Additional Information: My grandmother and I live in Danvers, MA. We are co-owners of a mutual fund account. She purchased it around March of 2005 and thought she had named me as co-owner, but truly named me as beneficiary. We caught the mistake and had my name added as joint owner about 2.5 years ago. She is currently in assisted living but may require nursing care in the future. She tells me to take the money
Sunset was postponed last December, at least in the world of taxes. Many existing laws, which had been due to expire, or “sunset” at the end of 2010, were extended through 2012. At the same time, new rules that can impact your tax planning came into effect. With so many changes, you’ll want to make sure you understand the possibilities available to you as you undertake your tax planning for 2011. Here are some suggestions. Business
Monday, April 18, is a red letter day in the world of taxes. It is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines. Filing 2010 income tax returns for individuals. If you cannot file your return by this deadline, be sure to file an extension request by April 18. The automatic extension (you don’t need to explain to the IRS why you need more time) gives you until
The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2011. Generally, you can deduct part of your premiums if the premiums, together with your other unreimbursed medical expenses, amount to more than 7.5 percent of your adjusted gross income. The maximum amount of premiums you can deduct each year depends on your age at the end of the year: Age Maximum
Nursing home and assisted living costs increased much faster than the rate of inflation from 2009 to 2010, according to a survey by MetLife. The average cost of a private room in a nursing home rose 4.6 percent to $83,585 a year – or $229 a day. The average cost of an assisted living facility climbed 5.2 percent, to $39,516 a year or $3,293 a month. The average charges for home health care aides and adult
The federal estate tax is back in effect as of January 1, 2011. Originally, the tax was to apply to all estates over $1 million, at a rate of 55%. The exact details have been in flux. By the time you read this, there might be a deal in Congress that would raise the limit and lower the rate. However, any such deal is likely to be temporary – which means that the $1 million limit
A growing number of Medicare beneficiaries who are transferred from a hospital to a nursing home are discovering that Medicare won’t pay for the first 20 days of their nursing home stay. Ordinarily, Medicare covers nursing home stays entirely for the first 20 days as long as the patient was first admitted to a hospital as an inpatient for at least three days. But here’s the problem: A lot of people are discovering that there were
Here’s a real estate owner’s nightmare: After a couple built a brand new sixth floor atop their five-story townhouse, the city ordered them to remove the whole thing. The building, on Manhattan’s Upper West Side, was within a “landmark” district. The city’s Landmark Preservation Commission decided that the addition didn’t comply with the city’s landmark rules, and ordered it removed. The addition included a kitchen, dining room and terrace, and was designed to turn the fifth-floor
When two or more people own real estate, the relationship between the owners is known as a “tenancy.” There are a number of different kinds of tenancy. Understanding the differences is important, because different kinds of tenancy can mean different rules for whether an interest in the property can be inherited outside of probate and whether creditors can claim the property.Tenancy comes in three main forms: tenancy in common, joint tenancy, and tenancy by the entirety.
Sweeping changes to the way home mortgages are structured and approved have been passed by Congress and signed into law by President Obama. The changes are included in the recent financial regulatory reform law. Although the main goal of the law is to change the way Wall Street banks are regulated, a large section of it is aimed at mortgage reform. Here’s a brief summary of the most important changes: One of the key goals is
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