Placing your loved one in a nursing home is not an easy decision. You take this tough decision to give our aging loved ones proper attention and care. One of the most important things that you should never need to fear is elder abuse in a nursing home. It is distressing for a family to hear that their loved one is injured or killed in a place to which they completely trust. If such a situation occurs, you must...
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Blog
27 Mar
Off
Will vs. Trust – What Do I Need?
People work hard throughout their life to provide for their families while living and even after death. We often have ideas and wishes as to what and where those items/monies go to. Regardless of your means, you have an estate and there are several strategies to choose from to ensure those assets are distributed according to your wishes and in a timely fashion. We call it your Estate Plan. The right strategy depends on your circumstance. For some, a...
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23 Mar
Off
Why Do I Need an Attorney for Estate Planning?
Everybody is aware of a will. There are numerous definitions of estate planning. Life and Estate Planning is basically how to give the assets which you have gathered through your life to your next generation in the best and most productive way. This includes looking at all parts of your assets and liabilities and getting ready for what's to come.
Depending on your circumstance, this may include wills, enduring guardianship documents or power of attorney. It might also include living...
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19 Mar
Off
Choosing a Beneficiary for Your IRA or 401(k) Is Part of Your Estate Plan
Choosing beneficiaries for your retirement accounts is different from selecting beneficiaries for your other assets like life insurance. With retirement benefits, you must know the influence of estate tax and income tax laws in order to choose the suitable beneficiaries. Though, taxes should not be the only determining factor in naming your beneficiaries, as ignoring the influence of taxes could result in making a wrong choice.
Additionally, if you are married, designation of beneficiary might affect the size of required...
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16 Mar
Off
How can an Elder Law Attorney assist in Medicaid Planning?
We work our entire life to experience life and at the same time save for our retirement and beyond. What happens when we realize we may outlive those assets? It is time to plan for housing and care in the context of Medicaid Law. I work alongside a Life Care Planning agency to plan for best care and lifestyle and help you understand how to use your assets wisely and how to apply for available benefits without becoming impoverished.
Who...
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14 Mar
Off
2018 Reference Guide
IRAs & Qualified Plans
Contribution Limits
IRA or Roth IRA contribution limit$5,500
IRA or Roth IRA catch-up (age 50 or older)$1,000
Traditional IRA deduction phaseout
Participants in a retirement plan
Single$63,000 - $73,000
Married filing jointly$101,000 - $121,000
Married filing separately$0 - $10,000
Spousal IRA$189,000 - $199,000
Roth IRA phaseout
Single$120,000 - $135,000
Married filing jointly$189,000 - $199,000
Qualified Plans
Elective deferrals to
401(k), 403(b), 457, and SARSEPs$18,500
Catch-up contribution (age 50 or older)$6,000
Defined contribution plan limit
(Section 415(c)(1)(A))$55,000
Defined benefit plan limit
(Section 415(b)(1)(A))$220,000
Simple IRA & SEP IRA
SEP IRA contribution limitLesser of $55,000 or 25% of compensation
SIMPLE...
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05 Mar
Off
2018 Social Security Reference Guide
Social Security encompasses retirement benefits, disability
benefits, and is intertwined with Medicare benefits. This guide
focuses on Social Security retirement benefits, the most common
association of the term Social Security. There are currently
more than 50 million people receiving Social Security retirement
benefits (i.e., Old Age and Survivor Insurance or OASI).
Social Security Employment Tax
While you are working, you and your employer each pay 6.2%
(7.65% each including Medicare). Social Security taxes are paid
on the first $128,400 of income (2018).
Minimum Eligibility Requirements
In order to qualify for...
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26 Feb
Off
2018 Medicare Reference Guide
Medicare is a government-run health insurance system for Americans over 65 years old or disabled. The system is funded through employee and employer payroll contributions and provides coverage for portions of certain health care costs, depending on level of coverage selected.
While Medicare Part B premiums are unchanged from 2017, and Part D premiums have been lowered from 2017, changes under the Medicare Access and CHIP Reauthorization Act of 2015 has meaningfully lowered the income brackets determining Medicare Part B and Part...
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19 Feb
Off
2018 Long-Term Care Reference Guide
Long-term care (LTC) planning is a significant concern for many
people across a broad range of demographics. The personal
nature of health care, the inability to predict how much care will be
needed in the future or how the care will be delivered, and longer
life expectancies can make for a challenging and sometimes
uncomfortable planning topic. Furthermore, costs for custodial
care are not covered by Medicare or traditional health care
insurance. As such, early planning and an effort to coordinate the
issue with other important financial...
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13 Feb
Off
Potential Advantages and Disadvantages of Guardianship Proceedings
Guardianship is essential for adults who are unable to make decisions on their own behalf and do not have Powers of Attorney to avoid guardianship, and for some minors. Individuals under guardianship are called “wards”. The court will name a guardian for making decisions on the behalf of a ward and/or managing the finances of the ward. For children, a guardian is generally, but not always, a parent. For adults, a guardian might be a parent, spouse, child, friend...
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