Preparing to enter a nursing home can be as confusing as it is stressful.
Garrett Gummer, a veteran elder law attorney handing Medicaid planning in Bucks, PA, says its one of the most misunderstood issues in his field.
When you hear the word “retirement,” what do you picture yourself doing? Traveling the world? Catching up on all the books you were too busy to read? Spending time with your children and grandchildren?
Those are all fine, noble goals, and we want to see you achieve them. But first, there’s work to be done, and we’re not talking about your career. We’re talking about the financial and legal measures you need to take to plan for your future.
Here are five ways an elder law attorney can help you prepare for your later years.
The Internal Revenue Service (IRS) has announced the 2017 Estate and Gift Tax limits. The exemptions will increase in 2017 to $5,490,000 ($5.49 million) from $5,450,000 ($5.45 million) in 2016. Therefore, if you die in 2017 and your estate is less than $5,490,000, your estate is not required to pay Federal estate tax. If you are married, both you and your spouse can each claim the $5.49 million exemption, for a total of $10.98 million. If you need any help with your estate administration in the Philadelphia or Bucks County region, please contact Gummer Elder Law for assistance.
The oldest of America’s 75 million baby boomers are turning 70 this year. That means the IRS will soon be requiring them to start cashing out their tax-deferred retirement savings accounts. How you handle these withdrawals can have a profound effect on your own retirement and on what you leave to your heirs.