Add Tax Planning to the List of New Parent Tasks

The last thing most new parents are thinking about is taxes, but the addition of a new baby to your family has some nice tax perks, according to "The Most-Overlooked Tax Breaks for New Parents" from Kiplinger's. Read on to learn about the opportunities that can save on new parents on taxes, and those to avoid.  Social Security Number.  The first step is to make sure your new Read More

VA Closing the Door on Benefits

For several months, the VA has let it be known that it’s going to get much harder for Veterans to receive help with their long-term care expenses. For many years, this “Aid and Attendance” benefit has been a godsend to thousands of veterans and their spouses. With this VA help, they’re able to afford helpers coming to their home, going to Adult Day Care, or living in an Assisted Living facility. For many, this Read More

The Most Important Thing You Can Do For Your Aging Parents

How to Ensure Your Parents Don’t Lose Their Home, Bank Accounts, & Assets To Long Term Care Costs A friend relayed a story that is one I hear all too often when it comes for caring for aging parents.Her friend, I’ll call him Bob to protect his identity, has an aging father who is still living at home. Bob’s father has some dementia and some other ailments. He sometimes forgets to take his medicine and often Read More

Mom and Dad Are Failing—What Do I Do Now?

by Peter J. Gilbert, Esq. It starts when you’re home for the holidays. Mom and Dad are happy to see you and the family, but you sense something’s not right. Dad has lost a lot of weight; you find “snowdrifts” of unopened mail piled up on the kitchen table. Awarning bell goes off in your head -something’s changed; Mom and Dad are slipping. So you start “dropping in” on them more often, and you realize Read More

Is your Estate Plan up to Date with Technology?

By Peter J. Gilbert, Esq. One of the biggest complications in estate planning is that the law is forever catching up to technology. Obviously, for privacy concerns, access to the content of communications such as emails, text messages and social media accounts must be specifically given to an Executor or Power of Attorney Agent. These specific instructions should be placed in your will, trust, power Read More

How to Plan for Long-Term Care Costs

By Peter J. Gilbert At least seven out of ten Americans age 65 and over will need long-term care at some point. Most people simply underestimate the cost of long-term care, or they think that Medicaid will cover the costs. So what is your best defense against long-term care costs? Advance planning with professional help. Medicaid won’t pay until almost all the assets of a Read More

Husband’s Will Leaves Second Wife Broke!

By Mark J. Manta, Esq. Benjamin’s second wife, Julia, was a decade younger than her sixty year old husband.  They had one son, Brad, who has Down’s syndrome. Before Julia, Ben was married to Sarah for twenty years and had two children, John and Mary, who were estranged from Ben and were now adults living on their own.  Ben and Sarah divorced ten years ago, but Ben had always hoped for a reconciliation Read More

PA Inheritance Tax Exemption for Qualified Family Owned Business Interests

When a loved one passes away in Pennsylvania, the Commonwealth will impose an Inheritance Tax on all the beneficiaries of that estate. Typically a beneficiary may have to pay between 0 and 15 percent inheritance tax depending on their familial relationship to the decedent on everything that they receive from the decedent. (For a list of the inheritance tax scroll to the bottom of this post). But recently an exemption Read More

What can a Special Needs Trust Pay For?

There is one question that our client’s always ask when designing a Special Needs Trust (SNT) for a loved one, “What can the Trust pay for?” It is a great question and a very important question. If funds from a trust are not used properly, then the loved one that the trust was set up to provide for could be at risk of losing their government benefits for a period. Supplemental Security Income (SSI) is a major Read More

ABLE Act: What is it?

On December 19, 2014, the President signed into law the Achieving a Better Life Experience Act of 2014 (H.R. 647), commonly known as the ABLE Act. The Act now becomes Section 529A of the Internal Revenue Code and is modeled loosely on the Section 529 college savings programs already within the Code. According to the Act, its purpose is to “encourage and assist individuals and families in Read More