Legislators work to create new options for security deposits
Cash security deposits, on top of high rents in most cities, make it difficult for many people to find affordable places to live. State and city lawmakers are working to eliminate the requirement that renters pay the deposits, which can be as much as one to two months’ rent, up front. The bills would require […]
2019 a big year for refinancing, mortgage recovery
The year 2019 was the best year for mortgages since the crisis in 2006, the Wall Street Journal reported. The lending boom amounted to $2.4 trillion in home loans, an increase of 46 percent since 2018, according to industry research group Inside Mortgage Finance. The trend is expected to continue this year. According to the […]
New tax break for rental real estate owners
The IRS recently clarified the terms under which rental real estate owners can qualify for a new tax break under section 199A of the Internal Revenue Code. The section provides a tax deduction of up to 20 percent of an entity’s qualified business income, or QBI, for many owners of pass-through entities, including sole proprietorships, […]
How can I make sure my son is given to the person I choose if something were to happen to me?
ADDITIONAL INFORMATION: I am a single mother. My son’s father hasn’t been in his life since he was 4 months old (he will be 6 y/o in 2 weeks). I have no idea where he is, he does not pay child support, and we were never married. If something were to ever happen to me, […]
How does a trustee add a business to a irrevocable trust?
ADDITIONAL INFORMATION: To begin I am a trustee to a irrevocable trust, which the grantor set up to transfer a couple of homes he owns. Now the trust says the trustee can buy and add property to the same trust for the benefit of the grantor. The trust grantor has come across a dirt cheap […]
Know the difference between wellness visit and physical
Confusing a wellness visit with a physical could be very costly. As part of the Affordable Care Act, Medicare beneficiaries receive a free annual wellness visit. At this visit, your doctor, nurse practitioner or physician assistant will generally: ask you to fill out a health risk assessment questionnaire; update your medical history and current prescriptions; measure […]
What to look for in a prepaid funeral plan
In addition to making things easier for your family during a difficult time, prepaid funeral plans can also be a good way to spend down money in order to qualify for Medicaid. But the plans come with risks. Consumers lose millions of dollars every year when prepaid funeral funds are misspent or misappropriated. A funeral provider […]
Understanding how assets are distributed in a will
When creating an estate plan, the main decision is how your assets will be distributed after you pass away. The terms “per stirpes” and “per capita” become important when your descendants include children and grandchildren. In a will, these terms are often written as “I leave my [fill in the blank] to my descendants, per […]
Important to know how Medicaid could treat your home
Nursing home residents do not automatically have to sell their homes in order to qualify for Medicaid, but that doesn’t mean the house is completely protected. The state will likely put a lien on the house while the resident is living and attempt to recover the property after the resident has passed away. Medicaid (known […]
Big changes come to retirement plans
The Setting Every Community Up for Retirement Enhancement (SECURE) Act changes the law surrounding retirement plans in several important ways: Stretch IRAS. The biggest change eliminates “stretch” IRAs. Under the previous law, if you named anyone other than a spouse as the beneficiary of your IRA, 401(k) or other tax-favored retirement plan, the beneficiary could […]
