What to Do When Medicare Denies Coverage
When Medicare declines to cover your medical needs, the denial can leave you with an expensive medical bill. If Medicare refuses to cover your care, do not assume this means you will have to take [...]
Support a Charity – and Your Loved Ones – With a CLAT
A charitable lead annuity trust (CLAT) is an estate planning tool whereby a person (grantor) creates a trust that initially benefits a charitable organization, foundation, or other qualifying entity for a defined period. After this [...]
Estate Planning Basics: What Is a Beneficiary to a Will?
People create wills to establish what happens to their money and assets when they pass away. In these estate planning documents, they can name beneficiaries – individuals who will receive money, other assets, or specific [...]
Medicaid Funeral Assistance May Help Pay for Funeral Costs
It is an unpleasant thought, but death is a reality we all must face. One way to cope with the loss of a loved one is to be prepared for their final send-off. Funerals are [...]
What Does Having Power of Attorney With Dual Agents Mean?
A power of attorney is among one of the most important incapacity planning documents you can have. It designates someone you trust with taking care of your affairs if you become unable to do so. [...]
Estate Planning: 3 Things to Know About Being an Executor
An executor is a person or entity you choose to carry out your last wishes outlined in your will. Your executor should be someone you trust is responsible enough to manage your estate after you [...]
IRS: You Can Contribute More to Retirement Starting in 2023
In October 2022, the Internal Revenue Service (IRS) announced contribution limitation adjustments for employee retirement plans in response to inflation. The IRS issued Notice 2022-55, which describes cost-of-living adjustments for retirement and pension plans. The changes [...]
Study Names Factors in Severest Nursing Home COVID Outbreaks
Early on in the pandemic, nursing homes across the country found themselves at its devastating bull’s eye, with residents and staff of these facilities making up roughly 30 percent of all COVID-19 deaths in the U.S. between [...]
Utilizing a 1031 Exchange to Avoid Capital Gains Taxes
If you are planning to leave an investment property to loved ones, a 1031 exchange may be a helpful estate planning tool for you. Because these exchanges allow you to defer taxes or limit taxes [...]
Highlights of How the Omnibus Bill Will Benefit Older Adults
The Senate and House have cleared the passage of a year-end $1.7 trillion appropriations bill that will benefit older adults on a number of fronts. The bill, which runs more than 4,000 pages and includes [...]
Who Can Override a Power of Attorney (POA)?
A power of attorney (POA) is a legal agreement that gives a person (agent) the ability to act on behalf of another person (principal). A common question asked about POAs is under what circumstances a person can [...]
3 Tips When Including Caregivers in Your Estate Planning
November marks National Family Caregivers Month. You may have a caregiver in your life to whom you wish to bestow your gratitude by designating them as an heir in your estate plan. Whether your caregiver [...]
Does Power of Attorney End at Death?
A power of attorney is a powerful planning document that enables you (the principal) to give another person (the agent or attorney-in-fact) the power to act for you while you are alive. Because it is often [...]
What Not to Include in Your Will
If you are considering preparing a will, this is a great first step in planning for the future. After reflecting on the basics, such as whom you want to be in charge of administering your [...]
How Medicaid’s Money Follows the Person Program Aids Seniors
Congress established the Medicaid Money Follows the Person (MFP) Program to provide states with federal funding to help seniors who are receiving care in institutions but want to live at home. However, it is not [...]
Appointing an Executor? Here’s What an Executor Cannot Do
The person you name as your executor will be accountable for a number of important tasks, even in managing the administration of a small estate. This may include filing tax returns, keeping meticulous records, and [...]
What Are the Benefits of Having a Testamentary Trust?
There are various benefits to creating a testamentary trust. This article discusses the benefits of adding a testamentary trust to your estate plan. What Is a Testamentary Trust? A testamentary trust allows a testator to manage [...]