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IRS Announces That Face Masks and Related Purchases Are Tax Deductible
The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus. If you have significant medical expenses, you may be able to [...]
How an Irrevocable Life Insurance Trust Can Be Used to Avoid the Estate Tax
With the federal estate tax exemption possibly about to be lowered, it may be time to think about steps you can take to keep your estate from being taxed. An irrevocable life insurance trust allows you to pass on money [...]
Medicaid Recipients Have a Little More Time to Spend Down Their Stimulus Money
The one-year deadline for nursing home residents on Medicaid to spend down their first round of stimulus checks is here, but they may have a little extra time. In March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act [...]
9 (Potential) Problems with Your Trust
All trusts should be reviewed every few years to make sure that they are up-to-date with the law and meet your current goals. Following is a checklist of trust features you can review yourself. But be aware that these only [...]
Senators Propose Sweeping Changes to the Taxation of Estates and Inherited Gains
New legislation introduced in the Senate would require more estates to pay estate tax and that raises the amounts they would pay. Another proposed law would eliminate the step-up in basis that inherited assets currently enjoy. Taken together, the [...]
Why an Irrevocable Trust May Be Superior to Gifting
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way [...]
