Elder Law News

Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes. 

Rising inflation due to the ongoing coronavirus pandemic means that in 2022, Social Security benefits will rise 5.9 percent, the sharpest upsurge since 1983. 

While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. 

I have a friend whose sister is in the hospital. This friend is elderly and cannot handle her sister when she is released from the hospital. What can she do? Is she legally responsible for her sister? Where would the sister be sent if she cannot go to her sister’s house?

Individuals who are researching nursing homes can now see staff and resident vaccination rates along with other quality and safety measure information at Medicare’s Nursing Home Compare website.  The official Medicare website includes a nursing home rating system. Nursing Home Compare…

My estate consists of a single-family home that is totally paid off, with a current value of $1 million. My adult children have no need for, nor do they want, an inheritance. I would like to get the best care possible if I become incapacitated. I know that the value of my home will provide for the care. The house is in my name only and selling it now would trigger a tax bill of 50 percent of the proceeds, so that seems like a stupid move. What is a smart way to make it possible for my children to tap into the equity to pay for my care? Once I am gone, they can inherit what’s left. 

If you have close relatives who are citizens of another country, you might receive a gift or inheritance from them at some point. While you usually do not have to pay taxes to the IRS for this, you may need to report it. 

The Social Security trustees are projecting that due to the economic downturn caused by the pandemic the Social Security trust fund will be depleted in 2033 — one year earlier than the previous estimates. Once the fund is depleted, Social Security benefits will be reduced unless Congress acts in the interim. 

It’s an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event you lose everything, it is important that your estate planning and other important documents are beyond reach and easily retrievable. 

Every year Medicare gives beneficiaries a window of opportunity to shop around and determine if their current Medicare plan is still the best one for them. During Medicare’s Open Enrollment Period, which runs from October 15 to December 7, beneficiaries can freely enroll in or switch plans.