Don’t Forget to Fund Your Revocable Trust

Revocable trusts are a very popular and useful estate planning tool. But the trust will be ineffective if you do not actually place your assets in the trust. Revocable trusts are an effective way to avoid probate and provide for asset management in the event of incapacity. In addition, revocable trusts — sometimes called “living”…

Read More

Do You Pay Capital Gains Taxes on Property You Inherit?

When you inherit property, such as a house or stocks, the property is usually worth more than it was when the original owner purchased it. If you were to sell the property, there could be huge capital gains taxes. Fortunately, when you inherit property, the property’s tax basis is “stepped up,” which means the basis…

Read More

Medicare Premiums to Increase Slightly in 2021

Medicare premiums are set to rise a modest amount next year, but still cut into any Social Security gains. The basic monthly premium will increase $3.90, from $144.60 a month to $148.50. The Centers for Medicare and Medicaid Services (CMS) announced the premium and other Medicare cost increases on November 6, 2020. The hike could…

Read More

What to Look for When Choosing a Medicare Advantage Plan

As Medicare premiums rise, a Medicare Advantage plan can seem like an attractive option. But if you are considering switching from Original Medicare to a Medicare Advantage plan, you need to know what to look for. Medicare Advantage plans are run by private insurers, unlike Original Medicare, which the federal government operates, although the medical…

Read More

How to Fix a Required Minimum Distribution Mistake

The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff penalty. If you have a tax-deferred retirement plan such as a traditional IRA or 401(k), you…

Read More

A Modest Social Security Increase for 2021

The Social Security Administration has announced a 1.3 percent rise in benefits in 2021, an increase even smaller than last year’s. Cost-of-living increases are tied to the consumer price index, and a modest upturn in inflation rates and gas prices means Social Security recipients will get only a slight boost in 2021. The 1.3 percent…

Read More

Webinar: Benefits Overview from Westchester County Veterans Service Agency

Wednesday, November 11th 10:00 – 11:00 Register for this FREE webinar for Seniors & their Families: http://bit.ly/WestVeterans (Dial-in by phone also available; numbers obtained on registration or by calling and leaving a message for Paul at 914.231.3227) The Westchester County Veterans Service Agency services veterans, dependents and survivors, along with those currently serving, by providing…

Read More

Important NYS Medicaid Updates

We hope that you and your loved ones are staying safe and healthy during this uncertain time. As of April 3, 2020, there have been two major updates to the Medicaid program in New York State. Please download the full letter here.

Read More

Let’s Have The Conversation About Medicare & Medicaid

Join Patty and Joann for a complementary coffee and chat! We have answers to your questions and will address your concerns: What is the difference between Medicare and Medicaid? How do I qualify for each? What benefits do they cover? Can I have both? Family and friends welcome! When: Wednesday, September 11th 6:30-7:30pm Where: Mamaroneck…

Read More