Author Archives: Site Administrator
Can You Explain the Concept of Step-Up Basis?
If you inherit assets—especially real property—you need to understand the step-up in basis rules. These rules can save you a lot of amount of money on capital gains and depreciation recapture taxes. Motley Fool’s recent article on this subject asks “What is a Step-Up in Basis?” The article explains that step-up in basis has… Read More »
What Does Portability Mean, and How Do I Use It?
WMUR’s recent article, “Money Matters: Portability and estates, ” explains that each taxpayer is typically permitted what is called an applicable exclusion amount. This is the amount of assets that, at your death, you can bequeath to others tax-free for estate tax purposes. Prior to the law change, spouses couldn’t share their exclusions. However,… Read More »
How Do I Protect My Elderly Parent from Scams?
According to a 2015 study by True Link Financial, seniors lose $36.48 billion each year to elder financial abuse. The FINRA Investor Education Foundation reports that more than 8 in 10 seniors are solicited for potentially fraudulent offers, adding that “Americans age 65 and older are more likely to be targeted and 34% more… Read More »
Can You Tackle Elder Law on Your Own?
What usually happens when people do their own estate planning or work on elder law issues, without a lawyer who has years of practice? They may not incur the costs on the front end, but the costs, in financial and emotional terms, often arrive just when the individual or their family is most vulnerable…. Read More »
Tips for Seniors Who Are Moving to Assisted Living
When you are planning your move into assisted living, you can quickly get overwhelmed with the endless list of things you need to do. If you are moving out of a home where you have lived for many years, the thought of having to downsize and get rid of most of your possessions can… Read More »
How Veterans Benefits Can Help Pay for Senior Care
If you are 65 or older and served in the military during wartime or are the spouse of a wartime veteran, you might qualify for veterans’ benefits, like Aid & Attendance, a pension and housebound care. More than 30 percent of seniors might be eligible for these valuable programs from the Veterans Administration (VA),… Read More »
Comparing Types of Memory Care Facilities
If your aging loved one needs specialized care because of Alzheimer’s disease or another form of dementia, you might be searching for the right memory care facility. There are several types of memory care center options. Some assisted living developments have onsite memory care units. A dedicated memory care center only accepts residents with… Read More »
What Can I Do with an Inherited 401(k)?
Inheriting a 401(k) at the death of the account owner isn’t always as simple as inheriting a home or a piece of jewelry. The IRS has rules that 401(k) beneficiaries must follow that say when and how much tax they’ll pay to inherit someone else’s retirement plan. If you’re currently the beneficiary of a… Read More »
What Is Probate and How to Prepare for It?
The word probate is from the Latin word, meaning “to prove.” It is the court-supervised process of authenticating the last will and testament of a person who has died and then taking a series of steps to administer their estate. The typical situation, according to the article “Some helpful hints to aid in navigating… Read More »
Who Should I Name as Trustee?
Who do you “trust” to make certain that your financial legacy lives on? Kiplinger’s recent article, “Consider Your Trustee Carefully: It Makes a Difference, ” advises you to remember that selecting a trustee should be thought of as more of a business decision than a personal one. A trust can be perfectly designed for… Read More »