Q. Thank you again for working with our family last year to protect our parents' assets, get our father approved for nursing home Medicaid, and set up an irrevocable Living Trust Plus for our mother. Now that it's tax time, we … [Read more...]
Print This PageHow Are Taxes Filed if One Spouse is on Medicaid and the Other Spouse Has an Irrevocable Trust? And Does Getting Social Security Change How Taxes Get Filed?
February 2, 2024 by
What Is the Difference Between a Tax Credit and a Tax Deduction?
February 11, 2022 by
Q. When talking about taxes, I’ve heard phrases including, “just write it off,” “go ahead and deduct it,” and sometimes “I think there’s a tax credit for that.” My understanding is that both tax deductions and tax credits can save … [Read more...]
Print This PageFarr Law Firm Now Filing Tax Returns for Our Clients
January 28, 2022 by
Q. My sister and her husband set up an irrevocable asset protection trust with your firm as part of their estate planning. She was trying to explain this type of trust to me, but I still don’t understand, so I signed up for one of … [Read more...]
Print This PageEasing Tax Time for Seniors
March 3, 2020 by
Erin loves the winter season in the DC area. She enjoys the brisk weather and the beauty that surrounds her, especially when the ground and the trees are covered with a light dusting of snow. She celebrates three of her … [Read more...]
Print This PageIs Social Security Taxable?
March 23, 2018 by
Q. I retired last year, and started receiving Social Security benefits. I am getting ready to do my taxes, and was wondering if I have to pay federal or state taxes on my Social Security income. My understanding was that Social … [Read more...]
Print This PageTaxation of Special Needs Trusts
February 28, 2018 by
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 … [Read more...]
Print This PageTax Overhaul: The Good, the Bad, and the Ugly for Seniors
December 27, 2017 by
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. … [Read more...]
Print This PageMedical Expense Deduction will be Preserved
December 18, 2017 by
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 … [Read more...]
Print This PageCritter Corner: Often Overlooked Tax Breaks for Seniors
December 8, 2017 by
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 … [Read more...]
Print This PageTax Advantages and Overlooked Deductions for Retirees
March 10, 2017 by
Q. April 15 is quickly approaching, and my husband and I are planning on doing our taxes soon. As retirees, I know that there must be some deductions that we may be overlooking. Of course, similar to most seniors on a fixed … [Read more...]
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