Because of a Congressional failure to act before the end of 2009, there's good news and bad news to report on the Estate Planning and Elder Law front. The good news is there's no Estate Tax if you die this year. The bad news is … [Read more...]
Print This PageImportant Elder Law and Estate Planning Numbers for 2010
January 5, 2010 by
Under current law, there will be no cost-of-living adjustment (COLA) in Social Security in 2010 — the first time that has happened since automatic cost-of-living adjustments began in 1975. Several bills before Congress would grant … [Read more...]
Print This PageWhat Does the Bible Teach us About Estate Planning?
October 5, 2009 by
Sorry for the last minute notice, but I just found out that my church, Fairfax United Methodist Church (10300 Stratford Avenue, Fairfax, VA 22030), has space left for a course I'm teaching tomorrow evening entitled What Does the … [Read more...]
Print This PageUpdate on Virginia Life Estate Law
July 8, 2009 by
In June of last year, I wrote that "in the near future, life estates will no longer be considered exempt assets when applying for Medicaid." This was due to the fact that the Virginia General Assembly had recently passed … [Read more...]
Print This PageUpdating Your Estate Plan When Your Finances Change
June 24, 2009 by
In the recent economic downturn, many homes have lost considerable value and stock portfolios have plummeted. If this is the case for you, as it is for many of our clients, you may need to change your will or amend your living … [Read more...]
Print This PageLife Estate Law Changing Soon
June 16, 2008 by
See update on this article here.In Virginia, a life estate in real estate has always been treated as an exempt asset for the purposes of Medicaid eligibility. Unfortunately, the Virginia General Assembly recently passed … [Read more...]
Print This PageWithdrawing Your Early Social Security Benefit
May 5, 2008 by
Did you elect to take Social Security benefits before your full retirement age? If you did and are now looking for extra income, there may be an answer. Once you reach full retirement age, you can pay back the money you have … [Read more...]
Print This PageNew Capital Gains Tax Break Helps Surviving Spouses
April 4, 2008 by
Widows and widowers who don't want to sell their house right away will get a tax break under a new law. The Mortgage Forgiveness Debt Relief Act of 2007 signed into law Dec. 20, 2007, gives surviving spouses two years to sell … [Read more...]
Print This PageSeniors Need to File Tax Return
March 13, 2008 by
Seniors can benefit from the economic stimulus law enacted on February 13, 2008, but they need to file an income tax return. Seniors, disabled veterans, and veterans' widows will receive $300 payments if they earned $3,000 in … [Read more...]
Print This PageHow to Avoid Estate Tax
March 4, 2008 by
Federal tax law allows an unlimited transfer of property to a surviving spouse without imposing any estate tax. This is a result of the "unlimited marital deduction." In addition to the unlimited marital deduction, Federal tax law … [Read more...]
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