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Tag: Trusts

Contact our estate planning law firm today to understand more about how trusts operate and how you can create one for your estate plan. Call us today to set up a consultation.

The Little-Known Tax on Roth 401(k) Distributions

Contributions to a traditional 401(k) are made pre-tax

401(k) over a traditional 401(k) after retirement is that distributions from a Roth 401(k) are tax-free, but there is a little-known situation where distributions can be taxed. Contributions to a traditional 401(k) are made pre-tax, so while it reduces your taxable income in the year you contribute to it, you have to pay taxes on … Continue reading

New Brokerage Account Safeguards Aim to Protect Seniors From Financial Scams

If you have questions about protecting your elderly loved ones, we can help.

New rules have been put in place to protect seniors with brokerage accounts from financial scams that could drain the accounts before anyone notices. As the population ages, elder financial abuse is a mounting problem. Vulnerable seniors can become victims of scammers who convince them to empty their investment accounts. According to the Financial Industry Regulatory Authority … Continue reading

Choosing Retirement Account Beneficiaries Requires Some Thought

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While the execution of wills requires formalities like witnesses and a notary, the reality is that most property passes to heirs through other, less formal means. Many bank and investments accounts, as well as real estate, have joint owners who take ownership automatically at the death of the primary owner. Other banks and investment companies … Continue reading

Report Finds Lack of Government Oversight of Assisted Living Facilities

Why assisted living facilities may lack government oversight.

The government is spending billions to fund assisted living services through Medicaid, but government oversight and regulation of assisted living facilities is lacking, according to a new government report. Medicaid funds long-term care services for low-income individuals. It is primarily used for nursing home care, but 48 states have opted to give assisted living residents the ability to … Continue reading

Home Health Care Patients With Chronic Conditions Are Having Trouble Getting Medicare

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Medicare is supposed to provide up to 35 hours a week of home care to those who qualify, but many Medicare patients with chronic conditions are being wrongly denied such care, according to Kaiser Health News. For a variety of reasons, many home health care agencies are simply telling patients they are not covered. Medicare … Continue reading

GOP Tax Plan Could Deal Blow to Seniors Paying for Long-Term Care

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The tax plan put forward by the Republican-led House of Representatives would eliminate many current deductions, and getting rid of one of them in particular could deal a serious financial blow to seniors and individuals with disabilities. The plan proposes eliminating the medical expense deduction, a change that will especially affect those needing long-term care. … Continue reading

Social Security Beneficiaries Will Receive a 2 Percent Increase in 2018

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In 2018, Social Security recipients will get their largest cost of living increase in benefits since 2012, but the additional income will likely be largely eaten up by higher Medicare Part B premiums. Cost of living increases are tied to the consumer price index, and an upturn in inflation rates and gas prices means recipients … Continue reading

Use Your Will to Dictate How to Pay Your Debts

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The main purpose of a will is to direct where your assets will go after you die, but it can also be used to instruct your heirs how to pay your debts. While generally heirs cannot inherit debt, debt can reduce what they receive. Spelling out how debt should be paid can help your heirs. … Continue reading

Estate Planning

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Get estate planning from the attorney at The Law Office Of Skipton Reynolds. When searching for an estate planning attorney you want the absolute best. Depending on your estate itself, formulating an estate plan can quickly become an incredibly complex process that requires knowledge and experience to determine the planning strategy best for you. The … Continue reading