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Medicaid Reform: Are Block Grants Coming?

Medicaid, the single largest source of health coverage in the United States, provides health coverage to almost 75 million Americans, including children, pregnant women, parents, seniors and individuals with disabilities.

 

Medicaid is a federal program, but it is administered by the states. To participate in Medicaid, federal law requires states to cover certain groups of individuals, […]

By |February 23rd, 2017|Uncategorized|Comments Off on Medicaid Reform: Are Block Grants Coming?

Are You Eligible for VA Disability Compensation?

If you were injured or became seriously ill while serving in the military, you may be eligible for VA disability compensation. In 2017, eligible veterans can receive up to $3,458 per month tax-free, depending on the level of disability and number of dependents.

According to the VA’s website, disability compensation is paid to veterans who are […]

By |February 23rd, 2017|Uncategorized|Comments Off on Are You Eligible for VA Disability Compensation?

VA disability benefits

The Veterans Administration provides an important benefit program for veterans who have service-connected disability. The program is called “Compensation” and is different from the non-service-connected “Pension” program that elder law attorneys often discuss with wartime veteran clients or their surviving spouses. Like the pension program, VA compensation comes in the form of income-tax-free money payments […]

By |July 15th, 2016|Uncategorized|Comments Off on VA disability benefits

Most Individuals Will Face At Least a Temporary Disability

Study after study confirms that nearly everyone will face at least a temporary disability sometime during their lifetime. More specifically, one in three Americans will face at least a 90-day disability before reaching age 65 and, according to the definitive study in this area, depending upon their ages, up to 44% of Americans will face […]

By |June 28th, 2016|Uncategorized|Comments Off on Most Individuals Will Face At Least a Temporary Disability

New Policy allows upgrading Navy and Marine Discharges

Sailors and Marines facing administrative separation for any reason will have mental health issues taken into account when officials determine their discharge characterization and disability evaluation status under a new policy rolled out by Navy Secretary Ray Mabus in June, 2016.

Starting immediately, diagnosed mental health conditions will take precedence over misconduct issues when determining the […]

By |June 21st, 2016|Uncategorized|Comments Off on New Policy allows upgrading Navy and Marine Discharges

Trusts and Reportable Income

As a general rule, income earned by an estate or trust is taxed only once, and in the same manner as it would be taxed to an individual. See IRC Section 641. However, estates and trusts may deduct charitable contributions without any limitation based on adjusted gross income, and may take exemptions that are not pro-rated for shorter tax years or phased out based on income thresholds. The exemption available to an estate is $600, while simple trusts may take a $300 exemption and complex trusts may take a $100 exemption....

By |June 5th, 2016|Uncategorized|Comments Off on Trusts and Reportable Income

If you have a trust Choosing a Taxable Year can be important

Trusts generally are required to report income on a calendar year basis. Just as with individual income tax returns, the Form 1041 is due April 15. A fiduciary may request a five-month extension to file the federal return by filing a Form 7004 (“Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns”). Note that this is a five month extension rather than the six month extension offered for individual filers. An extension to file the return does not provide an extension to pay taxes, and any tax that is believed to be due as of the original due date must be paid at that time in order to avoid applicable penalties and/or interest....

By |June 5th, 2016|Uncategorized|Comments Off on If you have a trust Choosing a Taxable Year can be important

Basic Types of Trusts for Income Tax Purposes and Filing Requirements

Trusts are classified as either grantor or non-grantor trusts. In the case of grantor trusts, income is taxed to the grantor during his or her lifetime and reported on the grantor’s Form 1040 (“U.S. Individual Income Tax Return”). A trust is considered to be a grantor trust when the grantor retains certain rights in the trust and trust property, such as a right to continuing dominion, control, or enjoyment of the trust property, a right to revoke the trust, or a right to receive income from the trust property. See IRC Sections 671-678....

By |June 5th, 2016|Uncategorized|Comments Off on Basic Types of Trusts for Income Tax Purposes and Filing Requirements

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