The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2017 income as a result of buying long-term care insurance.Premiums for “qualified” long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the […]
Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs.Leave the house in your willThe simplest way to give your house to your children is to leave it to them in your will. As […]
The Centers for Medicare and Medicaid has announced the Medicare premiums, deductibles, and coinsurances for 2017. After holding steady at $104.90 a month for four years, the standard Medicare Part B premium that most recipients pay will rise 4 percent to about $109 a month. However, approximately 30 percent of beneficiaries will see their Part […]
One of President-elect’s Donald Trump’s campaign promises was to repeal the Affordable Care Act (ACA), aka Obamacare, and Republicans in Congress have vowed to make repeal one of their first acts in the new term. While repealing Obamacare will have implications for millions of younger people covered by the insurance, it will also affect Medicare […]
While you are eligible to apply for Medicare when you are 65, there are circumstances where you might not want to, particularly if you are working full time for a larger employer or contributing to a health savings account. However, there can be penalties if you don’t sign up at the right time, so it […]
More and more states are switching to a managed care model when dealing with Medicaid long-term care patients, a change that has resulted in a loss of services in some cases.Many states use managed care to deliver care to their regular Medicaid populations, but until recently, the care needs of the elderly and disabled have […]
The beginning of a new year is a good time to take a look at your estate plan to make sure it is up to date. Less than half of people actually have any estate planning documents in place and many of those people may have outdated documents. Documents that were created when your children […]
Elder Care Collaboration: Medical and Legal (Part 1 of 3) Many older adults utilize the expertise of attorneys and physicians in the complex pursuit of the best possible health and wellbeing. At Weatherby & Associates, PC we pride ourselves on interdisciplinary collaboration to help our clients live well. We should always acknowledge the areas of […]
Special Needs Trust – What is it?You may have heard the term “Special Needs Trust” before. But do you know what it means? What makes a Special Needs Trust different than other types of trusts? In what sort of situation is it appropriate to have a Special Needs Trust?A Special Needs Trust is intended to […]
Living Will – Having a one is Crucial Have you ever given thought to who benefits from good estate planning? There are many good answers. Estate planning can benefit your spouse and it can benefit your descendants who stand to inherit your assets after your die. And in another sense it can benefit whoever […]