September 2017 - Law Office Of Skipton Reynolds, LLC

Month: September 2017

Pay Attention to the Small Details When Dealing with Long-Term Care Insurers

A long-term care insurance company recently cancelled the insurance coverage of an elderly woman who accidentally wrote the wrong amount on her premium check. The case illustrates the need for policyholders to pay attention to the details. Madeleine Maldonado, of Concord, Massachusetts, had a long-term care insurance policy through AIG. According to an article in … Continue reading

Florida Nursing Home Tragedy Causes Rethinking of Disaster Preparedness

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The recent tragedy in which ten Florida nursing home residents died when the nursing home lost power during Hurricane Irma is causing government officials to rethink disaster planning.  Even though we are an estate planning firm in Centennial CO, it’s important to share this information nationally. In response to the deaths, Florida Governor Rick Scott announced a new … Continue reading

Long-Term Care Scorecard Finds States Have Room for Improvement

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A new report finds that states have made incremental improvements in providing long-term care, but need to make more improvements in order to meet the needs of the growing number of people who require long-term care services. According to the 2017 Long-Term Services and Supports State Scorecard, while long-term care remains unaffordable for middle class families, there … Continue reading

Be Aware of the Kiddie Tax Before Leaving an IRA to Children

16319-tax return

Grandparents may be tempted to leave an IRA to a grandchild because children have a low tax rate, but the “kiddie tax” could make doing this less beneficial. An IRA can be a great gift for a grandchild. A young person who inherits an IRA has to take minimum distributions, but because the distributions are based on … Continue reading

HUD Makes Reverse Mortgages a Little Less Attractive

reverse mortgage paper

The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees and limit the amount homeowners can borrow. A reverse mortgage allows a homeowner who is at least 62 years old to … Continue reading