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Plan For Their Future
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How Will the New Tax Law Affect You?

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Signed into law late in 2017, the Tax Cuts and Jobs Act slashed the corporate tax rate from 35 percent to 21 percent.

Proponents of the law say it will stimulate the economy and create jobs, but how does it actually affect you? We should also note that everything we describe below will end after 2025, assuming legislators don’t vote to extend the cuts.

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What You Need to Know: Elder Abuse Prevention and Prosecution Act

elder law attorneyEvery year, America’s senior citizens lose close to $3 billion due to financial exploitation, either from scam artists or unscrupulous caregivers.

It’s this type of abuse that led lawmakers this year to pass the Elder Abuse Prevention and Prosecution Act, put forward by Iowa Sen. Chuck Grassley and signed into law by President Trump in mid-October.

The law creates tougher penalties for frauds, expands information sharing rules to prevent financial fraud targeting seniors, and expands the federal criminal code to include email marketing schemes.

“Exploiting and defrauding seniors is cowardly, and these crimes should be addressed as the reprehensible acts they are,” Grassley, himself a senior citizen, said earlier this year.

When you work as an elder law attorney, you see people who have fallen victim to these sorts of crimes all too often. And while stronger penalties are no doubt a good thing, there are things you can do to prevent your loved ones from falling victim to financial elder abuse:

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When Do I Need a Living Will?

Living Will Assistance in Bucka County PAPeople have been leaving wills since the days of Ancient Greece, but living wills have only come about in the last 50 years.

The living will was first created in 1967 by Luis Kutner, the attorney who helped found Amnesty International.

Half a century later, there are living will laws in every state. But what do these documents do, and why do people need a living will?  Gummer Elder Law has your answer.

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27 Misconceptions That Can Cost You When Planning For Your Senior Years: Part 4

Senior Woman Planning with Doctors

Planning for your senior years is a complicated and emotionally tough task. It is often made all the tougher by the myriad misconceptions that exist about your options. There is a lot of misinformation about all aspects of senior planning, from nursing home decisions to appropriate legal documents and structure.

In this final article in a four part series, we will discuss the last of the common costly misconceptions about planning for your senior years. Please see parts one, two, and three for previous misconceptions. We hope this discussion will help set you on the right track and make your planning decisions easier. Continue Reading 27 Misconceptions That Can Cost You When Planning For Your Senior Years: Part 4

IRS Tax Updates for 2014

The Internal Revenue Service recently published new federal tax updates for 2014. Many taxpayers are interested in the following:

Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013.

The annual exclusion of gifts remains at $14,000 for 2014.