You may have seen the Medicare tax listed on your paycheck stubs or on your income tax return filings and wondered what it is. To learn more about what it is and what it pays for, continue reading.
What Is Medicare Tax?Medicare is a...
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Planning for Cognitive Impairment and Preventing Elder Abuse
As we age, it is not uncommon to experience some level of cognitive decline. Cognitive decline can range from mild impairment to more severe conditions such as dementia, including Alzheimer’s disease....
How Do I Know If I Need a Trust?
The world of Trusts can be a confusing topic. You may have heard a friend talk about their Trust at a dinner party and wondered to yourself if you should have a Trust as well. Perhaps your parents had a Trust, and you are wondering if you should be following in their...
Understanding IRMAA and Its Financial Implications
Medicare is a valuable health insurance program for many Americans, especially those aged 65 and older. However, many might not be aware of an additional cost that can arise under certain circumstances: IRMAA (Income-Related Monthly Adjustment Amount). IRMAA is an extra charge added to Medicare Part B and Part D premiums for...
Massachusetts Estate Tax Update
Understanding The Current Estate Tax/Death Tax Landscape
As wealth passes from generation to generation the Estate Tax operates to tax that passage of wealth. For over 20 years Massachusetts has imposed an Estate Tax on...
Wait, if I have a Will I still have to go through Probate?
A frequent question we are asked is "why do we still need to go through probate if the person signed a Last Will and Testament?"
First, it's important to distinguish what probate is. Probate is the process by which any asset individually owned by someone when they pass away...
What Is a Health Savings Account? Will Medicare Affect Mine?
A health savings account may help you save money on medical expenses, depending on your insurance type. If you are eligible, you can use your health savings account (HSA) to cover certain medical costs, according to HealthCare.gov.
Deducting Long-Term Care Insurance Premiums in 2023
Are you a taxpayer who has purchased long-term care insurance (LTCI)? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part of it – from your 2023 income.
Why Young Parents Should Have a Last Will and Testament
Being a young parent can be a joyful and rewarding experience, but it also comes with many responsibilities, including the need to plan for the future. One important aspect of planning for the future is creating a last will and testament. Although...
What Is IRMAA and How Does It Affect My Medicare Premiums?
As we near retirement, we may assume that once Medicare kicks in, our medical insurance premiums will be fixed. However, many people may not realize that there are special rules regarding how much they pay for Medicare Parts B and D if they are in a higher income range.