Taxes

Blog Posts

• Blog Post - End-of-Life Financial Lessons Learned the Hard Way

  Francine Lipman, who teaches tax law, discovered that even she was ill-equipped to prepare herself for the financial realities of her mother's death.

• Blog Post - My Own Last (Online) Wishes

  Facebook users can let friends and family know their final instructions via a new application called My Own Last Wishes.

• Blog Post - Fraud Protection for Your Parents (and You)

  Protect your family from fraud by using these easy tips, and avoid scammers who are sending out fraudulent stimulus checks and letters to lure seniors into giving up personal information.

• Blog Post - Going For Broke? Seniors Turn to Newer Loans To Avoid Cash Crunch

  Seniors hurt by the tough economy are raising money using reverse mortgages, life insurance settlements and 401k loans. In exchange for up-front cash, your parent may lose future equity or investment gains, so help them make smart money choices.

• Blog Post - Tax Rebate Update

  If your parents tax rebate hasn't arrived yet, they aren't alone. If their tax rebate is missing, check the IRS Web site for help.

• Blog Post - Easy Money

  If your parents earned $3,000 last year, they're entitled to this year's tax rebate. Even if your parents haven't filed taxes in years because they're retired, they should file this year to ensure they receive their rebate.

Questions & Answers

• Question - How do we handle paying taxes on my deceased mother's estate?

  This question has been answered by a Caring.com Expert

• Question - How should my father balance estate planning, tax planning, and Medicaid planning?

  This question has been answered by a Caring.com Expert

• Question - Are reverse mortgages available if there is a tax lien?

  This question has been answered by a Caring.com Expert

• Question - What are the tax implications for the beneficiaries of my father's IRA and joint stock/mutual fund accounts when he passes away?

  This question has been answered by a Caring.com Expert

• Question - If you receive money from an estate in trust for another individual, who pays the income tax on it?

  Hiring a professional for help with figuring tax rates and exemptions for trust income may be money well spent.

• Question - What tax issues should we be aware of when my dad cashes in his saving certificates and retirement CDs?

  Unanswered. Can you help?

• Question - What kind of information do I need to gather in order to file my grandfather's income taxes or do I even need to do that?

  Unanswered. Can you help?

• Question - As a caregiver is there any kind of aid or tax breaks I can...

  This question has been answered by a Community Member

• Question - Should my mom put my sister's name on the deed to her home?

  Should my parent put my sister's name on her house deed? Putting a child's name on the house deed before death has some serious disadvantages.

• Question - How can my mother give me $130,000 without getting hit with a gift tax?

  My mother wants to give me $130000 but doesn't know how...

• Question - How do I set up a real estate trust?

  You may be able to set up a simple living trust on your own; other types of trusts may require some guidance from a legal expert.

• Question - How can I protect the annuities that are now in my name when seeking Medicaid coverage?

  Transferring assets in the hope of qualifying for Medicaid eligibility can be risky business.

• Question - Can my mother give tax free gifts to her grandchildren?

  This question has been answered by a Caring.com Expert

• Question - What documentation do we need in order to avoid any potential issues with Medicaid qualification related to giving children an early inhereitance?

  This question has been answered by a Caring.com Expert

• Question - Will it cost any money to sign a home over to a non-relative or will they have to pay an inheritance tax?

  Unanswered. Can you help?

• Question - My parents just deeded their home to me for $1.00. Do I still qualify to be gifted the 2008 $12,000.00 amount without being gift taxed?

  This question has been answered by a Caring.com Expert

• Question - Are family corporations good or bad?

  My parents set up a family corporation to pass along their assets. Is a family corporation a good way to do this and to avoid taxes?

• Question - Should I sell my parents' house if they are no longer able to live alone and have them move in with me?

  When selling your parents’ home, the issue of feelings may be more important than taxes.

• Question - What are annuities and do they make sense for someone over 80?

  This question has been answered by a Caring.com Expert

• Question - is it a good idea to put your IRA in a revocable living trust?

  Should I put my IRA in a revocable trust? There are good reasons to put an IRA in a revocable living trust. For one, a revocable trust avoids probate.

• Question - Is residental board and care able to be deducted as a medical expense?

  Unanswered. Can you help?

• Question - When is the best time to sell a parent's home when they live in an assisted living facility and won't be returning?

  This question has been answered by a Caring.com Expert

• Question - If I claim my mother in my taxes, do I have to claim her income?

