Widows and widowers who don't want to sell their house right away will get a tax break under a new law. The Mortgage Forgiveness Debt Relief Act of 2007 signed into law Dec. 20, 2007, gives surviving spouses two years to sell … [Read more...]
Print This PageSeniors Need to File Tax Return
March 13, 2008 by
Seniors can benefit from the economic stimulus law enacted on February 13, 2008, but they need to file an income tax return. Seniors, disabled veterans, and veterans' widows will receive $300 payments if they earned $3,000 in … [Read more...]
Print This PageHow to Avoid Estate Tax
March 4, 2008 by
Federal tax law allows an unlimited transfer of property to a surviving spouse without imposing any estate tax. This is a result of the "unlimited marital deduction." In addition to the unlimited marital deduction, Federal tax law … [Read more...]
Print This PageTemporary Capital Gains Tax Break Can Help Seniors
February 6, 2008 by
Over the next two years, seniors can take advantage of a significant capital gains tax break. From 2008 to 2010, taxpayers in the 10 and 15 percent tax brackets will pay zero percent in capital gains taxes. This means individuals … [Read more...]
Print This PageUnderstanding a Caregiver’s Stress
February 6, 2008 by
A 2003 study of caregivers has proven that the off-repeated adage "stress can kill you" is true. The focus of the investigation was the effect the stress of caregiving had on caregivers. A team of researchers at Ohio State … [Read more...]
Print This PageWhat Expenses Can’t a Special Needs Trust Pay For?
February 6, 2008 by
Special needs trusts are designed to supplement, not replace, the kind of basic support provided by government programs like Medicaid and Supplemental Security Income (SSI). Special needs trusts pay for comforts and luxuries -- … [Read more...]
Print This PageLong-Term Care Premium Deductibility Limits for 2008
January 7, 2008 by
The Internal Revenue Service has announced the 2008 limitations on the deductibility of long-term care insurance premiums from taxes. Premiums for "qualified" long-term care policies are treated as an unreimbursed medical expense. … [Read more...]
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