Creative Strategies to Help Clients Safely Execute Documents During the Pandemic

by Pierro, Connor, & Strauss, LLC.

As the COVID-19 pandemic continues to spread through the country, more people are realizing the importance of getting their estate planning documents in order. Those over the age of 60 are particularly at risk for developing complications from the novel coronavirus infection. Having in place documents — including a durable power of attorney, a health care proxy, a medical directive, a HIPAA release and a will — is essential in the event that illness strikes.

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What Can You Do to Protect Your Loved One in a Nursing Home During the Pandemic?

by Louis W. Pierro, Esq.

As the coronavirus spreads across the United States, nursing home residents are among the most vulnerable to the disease. How do you try to ensure that your loved one stays healthy? 

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The Coronavirus Pandemic Presents Ample Reasons to Reevaluate Your Estate Plan

The Coronavirus health emergency is a reminder that life is unpredictable, and it makes sense to be prepared. Threats to life and finances posed by the pandemic offer ample reason to reevaluate your estate plan — or create one if you haven’t already.

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Medicare and Medicaid Will Cover Coronavirus Testing

With Coronavirus dominating news coverage and creating alarm, it is important to know that Medicare and Medicaid will cover tests for the virus. 

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Make Sure You Are Counted in the 2020 Census

The 2020 census is starting soon, and seniors need to be counted. This may be more of a challenge this year because for the first time, the census will be completed largely online.

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Caregivers Are Getting Younger, Making Planning for Long-Term Care Even More Important

As baby boomers age, more and more millennials are becoming caregivers. Many are taking on this role while just getting started in their own lives, leading to difficult decisions about priorities. Proper planning can help them navigate this terrain.

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New Law Makes Big Changes to Retirement Plans

Congress has passed and sent to the President a spending bill that contains major changes to retirement plans. The bipartisan legislation is designed to provide more incentives to save for retirement, but it may require workers to rethink some of their planning. 

The Setting Every Community Up for Retirement Enhancement (SECURE) Act changes the law surrounding retirement plans in several ways:

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IRS Issues Long-Term Care Premium Deductibility Limits for 2020

The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 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 that they, along with other unreimbursed medical expenses (including Medicare premiums), exceed 10 percent of the insured’s adjusted gross income.

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Will My Advance Directive Work in Another State?

Making sure your end-of-life wishes are followed no matter where you happen to be is important. If you move to a different state or split your time between one or more states, you should make sure your advance directive is valid in all the states you frequent.

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A Final Retirement Account Distribution Must Still Be Made After Death

Federal law requires that beginning on April 1 of the year after you reach age 70 1/2, you must begin withdrawing a minimum amount from your non-Roth individual retirement account (IRA) or 401(k) accounts. These withdrawals are called required minimum distributions (RMDs).

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