The Veterans Administration offers a veteran or the surviving spouse of a veteran long term care benefits through its Aid and Attendance program. To receive this benefit, the veteran does not have to have a service-related disability. If the veteran or surviving spouse needs assistance with the activities of daily living they are eligible for… Continue Reading
Author Archives: John
Medical Bills Worse than Death?
Are medical bills worse than death? In a survey done last year, nearly half of workers interviewed, aged 40 to 50, feared paying the debt from a critical illness to be worse than death itself. To deal with the cost of a critical illness suffered, 28% used retirement savings to deal with the cost, 28%… Continue Reading
Inherited IRAs Protected in Bankruptcy?
In an important case for asset protection planners, estate planners and bankruptcy lawyers, the U.S. Supreme Court will hear a case coming out of the Seventh Circuit to determine whether an inherited Individual Retirement Account is an exempt asset under federal Bankruptcy law. In general, bankruptcy law exempts (or protects) a debtor’s IRA and other… Continue Reading
Congratulations Seahawks!
Looking forward to seeing you play at the Super Bowl!
No Step-Up for Property in Irrevocable Grantor Trust
In PLR 200937028, the IRS concluded that property held in an irrevocable grantor trust that was not included in the grantor’s estate at death does not receive a step-up in basis. Most individuals who own property in their own name at death receive a step-up in the tax basis of that property. For example, if… Continue Reading