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COMMON QUESTIONS (AND ANSWERS) ABOUT ESTATE PLANNING.

Attorney Melissa Howitt recently authored an article answering common questions such as...

Attorney Melissa Howitt

Why do I need a Will?

What happens if my named executor dies?

How do I put my property into my trust?

Do I need to leave my money to my children?

and many more...... 

One of the benefits of the health reform law took effect January 1, 2011: free preventive services for Medicare recipients. Under the law, people with regular Medicare will no longer have to pay a co-pay, coinsurance, or deductible to receive preventive services that are highly recommended by the U.S. Preventive Services Task Force.

Click here for the entire article

To read the Medicare booklet on preventive services, click here

Here are the basic rules concerning the tax deductibility of assisted living expenses:

According to the 1996 Health Insurance Portability and Accountability Act (HIPAA), "long-term care services" may be tax deductible as an unreimbursed medical expense on Schedule A.

Qualified long-term care services have been defined as including the type of daily "personal care services" provided to Assisted Living residents, such as help with bathing, dressing, continence care, eating and transferring, as well as "maintenance services", such as meal preparation and household cleaning.

Assisted Living residents seeking tax deductions for their services must qualify as "chronically ill". This definition refers to people who are unable to perform two or more "Activities of Daily Living" (eating, transferring, bathing, dressing and continence) without assistance, or who need constant supervision because of a "severe cognitive impairment" such as Alzheimer's disease or related dementias.

The Assisted Living resident must have been certified within the previous 12 months as "chronically ill" by a licensed health care practitioner.

In order to qualify for a deduction, personal care services must be provided pursuant to a plan of care prescribed by a licensed health care practitioner. Many Assisted Living communities have on staff a licensed nurse or social worker who prepares a plan of care, sometimes called a "Wellness Care Plan," in conjunction with the resident's physician which outlines the specific daily services the resident will receive in the community.

In order to take advantage of deductions, a taxpayer must be entitled to itemize his or her deductions.

Additionally, long-term care services and other unreimbursed medical expenses must exceed 7.5% of the taxpayer's adjusted gross income. (Generally, a taxpayer can deduct the medical care expenses of his or her parent if the taxpayer provides more than 50% of the parent's support costs.)

For some Assisted Living residents, the entire monthly rental fee might be deductible, while for others, just the specific personal care services would qualify for a deduction.

Please speak with your tax advisor regarding your personal sitatuion. For more information

See IRS Publication 502 or visit www.irs.gov

IRS Form 56 

2011 Long-Term Care Insurance Price Index Announced

A 55-year-old individual can expect to pay $1,480 annually for $169,000 in current benefits, which would grow to $354,000 of coverage by age 80, according to the 2011 Long-Term Care Insurance Price Index.

For the entire article, click here.

 Gifting assets to your grandchildren isn't just a nice thing to do; it can reduce the size of your estate and the tax that will be due upon your death. While you can make an outright gift, pay health care and school costs directly, or put the money in a custodial account, putting the money into a trust has some major advantages.

Click here for the entire article.

For questions about estate planning for yourself or a loved one, please contact our office to schedule an appointment with one of our attorneys. (312)899-0950 or contact@duttonelderlaw.com.

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