If you or an elderly relative is hiring someone to provide care in their home, you should be aware that the “nanny tax” may apply. Generally, the tax applies if you hire someone and pay them $1,700 or more a year. Here’s what’s involved: You must pay the employer’s share of Social Security and Medicare taxes for the employee. That’s 6.2% of wages for Social Security and 1.45% for Medicare.
Here’s something you probably never thought about: Just because someone leaves you money or other assets in a will, that doesn’t mean you have to take it. You can also just say, “No, thanks.” (Actually, you have to do more than that. You have to sign an official document called a “disclaimer.”) Why on earth would someone turn down a bequest? Well, it turns out that in some cases, doing so can save a family money
A health care proxy states who you want to make medical decisions for you if you’re not able to make them yourself. A living will provides a roadmap as to how you want those decisions to be made. It’s a very good idea to create these documents, and to review them on a regular basis. Here are some things to consider: Has your state recently adopted a “standard” health care proxy form? Some states have adopted
A Minnesota man sold part of his property, then planted trees along what he thought was the boundary line. He and his neighbors treated the trees as the boundary line for 23 years, until a new neighbor looked up the deed and discovered that the actual property line was six feet over the “tree line” onto the man’s side. The two went to court, but the court sided with the man.
Many cities and towns have zoning rules that limit people’s ability to operate a business on their property. But sometimes it can be difficult to tell whether a homeowner’s activity is a business or a hobby. If there’s any doubt, you might want to talk with an attorney. For instance, a New Jersey woman had a four-acre home on which she bred German Shepherd show dogs. She obtained a permit to build a storage building on
A condominium owner might have behaved in an extremely offensive manner to his neighbors and to the condo manager, but the condo board can’t sue him for creating a nuisance, according to a Massachusetts court. Over a period of five years, the owner did almost everything he could to offend his neighbors and the building manager. He cursed at them and left them vulgar and derogatory voice-mails, posted offensive messages on signs in the laundry room,
A New Jersey town might have been upset about rowdy college students in rental properties near the school, but it didn’t have a right to deal with the problem by passing new zoning rules that limited rentals, says a New Jersey appeals court. The town of Ewing, N.J. had tried to limit “Animal House”-type rentals by adopting rules for rental properties that required a minimum amount of space per renter and that required one parking space
A landlord can’t evict a tenant just because a guest of the tenant brought drugs onto the property, according to an appeals court in Tennessee. The tenant, a single mother, had invited three friends over to watch videos and spend the night. During the night, police investigated a nearby burglary asked permission to enter and search the apartment. They discovered that one of the guests had placed a small amount of marijuana under a sofa cushion.
Selling a home in today’s market can be tough. Here are a few suggestions that might help: Get your own home inspection. Potential buyers who are serious will hire a home inspector to discover any flaws in the property. Consider hiring your own inspector first. You might discover things you can do to enhance the value of the home, such as installing more energy-efficient windows. You’ll also be prepared for any “surprise” problems that the buyer
One day you may find yourself taking care of an elderly parent who is in declining physical or mental health. This can be stressful, both emotionally and financially. On the financial side, there are steps you may want to take to prepare for this situation. Talk to your parents about their financial affairs. Parents may be reluctant to discuss their finances, but someone needs to know the names of their lawyer and accountant. Someone needs to
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