Larger tax deductions for long-term care insurance
The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2010. 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.
529 plans can pay for computers and Internet service
Tax-free college savings plans and prepaid tuition programs – known as “529 plans” – can be used to buy computer equipment and Internet services for students during 2010. This change was part of the stimulus bill enacted by Congress last year. Many grandparents and other relatives set up 529 plans (named for section 529 of […]
Where should you keep your will?
Once you’ve written a will and created an estate plan, you need to figure out what to do with the will itself. Obviously, it’s very important to keep track of the location of your current will – as well as any old wills. The safest place to keep the original copy of your will is […]
High-profile Astor case could lead to more prosecutions of financial elder abuse
The criminal conviction this past October of the son of New York society matron Brooke Astor on charges of taking advantage of her while she suffered from Alzheimer’s disease could lead to more prosecutions for financial abuse of the elderly…and this includes ordinary families, not just wealthy socialites. As many as a million older people […]
You may be able to fight a nursing home discharge
Sometimes a nursing home wants to get rid of a particular resident. It might think the resident (or the resident’s family) is “difficult.” The resident might require more expensive or demanding care than others. Or the resident might be a Medicaid recipient, and the nursing home could make more money by replacing him or her […]
New Nevada law may help people in other states save taxes, protect assets
A new law in Nevada could benefit people all over the country who want to reduce estate taxes and protect assets from creditors. The law allows anyone in the U.S. to create a “restricted” limited partnership or limited liability company in Nevada. In general, putting assets into an LP or LLC can be a good […]
Make sure your loved ones can find your passwords
Years ago, when someone passed away, their loved ones could often access all the documents they needed with a simple key to a safe deposit box. Now however, many aspects of people’s lives – both financial and personal – are online in places accessible only by password. This includes e-mail accounts, PayPal accounts, online banks […]
Making gifts or loans to your children? Mention this in your will
Many parents make gifts or loans to their children. Often they give more money to one child than to others, perhaps because one child has a greater need. If you do make a significant gift or loan to one of your heirs, you should modify your will to address it. The reason: If something happens […]
How to plan your estate if you have a special needs child
Almost three million children in the U.S. between the ages of five and 15 have special needs, according to the latest Census figures. Parents of these children need to use extra care in planning their estates. For most people, estate planning is about making sure your assets go where you want them to, and minimizing […]
Tougher HIPAA rules for medical businesses
Medical offices and other businesses that are subject to the federal HIPAA medical-privacy law will have to comply with some new rules from Congress. The changes include: ► If a breach of privacy occurs, you must now notify the affected individuals within 60 days. (Before, you only had to try to limit the negative effects […]