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What Happens If You Don't Have an Estate Plan?

Everyone with assets should have an estate plan. If you die without a will in Pennsylvania, there are pre-determined rules concerning what happens to your assets.

Compliance for Improperly Forgiven PPP Loans

The Internal Revenue Service has issued IR-2022-162 to provide guidance addressing the improper forgiveness of a Paycheck Protection Program loan (PPP loan).

Women and Retirement Savings

A look at women and retirement planning, including guidance from the U.S. Department of Labor.

Is It Too Late?

This is a question we get often from clients: “My father [or mother] is already in a nursing home. Is it too late to protect and preserve assets?” The simple answer is “no.” Many of the clients we serve are in this situation, or about to be. We can help determine the best course of action based on your family’s specific situation.

Medicaid Spend Down: Convert Assets into Exempt Resources

Another technique for accelerating an applicant’s qualification for Medicaid and/or preserving family assets is to convert assets that would otherwise be counted toward the Medicaid resource eligibility limits (countable assets) into non-countable (or exempt) resources.

Medicaid Spend Down: Family Caregiver Contracts

Qualifying for Medicaid often involves accelerating expenditures to reduce an applicant’s countable resources down to the required level. One technique for spending down assets to accelerate qualification is through the use of a Family Caregiver Contract.

Donations by U.S. Charities Abroad

It is not uncommon for U.S. tax exempt organizations to make donations to foreign charities.
The Internal Revenue Service has specific regulations governing such activities.

IRS TAX TIP: Don't Ignore Mail From the IRS

You would not think that it is necessary to issue this kind of update, but the IRS has issued a helpful reminder in its Tax Tip 2022-62: don’t ignore mail from the IRS.

Tax and Non-Tax Identity Theft Response

The Internal Revenue Service (IRS) April 11, 2022 publication of Fact Sheet 2022-25, "When to file an Identity Theft Affidavit" serves as, unfortunately, a necessary reminder of how to deal with tax and non-tax related identity theft.

What Transfers are Exempt from the Medicaid Transfer Penalty?

In order to discourage Medicaid applicants from artificially impoverishing themselves (through gifting) to financially qualify for Medicaid, a penalty is imposed on asset transfers for less than fair consideration that occur within a defined time period generally referred to as the “look-back period”. However, not all transfers are subject to this penalty.

International Conflicts and Retirement Plans

What do international conflicts have to do with retirement plans in the United States? At first glance, the answer is “nothing.” However, the correct answer depends on whether your workforce is called to military service while employed and then, after that call to service, resumes employment with you.

What Assets are Exempt for Medicaid Eligibility?

In order to qualify for Medicaid financing of long-term care services, an individual must be medically and financially eligible. The financial requirements limit the amount of “countable” resources and income that an individual can have and still qualify for Medicaid financing. But what are the "non-countable" resources?

Another Benefit of Medicaid Qualification: PA Filial Support Law

The obvious benefit of qualifying for and using Medicaid for long-term care costs in Pennsylvania is to preserve assets for the next generation. Another, lesser known benefit is to protect your children from the financial burden of your nursing home bills, because of Pennsylvania's Filial Support Law.

2021 Agent and Broker Mergers and Acquisitions

Mergers and acquisitions among insurance agencies and brokers in the U.S. and Canada set all-time record in 2021.

In-Home Waiver for Medicaid

Information and steps to apply for waiver services in Pennsylvania.

144 articles total

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