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After the Holidays

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Families tend to be at the center of holidays.

The holiday season is a great time to gather to celebrate and carry on our family traditions. This year, some of our traditions needed to be modified or changed, but I find that most families have adapted and found ways to stay connected. In estate planning, we’ve found that communicating with our families about their estate plan is necessary to ensure their estate plans will actually work, and that their family is taken care of. That’s why we’ve included a family care meeting in our estate planning process, whereby you, your trusted advisers, and your family members meet to discuss your estate plan and how best to take care of you and your family in the event of incapacity and death. Remember, we do not have to disclose the value of assets in these meetings (because we don’t know the value of the assets when you die), but it is important that your family meets your trusted advisors, understands what your intent is regarding your estate plan, and knows that you’ve taken the steps necessary to make things easier for them when you die.

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New Administration, New Congress, and Potential New Laws

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Every 4 years, a change in our Presidential elections results in a flurry of literature, workshops, and newsletters regarding potential changes in income and estate tax laws. This year was no exception, as the significant increase in the federal deficit resulting from costs associated with COVID-19 has placed more pressure on tax increases, including potential tax increases in the estate planning realm. The federal exemption amount, which is $11.7 million as of January 1, 2021, will, under the current law, decrease to about $6.7 million in 2026. Many believe that this decrease in the coupon will occur earlier or may even go down below the $6.7M returning to the former $3.5M. All of this is speculation at this point, but we must be prepared to act quickly, as some of these tax law changes may act retroactively.

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Medicare Annual Enrollment Period is Here!

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By: Scott Maibor, CFE

This week, here at Family Estate Planning Law Group we are excited to have Scott Maibor, of Senior Benefits Boston, guest blogging for us.  We know many of our families have questions about Medicare coverage, and we think Scott has some great experience and expertise to share with you.   

After 12 years in the Insurance Industry Scott founded Senior Benefits Boston to help clients with their Medicare health insurance needs.  He enjoys simplifying an overly complex system with the goal of maximizing coverage and reducing costs. 

In 2017 Scott decided to focus exclusively on Medicare and on helping clients approaching eligibility age. He is a Certified Financial Educator and Medicare (AHiP) Certified for 2021.  As an independent Advisor he works with multiple carriers to enable him to serve as a fiduciary for his clients.

[Read more…]

Infographic: Choosing the Right In-Home Caregiver for You

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It’s no surprise that many seniors would much prefer living in their own homes as opposed to facility care. Family members who fully understand the benefits associated with aging in place—a sense of independence, better health outcomes, and the comfort home can provide—may consider an in-home caregiver for their elderly loved one. Check out our recent infographic and see some tips on how to choose the right caregiver for your loved one. [Read more…]

Last Chance to Return Required Minimum Distributions for 2020 (under the CARES Act)

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We recently blogged about how the CARES Act waived required minimum distributions (RMDs) for 2020 and even allows for an IRA owner or a beneficiary under an inherited IRA who had taken an RMD from their IRA to put it back.  But here’s the catch: it has to be returned before August 31, 2020, which is approaching very quickly.

We highly recommend checking out the full blog here, but here are the highlights:

  • The CARES Act waived RMDs for 2020 for both IRA owners and beneficiaries under inherited IRAs.
  • For inherited IRAs: This only applies to beneficiaries of inherited IRAs from people who died prior to January 1, 2020.  For those inheriting money under the new SECURE Act, you still have to liquidate the IRA within 10 years.
  • If you already took an RMD for 2020 and do not actually need or want to use the money, you can put it back (but only the RMD amount, not any additional distributions you may have taken).
  • You only have until August 31, 2020, to return the money, or you will have to keep it, so if you want to return any RMDs, please contact your accountant and/or financial advisor right away to figure out the best way to return this money.

As always, our team here at Family Estate Planning Law Group would love to help you think holistically about estate planning, from how to set up a plan to make sure your assets are aligned and your whole team of financial professionals and/or caregivers or loved ones are involved.  To learn more about how we can help you take care of your loved ones, visit our website, check out our blog, or schedule your complimentary consultation today!

Required Minimum Distributions Waived for 2020 (CARES Act)

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On March 27, 2020 the president signed the CARES Act as part of an effort to ease the adverse financial consequences of the COVID-19 pandemic.  While a lot of attention has been paid to the unemployment benefits, the payroll protection plan (PPP), and other portions of the CARES Act, the relief Congress provided to those who must take required minimum distributions from their qualified retirement plans (which we’ll call IRAs), and beneficiary or inherited IRAs (which we’ll call inherited IRAs) received very little attention.  The CARES Act provides that required minimum distributions have been suspended for the year 2020.

files in a drawer

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Are You Setting Your Family Up for an Estate Planning Dispute?

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couple sitting on couch with dogs

Perhaps because of Hollywood or other fictional portrayals—Knives Out being a recent (and fun) cinematic example—wills and inheritances seem to not bring out the best in people. Most people don’t want to think about the potential for a family fight when it comes to planning their estate.

But, as the old saying goes, ‘failing to plan is planning to fail.’ It’s not just planning for animosity or sibling rivalry—what if your wishes aren’t clear? What if your estate goes through probate and causes misunderstandings opening the family to a stressful and public process? Probate is something you can avoid with the right planning, but you have to take care of now to prevent probate from happening through smart planning and communication.

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Elderly Loved One Moving In? How to Make Your Home Accessible

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woman washing her hands at kitchen sink

According to agingoptions.com, the number of aging parents living with adult family members is rising dramatically, with between five and six million elderly adults currently living in a household headed by their adult child. This is a 67 percent increase since 2007. While such a living arrangement is often due to economic considerations, others simply have a strong desire to care for those who cared for them. There are many issues to consider when an elderly loved one moves in; one of those issues is making your home accessible. While the specific upgrades you undertake will depend on the health and needs of your loved one, some of the top home renovation suggestions for seniors include:

[Read more…]

Choosing the Right In-Home Caregiver For You

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According to an AARP survey, about 90 percent of American seniors want to live in their own homes as long as possible. Known as “aging in place,” it’s no surprise that most seniors would much prefer living in their own homes as opposed to facility care. Unfortunately, physical or cognitive issues can often make this a difficult option.

Family members who fully understand the benefits associated with aging in place—a sense of independence, better health outcomes, and the comfort that only “home” can provide—may consider an in-home caregiver for their elderly loved one.

Your loved one might benefit from an in-home caregiver for medical needs as well as with assistance in light housekeeping, routine errands, and other daily living activities. Once you have made the decision to hire a caregiver, it is important that you understand how to choose the best in-home caregiver for your elderly loved one. [Read more…]

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