When a person dies, the value of his or her estate for tax purposes is its value at the date of death. However, the tax isn’t due until nine months after death. If the value of an estate plummets in the nine months after a person’s death, this can create very bad consequences for the heirs – namely, a large amount of tax is due but the assets that will be used to pay the tax
More than a million people suffer a slip-and-fall injury each year, and some 16,000 die as a result. Slip-and-fall injuries often result in significant legal awards against a business, so it’s wise to take precautions. A recent study by the insurance company CNA makes the following recommendations for commercial property owners:
Increased paperwork audits could lead to fines; are you in compliance? The Obama administration has announced that it intends to focus its immigration enforcement efforts on companies that hire illegal workers, by stepping up its audits of I-9 forms – the employment eligibility documents that businesses must fill out for every employee. This is a change from the Bush administration, which had placed more emphasis on arresting illegal workers as opposed to levying penalties on employers.
Many people should consider converting a regular IRA or old 401(k) plan into a Roth IRA, as a result of a change that takes effect on January 1 of next year. With a regular IRA, contributions are often tax-deductable, but you have to take a certain amount of money out of the account each year once you turn age 701/2, and you have to pay income tax on the withdrawals. If you leave the IRA to
A new federal “identity theft” law prohibits merchants from printing more than the last five digits of a credit or debit card number on a customer’s receipt. The law is triggering a lot of class-action lawsuits against companies that haven’t updated their receipt systems. For instance, many companies still print credit card expiration dates on receipts, which is prohibited by the law and can easily lead to a lawsuit. These suits are dangerous – the law
If for any reason you become unhappy with the person you’ve appointed to make decisions for you under a durable power of attorney, you can revoke the power of attorney at any time. But you must take a few steps to ensure that the document is properly revoked. First, you should put the revocation in writing. This revocation should include your name, a statement that you are of sound mind, and your wish to revoke the
Although you can begin receiving Social Security benefits anytime after age 62, the longer you wait, the higher the benefit you will receive. Of course, many people need money right away and can’t afford to delay. But if you’re married, there is a strategy that might allow you to claim some benefits immediately and then claim more benefits later. First, a little background: You have three options for when to begin taking your Social Security retirement
Most people can’t afford to buy a gold-plated long-term care insurance policy that offers a large daily benefit and that will continue paying indefinitely. If premiums for this type of Cadillac plan are not in your budget, what should you cut – the daily benefit amount or the number of years of coverage? Most financial experts advise cutting the length of coverage. This is because if you don’t use the full daily benefit, you don’t lose
One of the major benefits of Medicare is its coverage of hospitalization. Medicare covers 90 days of hospitalization per illness (plus a 60-day “lifetime reserve”). However, if you’re admitted to a hospital as a Medicare patient, the hospital might try to discharge you before you are ready. While the hospital can’t force you to leave, it can begin charging you for services. Therefore, it’s important to know your rights and how to appeal. Even if you
Once you’re retired, your need for insurance changes. It is a good idea to look at your coverage options and figure out what you need (and don’t need) and where you might be able to achieve some savings. ● Life Insurance. You might no longer need life insurance. If your spouse or other dependents won’t lose any income when you die, life insurance may be unnecessary and your premiums may be better spent elsewhere. On the
Attorneys licensed to practice in Florida | Massachusetts | New Hampshire
Business Law | Civil Litigation | Elder Law | Estate Planning | Family Law | Probate & Trust | Real Estate | Tax
