Medicare is a Federal program enacted in 1965. It is an earned-benefit program for those that are aged 65 or older or disabled. It consists of parts A, B, C and D. Part A is for hospital insurance coverage, as well as limited stays in nursing homes and some rehabilitative services such as physical, vocational, and speech therapy. Usually, there is no co-pay for Part A coverage. However, it is $167.50 per day for skilled nursing facility visits in excess of twenty-one days. Continue reading “Navigating the Uncertainties for Long-Term Care Needs”
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New Tax Law Cracks Down on Entertainment Expenses for Businesses
Newsmax Finance
reported on a little-known item in the new tax law that will do away with special interest tax breaks and loopholes, among them the elimination of a company’s ability to write off entertainment as part of its business expenses. Continue reading “New Tax Law Cracks Down on Entertainment Expenses for Businesses”
Start Planning Today: Healthcare Coverage Can be Complex
Medicare
Medicare is a federal program enacted in 1965 that was established to provide health coverage to those 65 and older and those with a qualifying disability. Medicare consists of four sections:
- Part A – hospital insurance, inpatient care, rehabilitation care in a skilled nursing facility, as well as physical, vocational, and speech therapy, hospice, lab tests, surgery, and home health care. Medicare Part A does not have a premium, so long as an individual or their spouse worked forty quarters or more. Part A provides twenty days of full coverage for those in a skilled nursing facility. After the first 20 days, however, there is a $167.50 per-day-co-pay.
- Part B – covers 80% of outpatient insurance for physician office visits, medical devices, and some rehabilitative services. Medicare Part B has a $134.00 premium but varies with income.
- Part C or Medicare Advantage – is an optional plan that replaces Medicare Part A and B for a private insurance company.
- Part D – covers prescription drugs.
Continue reading “Start Planning Today: Healthcare Coverage Can be Complex”
Creating a Trust May be in Your Best Interest
A Last Will and Testament addresses how a person wishes his or her assets to be distributed upon their death. A Will sets forth detailed information regarding the distribution of any real property, vehicles, boats, tangible and intangible belongings, and often life insurance, among others. In addition, it may also designate certain assets to charitable institutions. It is worth noting that a Will can be revoked or replaced at any time and should be reviewed on a regular basis to reflect any life changes. Continue reading “Creating a Trust May be in Your Best Interest”
Beware the Ides of March
Beware the ides of March. These famous words mark the day that Julius Caesar was tragically assassinated to death by his Senate. Caesar’s stabbing followed a period of unrest in ancient Rome and eventually led to Rome’s transformation from a republic to an empire. However, the ominous origins of this phrase are rooted in literature. In Shakespeare’s culturally transcendent Julius Caesar, the prophetic soothsayer warns Caesar about this day by cautioning him to “Beware the ides of March.”
Shakespeare’s words apply to the real estate world, too. At a certain point, investors, home flippers and landlords need to pause, assess, and exercise caution– and to back away from any dangerous edges. Continue reading “Beware the Ides of March”
A Delay in the Probate Process May Require a Petition for the Appointment of Preliminary Executor
Probate refers to the process before a Surrogate’s Court judge, where a Last Will and Testament is admitted, an executor is appointed, and assets are distributed to beneficiaries. This process takes place in the county where a decedent resided at the time of his or her death. Under New York State law, a nominated executor must file a petition for probate, along with a decedent’s Last Will and Testament, and must provide notice to the decedent’s heirs; otherwise, a decedent’s Last Will and Testament will not be admitted to probate. The reason for this process is to provide distributees the opportunity to contest a decedent’s Will. Continue reading “A Delay in the Probate Process May Require a Petition for the Appointment of Preliminary Executor”
Be Familiar with a MOLST Form
In 2006, the Medical Orders for Life-Sustaining Treatment or MOLST program began in Onondaga and Monroe Counties and was later implemented on a statewide basis. In 2010, the Department of Health updated the MOLST form to remain compliant with the Family Health Care Decisions Act (FHCDA). A MOLST form is an advanced directive that a person may choose to execute to ensure that his or her wishes for end of life are carried out properly. Requesting a MOLST form helps assist in facilitating a discussion between medical professionals and patient’s or his or her legal surrogate to develop an adequate treatment plan that reflects the patient’s desires in the end stages of life. Continue reading “Be Familiar with a MOLST Form”
NYS May Impose Taxes on Pass-Through Businesses
The New York State Department of Taxation issued a report for the governor’s office detailing options to raise revenues for the state. One of the options the agency suggested was to impose taxes on “pass-through” businesses.
A “pass-through business” is a company in which income is generated through profits from a partnership. Under the new federal tax law, state and local deductions are limited to $10,000, but any taxes paid in operating a company at the entity level continues to be considered as a business expense, and, as such, can be written off. According to the Brookings Institution, approximately 95% of U.S. businesses are “pass-throughs.” Continue reading “NYS May Impose Taxes on Pass-Through Businesses”
The Religious Rights of Business Owners and the Right to Refuse Service
In the past few years, the Supreme Court has had to make a number of decisions regarding the rights of businesses to accept and reject certain transactions and whether to provide certain benefits. In the 2014 case of Burwell v. Hobby Lobby Stores, Inc., the Court decided that laws that contradict or interfere with a business’ right to exercise religious freedom may be unconstitutional and impermissible. In that case, President Obama’s healthcare plan required that certain businesses provide healthcare coverage to their employees, which included the requirement to provide coverage for female contraception. Continue reading “The Religious Rights of Business Owners and the Right to Refuse Service”
Guardianship Proceedings
For a person to execute advanced directives such as a Health Care Proxy, Living Will, and Power of Attorney he or she must have the mental capacity to understand what he or she is signing and the power that is being given to the designated agent(s) named in the documents. If an individual does not have adequate capacity to execute advanced directives, an Article 81 proceeding may be commenced in order for a court to appoint a guardian. Article 81 of the New York State Mental Hygiene Law allows a proceeding to occur before a judge, where a person may request that the court appoint a guardian to act on behalf of a mentally incapacitated individual. Continue reading “Guardianship Proceedings”
