Under IRS regulations, taxpayers can deduct a greater amount from their 2016 taxes due to the purchase of long-term care insurance. You can deduct premiums for long-term care insurance policies that are “qualified,” to the degree to which they, in…
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Be aware of the details on required minimum distributions
It is important for taxpayers to be informed about required minimum distributions (RMDs) from IRAs so that they can plan accordingly for their retirement. In the current year, those persons age 70 ½ or older are required to take a…
Tagged with: guardianships, Hook Law Center, IRA, IRS, RMD, special needs planning, veterans benefits
Protecting Seniors From Isolation
Although we frequently think of seniors as living among family members or in a senior community or other shared housing arrangement, the likelihood of living alone rises as one ages, according to the U.S. Census Bureau. Among women 65 to…
Tagged with: Census Bureau, depression, elder law, guardianships, Hook Law Center, special needs planning, veterans benefits
How to transfer property to a living trust
A living trust is a legal entity that is used to hold title to your assets while you are alive. Upon your death, the assets are then transferred to the beneficiaries named in the trust. You can transfer such assets…
Address these essential elements of retirement planning
During your retirement years, you may expect to receive Social Security payments. A few people may also receive payments from public or private pension plans. However, it is best not to rely on such sources to provide a sufficient amount…
How net investment income can affect tax planning
There are two ways in which the 3.8 percent net investment income tax (NIIT) can have an impact on your estate plan. It can raise your tax on capital gains, taxable interest and other investment income, thereby lowering the amount…
Tagged with: estate planning, guardianships, Hook Law Center, MAGI, NIIT, Social Security, veterans benefits
What is the Medicare donut hole?
The Medicare donut hole is the coverage gap that is within the majority of Medicare Prescription Drug Plans. There is a short-lived restriction on what drugs most plans will cover. The coverage gap does not apply to everyone. It starts…
What personal representatives of estates need to know
Personal representatives, or executors, of estates need to be aware of the procedure that is used to probate an estate with a will. The executor who is designated in the will must make an appointment with the probate division to…
Tagged with: elder law, guardianships, Hook Law Center, Probate Office, special needs planning, veterans benefits
Help may be needed in deciding on senior housing
Elderly people who value their independence and are accustomed to living alone are increasingly becoming incapable of doing so. The need for medical attention may prompt some older individuals to consider their options, including moving to a nursing home or…
Tagged with: elder law, estate planning, guardianships, Hook Law Center, special needs planning, veterans benefits
Net gifts can be used to reduce gift tax rate
One strategy to lower your taxable estate is lifetime giving. However, there is a gift tax rate of 40 percent. If you have exhausted your $5.43 million gift and estate tax exemption, and you wish to lower your gift taxes,…
Tagged with: estate planning, guardianships, Hook Law Center, special needs planning, veterans benefits
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