A power of attorney and a health care proxy are essential parts of a good estate plan. A power of attorney document appoints an agent to make business and financial decisions for you if you become incapacitated. A health care proxy appoints an agent to make medical decisions for you if you can’t make them yourself. The easiest – and in some ways, best – idea is to name one person as your agent for all
Although it’s important to have an updated estate plan, there’s a lot of information your heirs need to know that doesn’t necessarily fit into a will, trust, or other document. For instance: Where can your heirs find your insurance policies? How can they locate your bank accounts, and access your safe deposit box? How can they be sure they’ve accounted for all your assets? The solution is a “letter of instruction,” which can provide your heirs
Medicare is changing how it pays for certain types of medical equipment…and it’s good to be aware of the changes, so you can make sure that what you buy will be covered by insurance. The changes affect “durable” medical equipment, which means items you can use repeatedly as opposed to items meant for one-time use. Examples include wheelchairs, walkers, scooters, oxygen equipment, hospital beds, support mattresses, prostheses, orthotics, enteral nutrition devices, etc. In the past, Medicare
July 31 is the deadline for filing 2011 retirement or employee benefit returns (5500 series) for plans on a calendar year.
You only have to examine your paycheck to realize certain income is tax-free. For example, health insurance premiums paid by your employer are generally not includible in your income. Do you know the tax status of other types of income? Here’s a short quiz to test your knowledge. 1. You tell your son he’ll be the sole beneficiary of your estate, and that you’ve decided to give him an advance on his inheritance. You hand him
If you’re approaching retirement and are eligible for social security, you have three broad options for drawing your benefits: start early, wait until your “full” retirement age, or hold out a few years longer to qualify for the monthly maximum. *Early withdrawals. Starting your withdrawals at the earliest allowable date (age 62) may be a good idea if you (a) plan to stop working or cut back to part-time status, and (b) really need the income.
With the recent economic downturn experienced by many taxpayers, there is a tax concept that is very important: cancellation of debt. You would think that the cancellation of debt by a credit card company or mortgage company would be a good thing for the taxpayer. And it can be, but it can also be considered taxable income by the IRS. Here is a quick review of various debt cancellation situations. * Consumer debt. If you have
Attorneys licensed to practice in Florida | Massachusetts | New Hampshire
Business Law | Estate Planning | Probate & Trust | Real Estate | Tax
