Categories



The 6 Biggest Estate Planning Mistakes

Lavelle & Finn


If you’re like most people, you have the best of intentions regarding how you want your estate distributed when you die or your affairs handled should you become incapacitated. Unfortunately, without proper planning, your best intentions may not be enough. Here are six of the most common estate planning mistakes people make:  Failing to plan. […]

The Benefits of Including an LLC as Part of Your Estate Plan

Lavelle & Finn


Limited Liability Companies (LLCs) are an important tool for small business owners, but they can also be useful in estate planning. An LLC can help you pass assets to your children while avoiding gift and estate taxes.  An LLC is somewhere between a partnership and a corporation. Like a corporation, LLC owners are protected from […]

Decisions to Make for Your Power of Attorney

Lavelle & Finn


A power of attorney may seem like a simple document, but there are several important decisions that need to be made when creating one. From whom to appoint to what powers to grant, care and consideration should be put into each choice. A power of attorney is one of the most important estate planning documents […]

Are There Special Tax Rules for a Gift or Inheritance from a Foreign National?

Lavelle & Finn


If you have close relatives who are citizens of another country, you might receive a gift or inheritance from them at some point. While you usually do not have to pay taxes to the IRS for this, you may need to report it.  The United States government doesn’t impose a tax on the person receiving […]

In 2022, Social Security Beneficiaries Will See the Biggest Increase in 39 Years

Lavelle & Finn


The year was 1983: The U.S. invaded Granada. A gallon of gas cost 96 cents. Michael Jackson’s ‘Thriller’ video premiered. That year was also the last time that Social Security recipients saw a cost-of-living increase steeper than the one just announced for 2022. This year, Social Security benefits will rise 5.9 percent, the sharpest upsurge […]

Better Than No Loaf: Medicaid Planning Using “Half a Loaf” Strategies

Lavelle & Finn


While it is preferable to conduct long-term care planning well in advance of needing care, if you haven’t planned ahead, there are some strategies available to avoid spending all your assets. Three so-called “half a loaf” approaches allow a Medicaid applicant to give away some assets while still qualifying for Medicaid.  In order to be […]

COVID Vaccination Information Added to Medicare’s Nursing Home Compare Site

Lavelle & Finn


Individuals who are researching nursing homes can now see staff and resident vaccination rates along with other quality and safety measure information at Medicare’s Nursing Home Compare website.  The official Medicare website includes a nursing home rating system. Nursing Home Compare offers up to five-star ratings of nursing homes based on health inspections, staffing, and quality measures. […]

Hiring a Caregiver: Should You Employ One Yourself or Go Through an Agency?

Lavelle & Finn


Most seniors prefer to stay at home as long as possible rather than move into a nursing home. For many families, this means eventually hiring a caregiver to look after an aging relative. There are two main ways to hire someone: directly or through a home health agency. Hiring directly When you hire a caregiver […]

Make Sure Your Estate Plan and Other Essential Documents Are Safe from Disasters

Lavelle & Finn


It’s an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event of such a calamity, it is important that your estate planning and other important documents are beyond reach […]

Do You Need a Lawyer to Write a Will?

Lavelle & Finn


While you aren’t technically required to hire a lawyer to draft a will, failing to do so can lead to costly problems for your family and other heirs. A will is a legal document that directs who will receive your property when you die. The legal requirements are pretty simple. In order for your will […]