As you probably know by now, President Obama dropped a bombshell last week with his Republican-backed, compromise tax proposal. It’s not yet law, and is likely to face stiff political opposition, but the results are so far-reaching that it’s worth outlining the bold points of the proposal. (To read more, The Associated Press has a good run-down of the highlights.) The centerpiece of the proposal is the extension of all Bush-era tax cuts for two more years, and this includes the wealthiest tax brackets, with the addition of special programs and incentives to help the average and low-income taxpayer….
President Obama on Tuesday strongly defended his tax cut deal with Congressional Republicans against intense criticism from his own party, insisting it was “a good deal for the American people” states the New York Times “I’ve said before that I felt that the middle-class tax cuts were being held hostage to the high-end tax cuts,” Mr. Obama said. “I think it’s tempting not to negotiate with hostage-takers, unless the hostage gets harmed. Then people will question the wisdom of that strategy. In this case, the hostage was the American people, and I was not willing to see them get harmed.”…
If you’re looking for a way to bring up the topic, you might consider sharing a recent issue of our newsletter, like the October issue that focuses on Family Matters.
These special types of trusts allow you to supplement any government benefits to which your
loved one may be entitled, without disqualifying them from receiving those benefits.
When you start a business you have a lot of things to think about and remember, from pricesand products to advertising and social media. You might find that, while juggling all of these day-to-daybusiness concerns, it’s easy to forget about planning for your business taxes. The Chicago Tribune ran an excellent reminder of this, and several tips to keep in mind: You may have to file a tax return even before you take in any revenue. The amount of start-up costs that can be written off in 2010 is double what it was in 2009,to as much as $10,000 for…
As you may know by now, the Federal Estate Tax lapsed in 2010 and Congress has not yetdecided what to do about it. I ran across another good end-of-year planning article, written by Robert Wood for Forbes. I think his tips are worth repeating here. 1. Remember that, even though there is no estate tax this year, executors for estates valued atmore than $1.3 million still must file an “informational” return with the IRS.2. While some (morbid) people are referring to this as “the year to die,” it is perhaps moreimportantly “the year to give.” The Gift Tax is still…
Senior Life Care Planning works with seniors and their families as advocates for their quality of life, whether at home, assisted living facility or nursing home.
The decision applies to annuities, which are irrevocable and nontransferable. In Lopes v. Starkowski [No. 3:lO-CV-307 (JCH)], the United Stated District Court in Connecticut ruled that the income stream from an unassignable immediate annuity is not an asset for Medicaid eligibility. As precedent, it cites a Third Circuit opinion —James v. Richman [547 F.3d 214 (3 Cir. 2008)]–which held that under the Supplemental Security Income program, “an unassignable annuity’s income stream would be treated as income and not as an asset.” But the new District Court decision went further, by stating that “it would be incongruent with the principles of…
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