Sometimes we come across news stories that are relevant to elder law and estate planning, and one of these has been circulating recently. At the beginning of December in 2018, a 26-year-old woman was placed under arrest at Tampa International Airport in Florida. She was charged with fraud and money laundering, and the victim was her husband. Richard Rappaport is a 77-year-old man of some means, and he married this young lady, Lin Helena Halfon, about four months before she was arrested. She … [Read more...] about Remarriage Planning Can Protect Your Legacy
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Estate Tax Exclusion Amount Adjusted for 2020
When you find that you are in a position to leave behind a considerable legacy, you can breathe a sigh of relief and enjoy your success in innumerable ways. This being stated, there may be a looming threat that you should address in the form of the federal estate tax. Most people are exempt from this tax because there is a credit or exclusion that is quite high relative to the value of the typical estate. This is the amount that can be transferred before the estate tax would become … [Read more...] about Estate Tax Exclusion Amount Adjusted for 2020
How Will You Age in Place and Be Able to Die at Home?
More and more, Americans are choosing to be cared for and are dying in their own homes. If you wish to be cared for and die in your own home, it’s especially important to have a plan in place to facilitate that choice. Read on to learn more. How Will You Age in Place and Be Able to Die at Home? … [Read more...] about How Will You Age in Place and Be Able to Die at Home?
Medi-Cal Parameters Adjusted for New Year
Before we get into the changes that have been made to the Medi-Cal parameters for 2020, we should explain why this program may be important to you at some point in time. The vast majority of senior citizens will qualify for Medicare when they reach the age of eligibility, which is 65 at the time of this writing. Simply put, if you have worked and paid taxes for at least 10 years, you will qualify for Medicare coverage. That’s the good news, but the bad news is that Medicare does not cover … [Read more...] about Medi-Cal Parameters Adjusted for New Year
Latter Life Incapacity Looms Large
We always emphasize the fact that estate planning should be looked upon as a holistic endeavor. It encompasses the latter stages of life along with the inevitable passing of your legacy. There are eventualities that elders face, and it is wise to prepare for them in advance. Along these lines, it is important to have realistic longevity expectations. There is a life expectancy calculator on the Social Security Administration website. According to this tool, the life expectancy for a man … [Read more...] about Latter Life Incapacity Looms Large
Tax Planning for 2020
Planning is important for your income taxation during life as well as for any estate tax at death. Even though 2020 is just starting, it’s not too early to think about planning for whatever it may bring your way. Tax Planning for 2020 … [Read more...] about Tax Planning for 2020
Getting Together with Family for the Holidays
The holidays are a special time with family and friends. You can take the opportunity to check on elderly loved ones. It’s also a great time to discuss planning. Read on to learn more. Getting Together with Family for the Holidays … [Read more...] about Getting Together with Family for the Holidays
Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is the third part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This article looks at fraud. Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 3 – Fraud
Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
An Estate Plan is an essential part of your planning process. But there are ways an Estate Plan can be challenged as being invalid. This is part of a series of articles on ways an Estate Plan might be invalid and how to avoid these pitfalls. This fourth article in the series looks at testamentary capacity. Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity … [Read more...] about Reasons an Estate Plan Could Be Challenged: Part 4 – Lack of Testamentary Capacity
SECURE Act 2.0 Would Enact More IRA Changes
We pay close attention to laws that impact senior citizens, and there was some big news in this regard at the end of 2019. At that time, the SECURE Act was signed into law by the president, and it made some significant changes to the individual retirement account parameters. Now, lawmakers are considering a sequel to the first bill that is being referred to as SECURE Act 2.0. We will share the details in this post, but before we reach that point, we will provide a review of the changes … [Read more...] about SECURE Act 2.0 Would Enact More IRA Changes
