Effective on October 18, 2018, the Department of Veteran’s Affairs (VA) new rule for Aid and Attendance benefits goes into effect. Aid and Attendance benefits provide money to veterans and their surviving spouses to pay for long term care. Before I give a run-down of the basic changes and how it will affect veterans, here are some basics on eligibility for Aid and Attendance benefits.
Basics of Aid and Attendance Benefits:
Aid and attendance can help seniors and their surviving spouses afford to pay for nursing home, assisted living and home care. For those who qualify, effective December… Read the rest
The Tax Cuts and Jobs Act of 2017 (TCJA) made a significant change to the way spousal support (also known as alimony) will be treated in 2019. Up until the end of 2018, spousal support is tax deductible to the payor and taxable to the recipient. Under the new rule, the payor will need to pay income tax on the support payment and the recipient will pay no taxes on the support received. Divorces finalized before the end of 2018 will continue to operate under the old rule, unless the judgment specifically provides that the new rule applies.
This will mark a significant change for parties faced with a … Read the rest
Under IRS Code, 529 accounts were originally established to allow families to save for college expenses. Contributions could grow, tax free, and distributions could be made, tax free, as long as they were used on qualified expenses like tuition.
Under the Federal Tax Cuts and Jobs Act, effective January 1, 2018, 529 accounts can now be used for K-12 education. This is good news for families who send their children to private K-12 schools and not just the families who can afford to set aside funds to invest in a 529 account for private K-12 education. Even if you have just enough for tuition each year,… Read the rest
Are you or your loved ones receiving Social Security benefits? If so, you may wonder what happens to those benefits when the beneficiary dies.
What happens when a Social Security beneficiary dies without payment?
Social Security benefits are paid a month behind. For example, benefits due for the month of August are paid in September, those for September are paid in October, and so on. If the beneficiary was to die any time between the first of the month and their normally scheduled payment date, then their loved ones or legal representative of their estate may come forward and claim the benefit.… Read the rest
It is very common for couples to share many of the aspects of marriage without becoming legally married. They may purchase a home together, have children together, have bank accounts together, etc. While many people have good reasons for such arrangements, it is important to be aware of the myriad of legal pitfalls that can come up. The following is a list of a few.
… Read the rest
- Purchasing Real Estate Together or Living in Your Partner’s Residence. When a married couple gets divorced, regardless of whose name the real estate is titled to, if it was acquired during the course of the marriage or increased in