Tag Archives: state

State Updating Its Plan to Help People with Alzheimer’s

Connecticut elder law attorneys provide assistance in circumstances where there has been a diagnosis of Alzheimer s or when a person has otherwise been diagnosed with dementia. This diagnosis is life-altering and it is vitally important that a detailed plan for the future be created as soon as a diagnosis has been made.  Nirenstein, Horowitz & Associates [ ] The post State Updating Its Plan to Help People with Alzheimer s appeared first on Nirenstein, Horowitz & Associates P.C..


New Tax Law May Affect State Income Tax, Too!

The new tax law has many impacts on state income taxes in 2018. The law limits the deductibility of state income taxes for federal purposes. It also raises the federal standard deduction amount. However, taxpayers should consider the impact on their state income tax of the decisions they make to minimize their federal taxes. This article examines why. The post New Tax Law May Affect State Income Tax, Too! appeared first on Nirenstein, Horowitz & Associates P.C..

Does the State Take My Assets If I Go on Medicaid?

Long-term care costs are very high across the country, and they are particularly high in our home state of Connecticut. The average annual charge for a private room in a nursing home is well in excess of $100,000 in Connecticut at the present time. Medicare will not pay for long-term care, but Medicaid will assist with custodial care expenses. Because Medicaid is a program that is only available to people who can demonstrate financial need, people who retired with some resources are not going to qualify for coverage. There is an upper asset limit of $2000 for an individual in most states. However, we should point out the fact that many things that you own are not considered to be countable. Your home, up to $828,000 in equity in 2015, is not a countable asset for Medicaid purposes.You could also retain ownership of one vehicle, your wedding rings and heirloom jewelry, your household goods, and your personal effects. However, in spite of this, most of the elders who are residing in nur

Why Would I Use a Trust Instead of a Will?

Everyone is aware of the fact that a will can be used as a way to state your final wishes when you are planning your estate. However, under certain circumstances, a trust of some kind can be a better choice. We will look at some of these scenarios in this blog post. Estate Tax Exposure If you maintain personal possession of your assets and arrange transfers through the creation of a last will, these resources would be part of your taxable estate. Yes, there are taxes on large asset transfers that can come into play after you pass away. We have a federal estate tax to contend with in all 50 states, and this tax carries a hefty 40 percent maximum rate. The exclusion is $5.43 million during the current calendar year. Anything that you are transferring that exceeds the amount of this exclusion is potentially subject to the federal death tax. There is a caveat to the above with regard to asset transfers between spouses. There is an unlimited marital deduction that allows for unlimited asse