Do You Pay Capital Gains Taxes on Property You Inherit?

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When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes. Fortunately, … Read More

What Is Cost Basis and How Do You Prove It?

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Knowing the “cost basis” of your property is important for tax purposes, but proving cost basis can be difficult. Cost basis adjusts at death, so it is a good idea to appraise property when a joint owner dies. Cost basis … Read More

Types of POAs: Powers of Attorney Come in Different Flavors

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A power of attorney is a very important estate planning tool, but in fact there are several different kinds of powers of attorney that can be used for different purposes. Before executing this crucial document, it is important to understand … Read More

The Durable Power of Attorney: What Is It?

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For most people, the durable power of attorney is the most important estate planning instrument available — even more useful than a will. A power of attorney allows a person you appoint — your “attorney-in-fact” or “agent” — to act … Read More

5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning

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Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term … Read More

New Protections for Nursing Home Residents

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New rules designed to give nursing home residents more control of their care are gradually going into effect. The rules give residents more options regarding meals and visitation as well as make changes to discharge and grievance procedures. The Centers … Read More

What Is a Miller Trust (aka Qualified Income Trust)?

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In order to qualify for Medicaid, the applicant’s income must fall below a certain level. Most states allow individuals to spend down any income above this level on their care until they reach the state’s income standard. But in some … Read More

How Likely Are You to Need Long-Term Care?

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Planning for retirement and deciding whether to buy long-term care insurance would be a lot easier if you knew your odds of needing long-term care, as well as at what age and for how long. Unfortunately, there’s no definite answer. … Read More

Beware of Non-Lawyers Offering Medicaid Planning Advice

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In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the overall costs may be far greater. If you use a … Read More

Avoiding Pitfalls When Forced to Start Breaking Your Retirement Piggy Bank

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The oldest of the 75 million baby boomers have begun turning 70 in 2016. Becoming a septuagenarian is a milestone in itself, but it also means that soon the IRS will likely be expecting you to start cashing out your tax-deferred … Read More

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