When Can Someone Be Declared Legally Incompetent?
If a loved one is experiencing memory loss or suddenly making poor decisions, you may want the court to appoint a guardian, which requires a declaration of incompetence.
DetailsYou Can ‘Cure’ a Medicaid Penalty Period by Returning a Gift
Anyone who gifted assets within five years of applying for Medicaid may be subject to a penalty period, but that penalty can be reduced or eliminated if the assets are returned.
DetailsMedicaid’s Benefits for Assisted Living Facility Residents
Almost all state Medicaid programs will cover some assisted living costs, although there may be a waiting list.
DetailsThe Difference Between Elder Law and Estate Planning
Elder law and estate planning serve two different — but equally vital — functions.
DetailsAnnual Gift Tax and Estate Tax Exclusions Are Increasing in 2022
The amount you can gift to any one person without filing a gift tax form is increasing to $16,000 in 2022, the first increase since 2018. The federal estate tax exclusion is also climbing to more than $12 million per individual.
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A Way to Lock in the Current Estate Tax Exemption to Benefit Your Spouse
With the fate of the estate tax exemption uncertain, you may want to use the current large exemption to transfer assets to a trust to benefit your spouse. A spousal lifetime access trust (SLAT) can help transfer assets outside of your estate.
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Closing of Social Security Field Offices Disrupted SSI Benefits for Thousands, Lawsuit Charges
When the SSA closed its offices at the onset of the COVID-19 pandemic, it failed to provide practical ways for the elderly and people with disabilities to demonstrate their eligibility or challenge its decisions, according to a class-action lawsuit.
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Medicare Premiums to Increase Dramatically in 2022
Medicare premiums are rising sharply next year, cutting into the large Social Security cost-of-living increase. The basic monthly premium will jump 15.5 percent, or $21.60, from $148.50 to $170.10 a month.
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IRS Issues Long-Term Care Premium Deductibility Limits for 2022, and They Look Pretty Familiar
The Internal Revenue Service (IRS) has announced the amounts taxpayers of different ages can deduct from their 2022 income as a result of buying long-term care insurance, and the figures are almost the same as in 2021.
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Can You Be Buried With Your Pet?
Most states either have laws specifically prohibiting pets and humans to be buried together or are silent on the issue. But at least four states have laws allowing some form of combined burial, and the list will undoubtedly grow as demand increases.
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