Many families experience role reversals at some point in time. When you reach your middle-aged years, you may find yourself providing more and more assistance for your aging parents. This is simply the way of things, but eventually, the level of care that is needed may be beyond your capabilities. We are going to provide some insight here to help you understand some very important facts about long-term care and the costs that go along with it. Government Statistics The United States … [Read more...] about Will You Be Caring for Your Aging Parents?
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Do I Pay Capital Gains Taxes on an Inheritance?
Most of the laws that apply to taxation and inheritances are friendly to the taxpayer. You do not have to report an inheritance on your federal or state income tax returns, and this applies to insurance policy proceeds along with direct bequests. If you are the beneficiary of a Roth individual retirement account, the distributions would not be taxed, because the account would have been funded with after-tax earnings. The reverse situation applies to traditional accounts, so beneficiaries of … [Read more...] about Do I Pay Capital Gains Taxes on an Inheritance?
Generational Wealth is Key to Leveling the Playing Field
Generational wealth is wealth earned by one generation and passed on to the next. Generational wealth is key to allowing the next generation to be free from the burden of having to live hand-to-mouth and allows them to pursue an education and build a career or business to build a better life for themselves. Read on to learn more. … [Read more...] about Generational Wealth is Key to Leveling the Playing Field
What Is HIPAA?
The acronym “HIPAA” stands for the Health Insurance Portability and Accountability Act. To understand why we would be highlighting this piece of legislation as an elder law firm, we have to provide some background information about incapacity planning. Decision Making Ability There are some unpleasant realities of life that you should meet head on, and the eventualities of aging would certainly fit into this category. A very significant percentage of Americans live into their 80s and … [Read more...] about What Is HIPAA?
Can You Establish an Asset Protection Trust?
They say that we live in a litigious society, and there certainly are a lot of legal actions initiated. There are some people that are in high risk positions when it comes to potential lawsuits, including certain types of professionals and individuals that own businesses. Future lawsuits and creditor claims can be a source of concern. It is logical to wonder if you can put assets into a trust to protect yourself, and we will provide some clarity in this post. Self-Settled Asset Protection … [Read more...] about Can You Establish an Asset Protection Trust?
