Q. My mother set up an irrevocable grantor trust with your firm as part of her estate planning. Can you explain more to me about what that means? She also asked me to inquire about how the trust’s income is taxed and what forms she should use to … [Continue reading]
The Best Way to Show Your Loved Ones That You Care This Valentine’s Day
Dear Angel, On Valentine’s Day, most people buy chocolates, flowers, or jewelry, and go out for a fancy dinner or get carryout these days. As a recent widow (my husband passed away two years ago), I don’t have a special someone to share such … [Continue reading]
Are Dementia and Dizziness Related?
Joe, who is 56, has experienced dizziness for a few months now, typically when he gets out of bed in the morning. His dizziness has gotten worse lately. He fell a few times and nearly got into a car accident last week. Also, sometimes he … [Continue reading]
What Do Different Generations Care Most About in Their Estate Planning?
Q. My daughter, Abby, is 30 and newly married. Similar to many of her friends, Abby and her husband decided to do their estate planning because the coronavirus got them thinking about their mortality. It got me and my husband, who are baby boomers, … [Continue reading]
What Does a Taking a “Holistic” Approach to Estate Planning Mean?
Dear Hayek, In sitting down with my husband to discuss our estate planning, I’m realizing that planning our legacy can be a complicated process. Navigating how to pass on financial assets, real estate, and personal possessions is … [Continue reading]
Seniors are Facing Barriers Trying to Get the COVID-19 Vaccine. What to Do.
Janet needs to get the coronavirus vaccine. She is 74 and has chronic obstructive pulmonary disease. She leaves the house rarely, only to pick up her medicines in the pharmacy drive-thru. She has caregivers coming in to help her that may have been … [Continue reading]
Some Major Changes are Coming to Social Security this Year
Q. I read that the retirement age for Social Security purposes is set to increase by two months each year until it hits 67? I heard this is one of many significant changes to Social Security this year. What other major changes can we expect in 2021? … [Continue reading]
Money- Saving Medicare Tips for 2021
Dear Oakley, Some Medicare costs have increased for 2021, including the premiums and deductibles for Parts A and B. My wife and I are wondering if you know of any ways that we may be able to trim our expenditures when it comes to Medicare and … [Continue reading]
Elizabeth is Missing — Can Her Friend with Alzheimer’s Find Her?
Many films and documentaries have been made about Alzheimer’s and dementia. But, very few have gotten the critical acclaim of Elizabeth is Missing, a PBS film that was released earlier this month. Based on the bestselling novel of the same name by … [Continue reading]
How Can I Keep My Brain as Sharp as Possible?
Q. The pandemic has been stressful for us all. My husband and I are staying in most of the time and having groceries and other items delivered to our home. We used to stay active and interact with people all the time at gatherings and at the local … [Continue reading]
Beware of COVID-19 Vaccine Scams
Dear Angel, My sister got a call telling her that she was exposed to COVID-19 and the caller asked her for personal information and $150 to sign her up for a vaccine quicker. She thought it could be a scam, so she hung up, although she would like … [Continue reading]
Which Veteran’s Benefits are Expanding and Increasing in 2021?
Chris, a 75-year-old Vietnam veteran, is planning on moving to Northern Virginia to reside with his son and his family. He is eager to remain at his son's home for as long as possible, but is concerned he won’t be able to manage without help. Chris, … [Continue reading]
How Can a Senior Get a COVID Vaccine in Virginia, DC, and Maryland?
Dear Magic, My husband, Ricky, is 70 and I am 67. We would like to get coronavirus vaccines, but don’t know how and where. Do you have any information about doing so in the DC area? Thanks for your help! Vax Scene --- Dear Vax, Coronavirus … [Continue reading]
Are RMDs Back This Year or Will They Be Waived Again?
Q. I turned 70 in November 2019. I was planning on taking my first required minimum distribution (RMD) in May 2020 (when I turned 70½) until the government waived 2020 RMDs. Is my first RMD now due by May 2021? What about my wife, whose first RMD … [Continue reading]
Is Aging a Disease that Can Be Cured?
Betty White, the amazing 98-year-old actress and comedian, has had a television career spanning 80 years and has worked longer in the industry than anyone else. She offers the following advice about aging: “Get at least eight hours of beauty sleep, … [Continue reading]
How to Reclaim Your Independence After a Health Crisis
Dear Oakley, In October, my mother (80) was hospitalized for a week as a result of a urinary tract infection, but she doesn’t seem to be recovering from her hospital visit. She came home from the hospital feeling a level of weakness and fatigue … [Continue reading]
There is So Much That Seniors Need to Know About the New Coronavirus Relief Package
Q. You recently published an article about the Paycheck Protection Program (PPP) for businesses. You mentioned that there is a second stimulus check and some new benefits for seniors, but mostly elaborated on benefits for small businesses. Can you … [Continue reading]
Our Top 20 Articles of 2020
Last year (2020) was quite a year and, like most people, I am glad to see it go! Those who read our newsletter or follow our blog know that we covered a lot of ground during this challenging year. COVID-19 uprooted many areas of life. COVID-19 … [Continue reading]
Happy New Year From The Farr Law Firm!
Paycheck Protection Program Round 2: What You Should Know
Good news for small businesses—another stimulus package has been approved! The new package provides $900 billion in coronavirus relief and stimulus. Its provisions include an extension of last spring’s Paycheck Protection Program (PPP), allowing … [Continue reading]
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