Perhaps you would prefer to take a charitable deduction this year. Maybe you have higher income this year, or the reduced ability to take a deduction next year. A donor advised fund may make sense for you. A donor advised fund allows a deduction this year, even though distributions will be made to public charities in future years. Read on to learn more about a donor advised fund. The post Would You Prefer a Charitable Deduction This Year? appeared first on Nirenstein, Horowitz & Associates P.C..
Congress passed a new tax law just before leaving for the holidays. The new law temporarily doubles the estate, gift, and GST exemption. The law increases the standard deduction and limits deductions for state and local taxes. Read the article to find out more about the new law and how it will impact you. The post New Year’s Greetings appeared first on Nirenstein, Horowitz & Associates P.C..
Medicaid is more than just a government insurance program that provides services for people with limited incomes. Medicaid is also one of the primary payers of nursing home costs within the United States. Because Medicaid is often the only option for a senior who requires care in a nursing home, seniors need to understand Medicaid [ ] The post What is the Medicaid Five Year Lookback Rule? appeared first on Nirenstein, Horowitz & Associates P.C..
The government programs that are in place to assist senior citizens should not be overestimated. If you rely on these benefits as the centerpiece of your retirement plan, you may be sorely disappointed when you recognize that you will never be able to retire. First, we should explain the eligibility requirements. When you work and pay your taxes, the FICA or self-employment tax that you pay goes toward future Medicare and Social Security eligibility. This is done through the accrual of retirement credits. During the current calendar year, you get one credit for every $1220 that you earn, and you can earn as many as four credits in a year. When you have a least 40 credits, you will qualify for these benefit programs for seniors. The age of eligibility for Medicare is 65 for everyone under currently existing laws. Things are different with Social Security. The full eligibility age depends on the year of your birth, but it will be somewhere between 66 and 67. Modest Payouts Social Securi
The Medicaid program is a health insurance safety net for people with very limited financial resources. This program is jointly administered by the federal government along with each state government. Medicare is another government program, and it provides health care for senior citizens. If you are qualified for Medicare at the age of 65, you will not need Medicaid at first. Plus, you would not qualify if you have resources. In spite of these facts, Medicaid could become relevant to you at some point in time. This program does pay for long-term care, but Medicare does not pay for long-term living assistance. The majority of elders will someday need help with their activities of daily living, so this is a very pressing elder law issue. To qualify for Medicaid to pay for long-term care, your countable assets cannot exceed state mandated maximum amount. This would logically lead you to the understanding that you could give your assets to your loved ones to qualify for Medicaid if you ev