As previously reported in the Texas Elder Law E-letter, it is anticipated that the Department of Veterans Affairs (VA) will be changing its rules to make it more difficult for a veteran (who served during wartime and was not dishonorably discharged) or their surviving spouse...
This week it was announced that Social Security’s cost of living adjustment (COLA) will be only 0.3 in 2017 based on consumer-priced inflation. However, Social Security recipients (especially seniors) will end up with less money for a couple of reasons. First, COLA is based on consumer...
Most trial attorneys would say that plaintiffs are likely to receive more damages if they sue and have a right to a jury trial than if they are bound by arbitration. As a result, nursing homes and similar facilities routinely require that patients or their...
Regulations have now been approved in four states (Ohio, Florida, Tennessee, and Nebraska) for the Achieving a Better Life Experience (ABLE) Act which permits disabled individuals (if they were disabled before age 26) or their families to set up a special savings account (similar to...
A common question of executors is how much they are entitled to for serving as an executor (someone who is responsible for gathering or collecting the resources belonging to the estate or to which estate is entitled, selling property of the estate, paying all bills,...
The IRS recently proposed regulations that attack estate and gift tax planning of family businesses. Business owners, with taxable estates (presently $5.45 million) often take advantage of valuation discounts by the use of limited liability companies (LLCs), and family limited partnerships, etc. by making gifts...
Presidential nominee Donald Trump introduced a plan that possibly could be beneficial to elders. One proposal would be to change the tax code to permit a tax deduction (for those who provide for elderly parents) up to average cost of care in the state. Individuals...
One of the most common misconceptions is that a Power of Attorney will be recognized by all financial institutions and title companies. Due to concerns about abusive actions of agents and potential liability, financial institutions and title companies often do not recognize financial Powers of...
The Bureau of Alcohol, Tobacco, Firearms & Explosives (ATF) has announced rule changes which now require each responsible person of a corporation, trust, or legal entity to complete a specified form (concerning transferring certain types of NFA items such as short barreled riffles, suppressors, and...
Although it is unlikely that the proposed estate tax change of either presidential candidate will be enacted as is, there is a stark contrast which should be considered for those interested in estate planning. If Clinton’s estate tax proposals were to become effective, there would be...
