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WGY Ask the Expert: Be Prepared for Tax Reforms

Each week iHeartMedia radio station, WGY, invites local experts to share their knowledge on a range of topics. Recently, they invited attorney Lou Pierro to share his biggest tips on Estate Planning.

In the first podcast, Lou and Joe discuss tax reform in Washington. Although it is not final, the elimination of income tax deductions is likely to be included in the final bill. It will affect blue states the most, which tend to have higher income taxes. Because of this, Lou recommends being proactive in your spending habits. Take advantage of the deductions by the end of the year and pre-pay property taxes and mortgage. 

In the second podcast, Lou talks about the misconceptions with Medicare. Many seniors rely on Medicare, but are unaware of the gaps in coverage that it can leave. Medicare pays for no long-term care, so it’s important that you plan to protect yourself and assets as you get older. Ask yourself: what is my liability? Then, plan to anticipate that risk. Examples of this are setting up a trust, so that if you do need to go on Medicaid, your assets will be protected, and you can avoid the ‘spend down’.

Call (518) 459-2100 today to set up a free consultation and learn more!

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8 Questions and Answers About Being an Agent Under a Power of Attorney

You have just been appointed as an agent, or “attorney-in-fact,” under a durable power of attorney, a document that, for most people, is even more useful than a will.  Your appointment allows you to act in place of the “principal” – the person executing the power of attorney — for financial purposes when and if that person ever becomes incapacitated.  Here are answers to eight frequently asked questions about the agent’s duties, responsibilities and powers under the document.

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Home Modifications: Can the Trustee Pay?

Suitable housing is a critical issue for many clients with disabilities.  Frequently, the client’s disability requires modifications to their residence.  However, if the individual is the beneficiary of a special needs trust (SNT) and trust funds might be used to pay for modifications or repairs to a home that the beneficiary doesn’t own, things can get complicated.

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Likely on President-Elect Trump’s To-Do List: Block Grant Medicai

Repealing the Affordable Care Act, aka Obamacare, was one of Donald Trump’s signature campaign health care promises.  But his election, coupled with Republican control of both the House and Senate, means that there will also almost certainly be a new GOP effort to turn the Medicaid program into a system of block grants to states.  Under such a system, states would receive a lump sum of federal money to provide health care to low-income people, in contrast to the open-ended entitlement that Medicaid is today, with the federal government matching every dollar that states spend.

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How to Protect Inherited IRAs After the Clark v. Rameker Decision

In the case Clark v. Rameker the United States Supreme Court handed down a landmark, unanimous decision that held that inherited IRAs are not “retirement funds.”

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“Age Wise” Series on WMHT / PBS

The Pierro Law Group is proud to be a sponsor of this year’s WMHT / PBS series “Age Wise” that takes a realistic and optimistic look at aging. 

The first episode, “Where We Live”, explores housing choices that can benefit older adults as they age, and help them find the best option. There will be an encore airing on Sunday, August 31st at 1:00pm.

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