How 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?

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...]

What Is the Difference Between a Tax Credit and a Tax Deduction?

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...]

Farr Law Firm Now Filing Tax Returns for Our Clients

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...]

Easing Tax Time for Seniors

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...]

Is Social Security Taxable?

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...]

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 … [Read more...]

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. … [Read more...]

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 … [Read more...]

Critter Corner: 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 … [Read more...]

Tax Advantages and Overlooked Deductions for Retirees 

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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