Does my Life Estate Qualify for Real Estate Tax Relief?

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...]

Critter Corner: How Does the Tax Act Change Things for Seniors?

Dear Magic, I am working on my 2018 taxes now. I understand that the Tax Cuts and Jobs Act is in effect for this year's taxes. How does this tax reform affect U.S. citizens ages 65 and older? Any financial credits still available … [Read more...]

How Can You Reduce Your Capital Gains Taxes?

Diane, at age 80, resides in the home she has lived in for nearly 40 years. When she initially purchased the home after her husband’s death, it cost only $25,000 (and she since put in $45,000 in improvements); today it’s worth at … [Read more...]

Critter Corner: Taxes in the DMV Area For Retirees

Dear Bebe, My husband and I live in our family home in Northern Virginia, and are both recently retired. What state exemptions and deductions are available for retirees? Could you also tell me about Maryland and DC, since we … [Read more...]

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