  This question has been answered by a Caring.com Expert

• Question - Financial Aid for Caregivers?

  I am caring for my parents and need to be home with them day to day. Is there any financial aid that I can get since I will have lost my income?

• Question - Can Medicaid charge me for my mother's nursing home costs if we jointly own a house?

  Unanswered. Can you help?

• Question - How do I reflect my mother's Medicaid coverage and nuring home costs on her tax form and is she eligible for the rebate?

  This question has been answered by a Caring.com Expert

• Question - What is my first step in administering my mother's will?

  The first step is usually the hardest: Finding and organizing the property your mothe owned at her death.

• Question - Do you have to pay taxes on a home that was deeded to you after the deather of the deeder?

  Unanswered. Can you help?

• Question - We have had shared guardianship of my grandson with my...

  Unanswered. Can you help?

• Question - How do I pick an attorney and what should I expect to pay?

  This question has been answered by a Caring.com Expert

• Question - Am I responsible for my father's nursing home bill?

  A person's debts may follow them after death, but children are not usually responsible for their parents' nursing home debts unless they agreed to take them on.

• Question - What are my responsibilities if I hire a home health aide?

  Do I have to take out taxes when hiring a home health aide? You must withhold taxes after you hire a home health aide unless you use an agency.

• Question - How should my mother decide when to file for Social Security?

  Is it best to file for Social Security benefits early, at age 62, if a parent needs money or wait until 65 or 67 to file for Social Security benefits?

• Question - Since my parents own property in several states, how will their estate be administered?

  This question has been answered by a Caring.com Expert

• Question - What is the best way for my five brothers and me to contribute toward paying for my mother's care?

  Family planning for health care costs that may have tax consequences can get complicated in a hurry. It's one of those situations in which it may be best to call in expert help.

• Question - What rights do I have as a healthcare agent?

  This question has been answered by a Caring.com Expert

• Question - How do you get financial help if you are between 55 and 60 years old?

  A few government financial benefits are available to someone under age 60.

• Question - What does the term "new trust since PPA" refer to?

  The translation is easy: PPA means "Pension Protection Act." But understanding that law is far from simple.

• Question - Where can I get financial assistance for monthly expenses we...

  This question has been answered by a Caring.com Expert

• Question - My father is withdrawing money from his accounts but can't remember where he's spending the money. What can I do?

  This question has been answered by a Caring.com Expert

• Question - How much will Medicare cost me?

  How much will Medicare cost? Medicare part A probably won't cost you anything, whereas the cost of part B will be based on your income.

• Question - What's a Totten Trust and how does it work?

  This question has been answered by a Caring.com Expert

• Question - Does stress affect my parent's blood sugar levels?

  My mom is diabetic and has a tendency to get upset and anxious. Does stress have an impact on her blood sugar level, and if so, what can I do to help?

• Question - What's the best way to catch my 91-year-old mother when she falls?

  This question has been answered by a Caring.com Expert and a Community Member

• Question - How should the children sell and divide the family home?

  Before you can sell off the family home, you have to prove that you own it.

• Question - Does stress affect Alzheimer's?

  Does stress cause Alzheimer's symptoms or make them worse? Here's expert advice on dealing with Alzheimer's and dementia behaviors affected by stress.

• Question - Is there a time limit on distributing trust money?

  Laws controlling trusts generally require a trustee to act "reasonably" -- and those who don't may be accountable in court.

Tips & Reflections

• Tip - Offsetting the Costs of Caregiving

  Ask your tax advisor whether you can claim your parent...

• Tip - Tax-Free Annual Gifts to Children

  Tax free gifts to children can help your parent reduce their tax liability. Parents may give a maximum of $12,000 per year to each child without incurring a gift tax.

• Tip - Continuing Care Tax Benefit

  If your parents move to a continuing care retirement...

News

• News - Smoke-Free Workplace Laws, Cigarette Taxes on the Rise

  THURSDAY, Jan. 10 (HealthDay News) -- Anti-tobacco...

• News - Government Picks Up Health Tab of Uninsured Workers

  FRIDAY, May 2 (HealthDay News) -- Working people and...

• News - Decline in Cigarette Sales Offset by Use of Alternative Products

  TUESDAY, June 10 (HealthDay News) -- Cigarette sales...

Links

• External Link - Death and Taxes