Author Archives: Linda Fisher
Estate Planning During a Pandemic
KCRA’s article entitled“5 things to know about estate planning” says that estate planning is a topic that people frequently don’t like to think about. However, more people now want to create a will or revise one that’s already in existence, because of the COVID-19 pandemic. You should have a will. You can find forms… Read More »
Does a Beneficiary of a Trust Have to Pay a Tax?
When a trust makes a distribution, it deducts the income distributed on its own tax return and issues the beneficiary a tax form called a K-1. That form shows what part of the beneficiary’s distribution is interest income and principal. This tells beneficiaries what they must claim as taxable income, when filing taxes. A… Read More »
How Does an Intentionally Defective Grantor Trust Work?
Using trusts as part of an estate plan creates many benefits, including minimizing estate taxes. One type of trust is known as an “intentionally defective grantor trust, ” or IDGT. It’s a type of irrevocable trust used to limit tax liability when transferring wealth to heirs, as reported in the recent article “Intentionally Defective… Read More »
Five Top Reasons to Add Beneficiaries to Investment Accounts
One way to show loved ones that you care is by having an estate plan and communicating your wishes to them clearly, notes the article “Why You Should Add Beneficiaries to Your Investment Accounts Now” from The Street. That includes adding beneficiaries to your retirement and investment accounts. This simple step will help save… Read More »
Should Medicare Continue with Expanded Telehealth Access after COVID-19?
“I can’t imagine going back, ” said Seema Verma, administrator of the Centers for Medicare and Medicaid Services, told STAT during a live virtual event. “People recognize the value of this, so it seems like it would not be a good thing to force our beneficiaries to go back to in-person visits.” STAT’s June… Read More »
Quirk in Medicare System’s Observation Status
There’s a troubling quirk in the Medicare system that occurs when older patients are hospitalized and instead of being officially admitted, they are placed on “observation status” reports the article “Caught Paying for Rehab Due to Observation Status? Medicare May Owe You” from The National Law Journal. Observation status originally was meant to serve… Read More »
Elder Financial Abuse Fraud Occurs, When No One’s Watching
The case of Nice vs. U.S. is a dramatic example of what can happen when there are no professionals involved in an elderly person’s finances and one person has the power to make transactions without supervision. In the article “Tax case reveals possible intrafamily fraud” from Financial Planning, a trusted son allegedly decimated his… Read More »
What are the Latest Senior Scams?
While we are concerned about finances and our health with COVID-19, we also must be uber-aware of four points of contact: phone calls, text messages, emails and social media. CNBC’s recent article entitled “Beware these common scams that specifically target seniors” explains that seniors in the U.S. are more apt to be victims of… Read More »
What Should I Keep in My Safety Deposit Box?
A safe deposit box isn’t a smart choice for everything. Kiplinger’s recent article entitled “9 Things You’ll Regret Keeping in a Safe Deposit Box” advises that there are some items you might not want to lock up in your bank, which isn’t open nights, holidays, or weekends. zin this pandemic, hours of operation for… Read More »
What Is a Power of Attorney?
A power of attorney is a legal document that permits an agent or attorney-in-fact to make financial and legal decisions on your behalf, if you are unable to do so. WTOP’s recent article “How to Set Up a Power of Attorney” says that the rules for designating power of attorney vary from state to… Read More »