» General Interest

When applying for Medicaid’s long-term care coverage, in addition to the strict income and asset limits, you must demonstrate that you need a level care typically provided in a nursing home.  

The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021.

Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month.

While you likely have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated, without proper planning your best intentions may not be enough.

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. 

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. 

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. 

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