Do you have an individual retirement account (IRA) that you’re leaving to your kids?  Or – flip that – do you expect to inherit an IRA?  Read this column carefully.  It could save you a ton of money in income taxes. Mistakes are painfully common when IRAs are passed to …

As the presidential campaign unfolds, the differences in approaches to Medicare by President Barack Obama and Republican nominee Mitt Romney have taken center stage. But what is getting far less scrutiny: Romney’s plans for Medicaid. He would convert the health care program for the poor, disabled and elderly into a …

You may have a vision for your retirement, but does your spouse share that vision? Spouses often disagree about many key retirement details. It is important to work together to come up with a plan you both can accept. A 2011 study by Fidelity Investments found that many husbands and wives are …

In a dramatic victory for President Barack Obama, the Supreme Court upheld the 2010 health care law Thursday, (June 28, 2012) preserving Obama’s landmark legislative achievement. The majority opinion was written by Chief Justice John Roberts, who held that the law was a valid exercise of Congress’s power to tax. …

Appeals Court: Denying federal benefits to same-sex couples is unconstitutional A federal appeals court has ruled that the Defense of Marriage Act, a law that denies a host of federal benefits to same-sex married couples, is unconstitutional. The 1st U.S. Circuit Court of Appeals in Boston ruled Thursday that the …

Let’s say you have a child with “special needs,” or a sister, brother, mother or other family member. You have not created a special needs trust as part of your own estate plan. Why not? We know why not. We have heard pretty much all the explanations and excuses. Here …

Studies show that older Americans want to remain in their homes for as long as possible – even when they are struggling. For growing numbers of elders – and concerned family members – the solution to their struggle is a home aide. If your family is considering hiring an aide, the …

On Tuesday, March 27th, the New York State Legislature voted to repeal the regulations utilizing an expanded definition of “estate” for Medicaid recovery purposes.  As a result, the prior definition of estate recovery, which limited estate recovery to only those assets included within the individuals’s estate and passing under the …

Researchers found that a simple questionnaire can help differentiate individuals experiencing normal age-related memory loss from those likely to be developing dementia. Note that those who often repeated questions, statements, and stories on the same day also were at very high risk for the development of amnestic mild cognitive impairment. …

Two Categories of Trusts: Revocable and Irrevocable Revocable TrustsA revocable trust is a trust which can be revoked or amended by its creator at any time and without anyone’s consent. Of course, the creator of the trust retains the unrestricted control of the trust assets so long as he or …

IntroductionWhen family members provide in their estate plans for individuals with disabilities, a bequest to a stand-alone special needs trust or to a special needs trust included in the will or revocable living trust is the usual vehicle of choice, especially when there is a need to protect eligibility for …

On October 14, 2011, the Department of Health and Human Services announced that it would not implement the portion of the Health Care Reform Act that was intended to provide voluntary long term care benefits for working Americans. The program known as the Community Living Assistance Services and Supports Act …

After many years of speculation, warnings and minor revisions, it has finally happened: New York State has imposed new regulations stating that the use of LIFE ESTATE interests in real property are no longer an effective strategy for families trying to protect 100% of their property from the high cost …

A majority of Baby Boomers say they are likely to become caregivers for their parents, but only half can name any medications their parents take, a new survey shows. The survey of 600 adults ages 45 to 65, conducted for the Home Instead Senior Care network, also found: 31% don’t …

The federal government passed a law in 1993 (2) which contained a mandate that each state must have a Medicaid law containing an estate recovery provision, but left to the states the choice of either limited or expanded recovery. In 1994, New York accepted this mandate and chose to limit …

The 2010 health care reform law, now referred to as the “ACA” (Affordable Care Act), is much like a jigsaw puzzle. To create comprehensive reform, a number of pieces must be in place. One of the most important pieces prohibits private insurance companies from denying coverage to individuals based upon …

The IRS has raised the deductibility limits for long term care policies purchased in 2011. The premiums you pay for your long term care insurance are deductible as itemized medical expenses (subject to the 7.5% AGI threshold) based on your age at the end of the year. Individual taxpayers can …

Memory loss that disrupts daily life is not a typical part of aging. It may be a symptom of Alzheimer’s, a fatal brain disease that causes a slow decline in memory, thinking and reasoning skills. Every individual may experience one or more of these signs in different degrees. If you …

The two primary disability income programs, SSI and SSDI, sound similar, but they are very different programs with different benefits and different eligibility requirements. This article is a brief summary of these two important benefit programs. Social Security Disability Insurance Social Security Disability Insurance (SSDI) is a cash assistance program …

The Patient Protection and Affordable Care Act of 2010 (ACA) embodies many reforms of the health insurance industry in the United States. The principal objective of the ACA is to ensure access to health insurance for everyone. As of 2014, almost everyone in the United States will be required to …