Giving Gifts to Grandchildren Without Wrecking Your Own Financial Future or Creating a Sense of Entitlement

Q. I have six grandchildren -- three from each of our two daughters. They live close by so I see them often and adore every one of them. I am not getting any younger and have some money I’d like to gift to them now, while I am … [Read more...]

What are the Medicaid, Tax, and Liability  Implications of Paying an Independent Caregiver?

Q. We are getting ready to hire a new caregiver for my mom, and she is an independent contractor. Prior to now, we have hired caregivers from an agency. The caregiver has asked about being paid in cash, which will amount to $3,000 … [Read more...]

Critter Corner: What Taxes Do We Need to Pay for an Independent Caregiver?

Dear Oakley, We are hiring an independent caregiver, meaning she is not from an agency. My understanding is that we are responsible for paying taxes for her, since she is considered to be a household employee. What taxes are we … [Read more...]

Does my Life Estate Qualify for Real Estate Tax Relief? Links for all County and City Tax Relief Applications.

Q. My mom has owned a home in Fairfax County for over 20 years. Last year she came to your firm and did an irrevocable Medicaid Asset Protection Trust. Your firm deeded her house into the trust but had her keep a life estate in … [Read more...]

Critter Corner: What Tax Changes Should I Be Aware of Before I File?

Dear Oakley, I’m getting ready to file my taxes for 2020. I know that last year was different than most years in many ways, including getting stimulus checks from the government. Is there anything I should know before I file my … [Read more...]

How is Income in Irrevocable Grantor Trusts Taxed?

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 … [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...]

Critter Corner: IRAs and Taxes in 2020

Dear Ernie and Jannette, As part of my retirement portfolio, I have IRAs. I'd like to make the most of these accounts and save money on my taxes both now and in the future. Do you have any tips that could help? Thanks! Ira … [Read more...]

How Taxes Work if You Have a Paid In-Home Caregiver

Stacey, an only child, was an in-home caregiver for her ailing mother for several years. She lived with her mom and cared for her while she completed college and graduate school, and even after she got married. However, after … [Read more...]

Do You Need to Pay Taxes if You Are Only Collecting Social Security?

Q. My husband and I plan to retire when we turn 70 and hope to live the “American dream.” We have saved our whole life to be able to enjoy our summers up north and our winters in Florida. After decades of having Social Security … [Read more...]