Author Archives: John

Deduct Long-Term Care Premiums From Your Income

Taxpayers with long-term care insurance policies can deduct some of their premiums from their income.  Whether you can use the deduction requires comparing your medical expenses to your income in a complicated formula. Premiums for qualified long-term care insurance policies are tax deductible to the extent that they, along with other unreimbursed medical expenses (includingContinue Reading

Do You Need a Living Trust?  A Few Ways to Avoid Probate Without One

Do you need a living trust?  The short answer is probably not. For those who promote the use of living trusts, the general logic is that this is the single, best document that will help you avoid costly probate proceedings when passing assets to your heirs. And while this technically may be true, in mostContinue Reading

Wills are critical if you have children

Do you have a Will?  Do you have children?  One of the survey’s most surprising findings was that just 36 percent of those with children under 18 have an end-of-life plan in place.  This is a potentially devastating oversight. There are two crucial reasons to have a Will when you have minor children.  First, ifContinue Reading

Power of Attorney for Health Care – How Important is it Really?

Every adult should have a power of attorney.  Powers of attorney work while you are alive, but are incapacitated.  If you become incapacitated and do not have a power of attorney a guardianship proceeding will likely be required.  Such a process is more complex, time consuming and expensive. The study shows, however, demographic disparities playContinue Reading

Asset Protection Planning – Perils of Doing it on Your Own

Dealing with long term care planning, and especially asset protection planning, is a daunting process. Very complicated state and federal Medicaid laws and regulations present many pitfalls for those who try to engage in the asset protection process on their own without working with a competent elder law attorney.  A 2015 Medicaid case from New JerseyContinue Reading