Q1. My long-time friend, Ellie, is a widow who lives alone and never had children. Without family members to help, and dealing with her own dementia-related challenges, she’s finding it more and more difficult to manage her day-to-day finances and expenses, which she pays almost exclusively with her monthly Social Security income. She recently received […]
Taxation of Special Needs Trusts
This article was written by Special Needs Alliance member Tara Pleat. Tara is a founding partner of the law firm of Wilcenski & Pleat PLLC in Clifton Park, New York. She practices in the areas of Special Needs Planning, Elder Law, and Trust and Estate Planning and Administration. Tara writes and lectures frequently on issues affecting individuals with […]
Another Continuing Care Retirement Community Bites the Dust?
Do you have a loved one who is interested in Continuing Care Retirement Communities (CCRC)s? He or she should proceed with caution. Here’s an example of another CCRC in financial trouble – Air Force Village West was a CCRC for retired military officers, located between downtown Riverside, California, and March Air Force base. Twenty-five years […]
The Best Way to “Disinherit” an Estranged Adult Child
Q. My adult daughter, Hallie, is from a previous marriage. I have been happily married to my second husband for 15 years, and we have supplied much love and finances to keep Hallie’s family going through the years. We even placed a 2nd mortgage on our home so she and her husband would have a […]
Top 17 Articles of 2017
From the passing of the RAISE Family Caregivers Act to offer much-needed support to caregivers, to Trump’s tax overhaul, we covered a lot of ground in 2017. It was a year that included a massive data breach, the ACA almost being repealed, and amazing new technological innovations to help seniors age-in-place. At the Farr Law […]
TSP Investment Increases for 2018?
Q: It looks as though we’re going to get about a 2 percent raise in January. Will my Thrift Savings Plan investment amount increase automatically? A: It depends on whether you are investing by dollar amount or by percentage of salary. If you’re a dollar-amount investor, the withholding per biweekly pay period stays the same […]
Tax Overhaul: The Good, the Bad, and the Ugly for Seniors
Congress has ushered through the first major tax overhaul since Ronald Reagan was president. The measure, which President Trump signed into law last Friday, is about to change the lives of millions of Americans, including seniors. As the bill recently became a law, here is the good, the bad, and the ugly that seniors (and […]
Medical Expense Deduction will be Preserved
On Friday, Republicans released their final tax bill. Not only does the legislation retain the medical expense deduction, but it also temporarily expands the deduction for two years. The National Association for Elder Law Attorneys played a critical role in lobbying to protect this deduction. When the House version of the tax bill was introduced […]
What Happens to Debt When We Die?
Q. I was having a conversation with my father at Thanksgiving dinner this year about debt. I am middle-aged, and am in a long-term relationship, but have never been married. I currently have a lot of debt, including student loans from going back to school, a mortgage, medical bills, and credit card debt. If I […]
10 Biggest Estate Planning Blunders of Celebrities – Don’t Make These Mistakes!
Q. I have been reading your newsletter for several years now. I remember, in the past, you did a series on celebrity estate planning mistakes and lessons that can be learned from them. I found it to be very helpful and interesting to read. Since then, have there been any new instances involving celebrity estate planning […]
Often Overlooked Tax Breaks for Seniors
Dear Ribbit, I read recently that Trump’s Tax Plan may eliminate the ability for seniors to deduct their medical expenses. That would certainly be a horrendous result, as my husband and I depend on that deduction. For future reference, what are some other things can seniors deduct? Thanks, Dee Duxions Dear Dee, As we all […]
Gifting and the 2018 Gift and Estate Tax Exclusion Numbers
Q. Our daughter got married a few months ago and she and her husband found the perfect starter home in Springfield. The owners accepted their offer and my daughter and her husband asked me for $20,000 to help with the down payment. Last year, I gave them $14,000 to buy a car, and the previous […]
Planning Ahead for Grandchildren
Q. Two years ago, our daughter Meredith got married. Today, she called to tell us that she is expecting twins! My husband and I are overjoyed, as they will be our first grandchildren. We want to make sure we include them in our planning. We know how expensive it was to send our children to […]
What’s in Your Estate Plan, Mom and Dad?
Q. Our daughter, Melanie, recently came to visit us. She told us that she and her husband will be meeting with your firm to do their estate planning and incapacity planning. Then, she inquired about what we put in our estate plan. We were taken aback by the question, and luckily, the time wasn’t ideal […]
Her Parents Were Kidnapped by a Professional Guardian
Rudy North was an avid reader, who had a sharp mind and liked to write down quotes from his favorite books. Rennie, his wife of fifty-seven years, was recovering from lymphoma and suffered from neuropathy so severe that her legs felt lifeless. Yet, she spent her mornings prettying herself up for her husband, who referred […]
When a Loved One is Alone and in Danger
Last weekend, Randy was walking his dog, when he ran into his friend, Jenny. Jenny seemed really nervous and upset. She explained how her father with dementia was living in a nursing home in Florida, and how he was located in an area where Hurricane Irma was projected to be a category 4. Jenny spoke […]
575,000 People Are Using This Medicare Benefit. Are You?
Q. My friend Kate’s 93-year-old mother, Sue, was recently in palliative care. Sue had her Advance Medical Directive in place and the doctor had access to them. The documents clearly conveyed that she didn’t want aggressive measures to prolong her life. Sue also signed a HIPAA Waiver allowing the doctor to share confidential medical information […]
Plan Your Lifespan: A No-Cost Tool for Planning in Advance
Phyllis Mitzen, a 72-year-old semi-retired social worker, has worked with seniors for many years and understands the value of planning for future healthcare needs. Yet, she herself has put off the task. Phyllis’s husband is turning 76 this year. And although she and her husband are both still quite healthy, who knows what might happen […]
TED Talks: New Ways to Think About Death
Most people don’t like to think about dying. We’d rather focus our energy on the people and the things we love, happy times, and things that bring us joy. But, as we all know, death is inevitable, and shouldn’t be ignored. Despite what most think,these conversations don’t have to be sad and depressing. They can be positive and thought-provoking. As […]
Is it Time to Take Control of Your Parent’s Finances?
Q. My dad is in his mid-80’s and he still resides in the home where I grew up, without much outside assistance. He is healthy and takes exercise walks daily, to keep himself fit and active. When it comes to cognitive health and memory, he seems to remember most things. However, he is beginning to repeat himself a […]
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