes…
We had talked about everything else and now the obvious. “I can help you with all of your planning for your estate and end of life decisions.” “Oh, no! I have all of that taken care of…years ago. I put all of that in place. A Will, a Power of Attorney, a Living Will. I…