Q. My mom has owned her home 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 the house. She now … [Read more...]
Does my Life Estate Qualify for Real Estate Tax Relief? Links for all County and City Tax Relief Applications.
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...]
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...]