The annual gift tax exemption has been increased to $14,000 in 2013, up from $13,000 last year. That’s due to an adjustment for inflation. This means that you can give any person $14,000 this year without any gift tax liability at all. Making annual gifts of the exemption amount is one of the best and easiest forms of estate planning, because it transfers assets from one generation to the next without any tax liability whatsoever. If

If you have original Medicare, then choosing which doctor you visit can make a big difference in how much you have to pay. Under Medicare Part B, which pays for doctor visits, once your annual deductible is met, Medicare pays 80 percent of what it considers a “reasonable charge” for the item or service. You’re responsible for the other 20 percent. However, in most cases, what Medicare calls a “reasonable charge” is less than what a

You may have a vision for your retirement, but does your spouse share that vision? A recent study by Fidelity Investments found that many couples are not in accord about retirement. For example, one-third of couples approaching retirement disagree about or don’t know where they are going to live after they retire, and 62 percent don’t agree on their expected retirement ages. Here are some important things to discuss with your spouse as you get ready to retire:

The amount you can deduct on your taxes as a result of buying long-term care insurance has been increased by the IRS for 2013. If you itemize your deductions, you can generally deduct part of your premiums if the premiums, together with your other unreimbursed medical expenses, amount to more than 10 percent of your adjusted gross income (or 7.5 percent if you’re age 65 or older). The maximum amount of premiums you can deduct each

The cost of long-term care increased significantly in the past year, according to a new survey by MetLife. The cost of a private room in a nursing home jumped 3.8%, to an average of $90,520 a year. That works out to $248 a day. The cost of a semi-private room increased by 3.7% to $81,030 a year, or $222 a day. The average cost for an assisted living facility rose 2.1%, to $42,600 a year. And

In a major change, the federal government has agreed to provide seniors who have chronic illnesses and disabilities with Medicare coverage for many services … even if those services will simply maintain the person’s present health status and aren’t likely to improve their condition. This is very important news for people who have diabetes, heart disease, Alzheimer’s disease, multiple sclerosis, Parkinson’s disease, Lou Gehrig’s disease, arthritis, or the effects of a stroke, among other medical conditions.