How to Plan Your Funeral

Lavelle & Finn


Thinking about your funeral may not be fun, but planning ahead lets your family know your wishes and provides guidance during a stressful time. Here are some steps you can take to help formulate your plan. Name who is in charge. The first step is to designate someone to make funeral arrangements for you. State law dictates […]

A Final Retirement Account Distribution Must Still Be Made After Death

Lavelle & Finn


Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs). But what if you die after age 70 1/2 and before all the account […]

Protecting Your House from Medicaid Estate Recovery

Lavelle & Finn


After a Medicaid recipient dies, the state must attempt to recoup from his or her estate whatever benefits it paid for the recipient’s care. This is called “estate recovery.” For most Medicaid recipients, their house is the only asset available, but there are steps you can take to protect your home.   Life estates For […]

Tips on Creating an Estate Plan that Benefits a Child with Special Needs

Lavelle & Finn


Parents want their children to be taken care of after they die. Children with disabilities, however, have increased financial and care needs that can make planning for their long-term welfare tricky. Proper planning by parents is necessary to benefit the child with a disability, including an adult child, as well as assist any siblings who […]

Maximizing Social Security Survivor’s Benefits

Lavelle & Finn


Social Security survivor’s benefits provide a safety net to widows and widowers. But to get the most out of the benefit, you need to know the right time to claim. While you can claim survivor’s benefits as early as age 60, if you claim benefits before your full retirement age, your benefits will be permanently […]

Medicare’s Different Treatment of the Two Main Post-Hospital Care Options

Lavelle & Finn


Hospital patients who need additional care after being discharged from the hospital are usually sent to either an inpatient rehabilitation facility (IRF) or a skilled nursing facility (SNF). Although these facilities may look similar from the outside, Medicare offers very different coverage for each. While you may not have complete say in where you go […]

Mid-Year Tax Planning

Lavelle & Finn


Year-end tax planning is on the agenda for many taxpayers, with good reason. That said, you don’t have to wait for November or December to make astute moves. Planning in June or July can lead to tax savings that might be reduced or lost altogether if you wait for late fall to act. Here are […]

How IRAs Affect Medicaid Planning

Lavelle & Finn


The national median cost of a private room in a nursing home is $8,365 a month (over $100,000 a year), according to the 2018 Genworth Cost of Care Survey. Similar costs for assisted living and home health care are nearly $50,000 a year. Costs are higher in some areas, lower in others, but throughout the […]

New Rules for Business Travel Deductions

Lavelle & Finn


Under the Tax Cuts and Jobs Act of 2017 (TCJA), business travel is still tax-deductible but there is now a major difference from the past. Relatively few individuals will be able to claim such deductions because, for the most part, deductions can be taken only at the company level. How is this different from prior […]

Tax Calendar: June and July 2019

Lavelle & Finn


JUNE 2019 June 17 Individuals. If you are not paying your 2019 income tax through withholding (or will not pay enough tax during the year that way), pay the second installment of your 2019 estimated tax. If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United […]