Our goal is to provide you with excellent advice and top-notch service in a down-to-earth way. Tax Planning The goal of year-end tax planning is usually to defer income into the next year and gain deductions in the current year. This may be reversed this year as it is anticipated that President Biden will raise taxes and, therefore, taxpayers may want to accelerate income into the current year and defer deductions to next year.
However, many speculate that President Biden's proposals for tax increases on high earners are unlikely to be addressed until at least 2022. Managing the care needs of an aging parent can be a daunting task.
However, many speculate that President Biden's proposals for tax increases on high earners are unlikely to be addressed until at least 2022. Managing the care needs of an aging parent can be a daunting task.
Services
Elder law is not only one type of law! David E. Waterstradt has been serving clients in West Michigan for over 25 years in all aspects of what encompasses "elder law" which can include a range of legal matters that can affect seniors. David has the experience to put together a proper legal plan to help you plan for the future based on your needs.
The number one question from people who need to get a loved one eligible for Medicaid is: How can we keep or protect assets? Fortunately, if you do some careful planning there are a few legal ways to increase the assets that an applicant can keep. The planning method that is best for you may depend on whether you are single or married.
When nursing home care becomes a must, your life savings may be at risk. At an average cost of over $8,000 per month, it does not take long to go through significant sums of money. Fortunately, there are legal ways to protect your assets and qualify for Medicaid assistance with nursing home expenses.
If you become incapacitated and unable to make decisions for yourself, someone must be appointed to make decisions for you. The probate court may appoint a guardian to make decisions for you regarding your medical treatment, personal care and living arrangements. If you have assets, the court may also appoint a conservator to manage your financial affairs.
A will provides your instructions, but it does not avoid probate. Wills allow you to leave your instructions regarding distribution of your assets, appoint guardians for minor children and appoint the executor for your estate. However, any assets titled in your name and controlled by your will must go through the probate process before they can be distributed to your heirs.
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Joan Jandernoa
Feb 24, 2021
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