$9.1 million this year. There is no federal inheritance tax, but there are six states with state inheritance taxes. This type of tax is levied on distributions to each individual inheritor rather than the entirety of the estate. Plus, in general, there are no large exclusions, but there are exemptions. Close relatives like children, spouses, … [Read More]
Are You Prepared for Life as an Octogenarian?
As elder law attorneys, we help people prepare for the eventualities of aging. Without question, it can be difficult to envision the way you will feel when you are in your 80s. At the same time, the average lifespan for someone that is 67 is the middle 80s, so this is a life stage that … [Read More]
Will Your Legacy Plan Include Charitable Giving?
You can take a broader approach when you are planning your estate and look at it as a legacy planning endeavor. When you act in a more comprehensive manner, you help to shape the way you will be remembered after you are gone. We are going to look at charitable giving here, but first, we … [Read More]
Senior Veterans May Qualify for Special Pension
Many people that have served in the United States military make considerable sacrifices. At the same time, they are rewarded with some solid benefits. One of them is the retirement pension that is available after 20 years of service, and there is another pension that flies under the radar. Military Pension for Wartime Veterans This … [Read More]
Medicaid Planning: Can a Healthy Spouse Keep the Beneficiary’s Income?
We are going to look at a specific aspect of the Medicaid guidelines for married seniors that require nursing home care. In order to understand the implications, you have to absorb some background information about the subject, so we will start there. Long-Term Care and Medicare Since Medicare is the health insurance program that almost … [Read More]
Are There Any Connecticut Probate Shortcuts?
You should definitely know the basic facts about probate when you are making your estate planning decisions. In this post, we are going to focus on shortcuts that can circumvent the full process. However, we will start with a broad overview to help you see a complete picture. Estate Administration Most people assume that they … [Read More]
A Trust Can Facilitate Responsible Pet Ownership
Loneliness is a challenge for many seniors that have lost loved ones along the way. Clearly, a pet could make a world of difference, but responsible folks are going to have longevity concerns. Of course, you do not have to experience social isolation to benefit from pet ownership as an elder. Still, the $10,000 question … [Read More]
Elder Law Insight: High Social Security COLA Anticipated for 2023
For the most part, there is nothing good to say about inflation, and it is a frequently discussed topic these days. Many Social Security recipients are definitely impacted by rising prices, but there is some good news looming over the horizon. Social Security Cost-of-Living Adjustments (COLAs) Each year, the Social Security Administration can increase benefits … [Read More]
Jim Morrison of the Doors Made Huge Estate Planning Errors
July 3rd was the 51st anniversary of Jim Morrison’s death. He died in Paris back in 1971, and people are still enjoying the music that he helped create all those years ago. His estate is also making money, just as it has done for the last 50+ years. Who gets these funds? In this post, … [Read More]
Vacation Homes Can Trigger Ancillary Probate
Now that we have been enjoying the summer months, many people are spending time in their vacation homes. It is great to be able to get away from the grind and spend quality time with your family and friends. Plus, you make a good investment when you purchase carefully selected property. From an estate planning … [Read More]
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