Over three-quarters of long-stay nursing home residents will eventually be covered by Medicaid.
The new Minimum Monthly Needs Allowance increases to $2,030 and the Community Spouse Monthly Housing Allowance increases to $609 in Connecticut and New York .
Independent contractor or employee is determined by a 6 factor test.
Health Care Costs not Taxes Hurt US Competitiveness according to Warren Buffett.
The American Health Care Act is an all-out assault on the health and long-term care needs of older adults according to Justice in Aging.
The IRS is going to start using private debt collectors to pursue overdue taxes.
The Connecticut law governing LLC's has been revised effective July 1, 2017. It modernizes Connecticut LLC law.
The IRS recently posted the 2017 mileage rates for business, medical and charity.
Everyone needs a Power of Attorney in case they are incapacitated.
Most people do not have a Will. You should use a lawyer to prepare a Will.
There are financial benefits to staggering retirement dates.
Providers often improperly bill people on Medicare.
You can have tax in your IRA from Business Income
The Social Security tax increase for 2017 is 7.3 percent, the most in 34 years. It can cost up to $539, and double that if you are self-employed.
Nursing Homes have lost the right to require Arbitration under Medicaid.
New regulations have been proposed by the IRS which would eliminate, or severely restrict, one of the primary tools estate planners have used to transfer family businesses and assets for estate tax purposes.
CT has a new Power of Attorney effective 10-1-16.
The CT legislature just passed the Uniform Fiduciary Access to Digital Assets Act which gives your executor, Attorney by Power, Trustee, or conservator the power to control your digital assets in addition to your physical assets.
Many states have enacted the legislation for ABLE accounts including NY and CT and the federal legislation is in place too. However, as of 4-16 no state has the account operational so you can't open one. In addition, Congress changed the rule in 12-15 so now you do not have to open an ABLE account in your own state..you can use any state. As a result, some states may not offer them or might create joint accounts with other states. In the meantime, most people will use a pooled trust or special needs trust.
The IRS just issued Rev Proc 2015-53 which adjusts various items for inflation for 2016.
The tax games available for Family Limited Partnerships are about to be severely limited. FLP's are often used for tax limiting purposes in estate planning and the transfer of business ownership. On August 6, 2015, the Department of the Treasury issued Notice 2015-54 announcing its intent to...
Nursing homes often follow operating procedures that violate the Law and are harmful to residents. Fortunately, Residents' Rights are guaranteed by the federal 1987 Nursing Home Reform Law.(Section 483.25 of Title 42 of the Code of Federal Regulations). The law requires nursing homes to care f...
Connecticut Enacted an Employee Online Privacy Law in May which is effective 10-1-15. Public Act No. 15-6. Some 20 other states have similar statutes. The law prohibits employers from requiring or requesting employees or applicants to: (a) provide user names, passwords or other means to access a...
Most people put off estate planning. Let's face it, you have to pay a lawyer and you have to consider death and a bunch of other unpleasant scenarios. Personally, I'd rather have my nails pulled. Most often people finally do their estate planning and draft a Will when they have to which is o...
Connecticut made a variety of tax changes to individuals and businesses with the recent budget. Guess what? Taxes are going up. The highlights are below and they are effective July 1, 2015. Individual Tax Changes The highest existing income tax bracket is increased. The 6.7% tax bracket ...