19 11, 2020

Paying Taxes When Selling an Inherited Vacation House

2020-11-19T18:24:18-05:00November 19th, 2020|

While it may seem great to inherit a vacation house, in actuality it may not be practical to keep the property, especially for tax reasons. There are many factors to consider when inheriting property, including taxes, any mortgage, and other owners. [...]

16 11, 2020

Medicare Premiums to Increase Slightly in 2021

2020-11-16T12:13:59-05:00November 16th, 2020|

Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50. The Centers for Medicare and Medicaid Services (CMS) [...]

13 11, 2020

What to Look for When Choosing a Medicare Advantage Plan

2023-12-27T03:49:30-05:00November 13th, 2020|

As Medicare premiums rise, a Medicare Advantage plan can seem like an attractive option. But if you are considering switching from Original Medicare to a Medicare Advantage plan, you need to know what to look for. Medicare Advantage plans are [...]

30 10, 2020

IRS Issues Long-Term Care Premium Deductibility Limits for 2021

2020-10-30T10:40:22-04:00October 30th, 2020|

The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2021 income as a result of buying long-term care insurance. Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible to the extent [...]

26 10, 2020

The Hazards of Do-it-Yourself Estate Planning

2020-10-26T11:24:59-04:00October 26th, 2020|

Many websites offer customized, do-it-yourself wills and other estate planning documents, but although these products are convenient, using them could cause serious and expensive legal problems for heirs. These digital services appear to offer a cost-effective and easy alternative to [...]

19 10, 2020

A Modest Social Security Increase for 2021

2020-10-19T10:19:13-04:00October 19th, 2020|

The Social Security Administration has announced a 1.3 percent increase in benefits in 2021, an increase even smaller than last year’s. Cost-of-living increases are tied to the consumer price index, and a modest upturn in inflation rates and gas prices [...]

9 10, 2020

How to Fix a Required Minimum Distribution Mistake

2020-10-09T11:14:37-04:00October 9th, 2020|

The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty. [...]