As of January 1, 2024, many companies doing business in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Additional information is available at fincen.gov/boi. Subscribe to FinCEN Updates for future guidance documents.
Understanding Qualified Disability Expenses for ABLE Accounts: What You Need to Know
As a financial tool designed to help individuals with disabilities save money without jeopardizing their eligibility for crucial government benefits, ABLE (Achieving a Better Life Experience) accounts have become increasingly popular. One key aspect of these accounts is the concept of Qualified Disability Expenses (QDEs). In this blog post, we'll explore what...
Five Tips for Discussing Diminishing Capacity with a Loved One
As an elder law attorney, I've guided many families through the challenging process of addressing a loved one's diminishing mental capacity. Here are five essential tips to help you navigate this sensitive conversation:
1. Start Early
Begin discussions about future care and decision-making while your loved...
Navigating the Impact: Working on SSI Benefits
Introduction:
Working while receiving Supplemental Security Income (SSI) benefits can be a challenging balancing act. On one hand, it offers individuals the opportunity to earn additional income and gain a sense of independence. On the other hand, it comes with a set of regulations and considerations that can significantly...
Navigating Financial Options for Individuals with Disabilities: A Comparison of ABLE Accounts and First-Party Special Needs Trusts
In the realm of financial planning for individuals with disabilities, there are various tools available to help manage assets and secure a stable future. Among these tools, ABLE accounts and First-Party Special Needs Trusts (SNTs) stand out as prominent options. Both serve distinct purposes and offer unique benefits tailored to the specific...
Basic Concepts in Taxation of First Party Special Needs Trusts
Overview of First Party SNTs
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First-party special needs trusts, often referred to as "self-settled" or "payback" trusts, play a crucial role in providing financial security for individuals with disabilities. These trusts are established using the assets of the individual with disabilities and are designed to maintain their eligibility...
Should an Agent Under Durable Power of Attorney Have the Power to Change Account Beneficiaries?
A Durable Power of Attorney (DPOA) is a powerful legal tool that allows you to designate someone to act on your behalf in financial and legal matters if you become incapacitated. One crucial decision to consider when creating a DPOA is whether to grant your agent the authority to change beneficiary designations...
Vetting Hospice Providers
When faced with a terminal illness or condition, more people than ever are choosing hospice care over starting or continuing expensive medical treatments. Hospice care is for patients who choose not to undergo specific treatments or when they are no longer effective. Instead, the focus is on the patient’s comfort and quality...
Medicare Open Enrollment 101
Know your options and get free help...
Medicare’s open enrollment period is the time for you to review your plan options and make any changes to your Medicare coverage.
Maybe you have a new prescription that is not covered by your current drug plan or you...
Medicare Scam: Genetic Testing
Beware of ‘Free Genetic Testing’ Medicare Scam
Over the past few years, DNA tests have become more popular across the country. However, unscrupulous people are taking advantage of the buzz around these tests to scam Medicare beneficiaries.
Scammers target Medicare beneficiaries through telemarketing calls, booths at...