There were a number of important tax developments in the fourth quarter of 2011. Be sure to consult your trusted tax advisors if any of these apply to you.
Posts Categorized: Financial Planning
Joint bank accounts can be a bad idea
Think twice before you put somebody else’s name on on your bank accounts. Using trusts or powers of attorney can give you the flexibility you want without exposing your assets to unnecessary risk.
Are You Looking for a Retirement Career?
From The Wall Street Journal Online (June 19, 2011): For retirees calling it quits from the 9-to-5 world, it might be worth considering another career move: landlord.
Don’t fall prey to the 2011 “Dirty Dozen” tax scams
There is a big difference between tax avoidance (which is legit) and tax evasion (which is not). Although it can be frustrating at times, we are nevertheless called upon to render unto Caesar what belongs to Caesar. If you don’t like what you have to render, take it out in the voting booth, not on your tax returns.
From SmartMoney (April 6, 2011) “More Costs, Fewer Benefits Likely for Medicare Seniors”
The House Republican plan for overhauling Medicare would fundamentally change how the federal government pays for health care. Starting a decade from now, many Americans will likely face higher out-of-pocket costs and greater limits to coverage.
Big Break for Family Businesses
Families now have the chance to pass a substantial stake in their businesses to the next generation—even before handing over the reins. But transferring ownership can raise complicated succession and estate-planning issues that families need to address before giving away so much as a share of stock.
Is there a legal way to protect any of my elderly parents’ assets and have Medicare/Medicaid pay for extended nursing home care in the event it is necessary?
Here is another featured question from the ElderCareMatters website. It deals with Medicaid qualification.
Do I have to redo my Florida pourover Will and trust when I move to New York?
Here is another featured question and answer published at www.eldercarematters.com. It relates to the portability of estate plans and the need to keep them up to date.
Do you recommend life estates or irrevocable trusts for Medicaid planning purposes?
Here is another of the “ask the expert” questions featured at www.eldercarematters.com.
Are the proceeds from a reverse mortgage viewed as “countable asset” by Medicaid when making application?
This is another of the featured questions I authored for www.eldercarematters.com. I was given the honor of being named their inaugural national elder care expert of the week.