In a profanity-laced episode of his HBO show that is by turns hilarious and deeply disturbing, comedian John Oliver delivers one of his trademark rants, this one exposing the “abuse and neglect” that he says are all-too-prevalent in our system of long-term care.
On the show Last Week Tonight, Oliver begins the
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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...
WHO SHOULD PURCHASE LONG-TERM CARE INSURANCE?
Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options.
Long-term care – care in a nursing home or at home -- may be paid for in four...
THE FILM ‘I CARE A LOT’ HIGHLIGHTS VULNERABILITIES IN THE GUARDIANSHIP SYSTEM
Netflix’s popular new movie, I Care a Lot, scenes of which were filmed in Braintree and Norfolk County, may be far-fetched in a lot of ways, but it does highlight some real weaknesses in the guardianship system that make it possible for an unscrupulous guardian to take control of an...
WHY AN IRREVOCABLE TRUST MAY BE SUPERIOR TO GIFTING
Parents and other family members who want to pass on assets during their lifetimes may be tempted to gift the assets. Although setting up an irrevocable trust lacks the simplicity of giving a gift, it may be a better way to preserve assets for the future.
A trust is a legal entity under which...
HOW THE $1.9 TRILLION COVID-19 RELIEF BILL AIDS SENIORS
President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of ways.
The $1.9 trillion American Rescue Plan Act (ARPA) delivers a broad swath of relief, covering families, employers, health care, education,...
WATCH OUT FOR THESE POTENTIAL PROBLEMS WITH LIFE ESTATES
Life estates have been a common tool for MassHealth planning, probate avoidance, and tax efficiency, but there are potential problems to look out for. Knowing the implications and risks of a life estate is essential in determining whether it is appropriate for your situation.
In a life estate, two or more people each have an...
ABILITY TO WITHDRAW MONEY EARLY FROM RETIREMENT PLAN WITHOUT PENALTY EXPIRES AT THE END OF THE YEAR
If you are experiencing financial hardship due to the coronavirus pandemic, you may want to consider withdrawing money from your retirement account while you still can. The special exemption allowing early withdrawals without a penalty ends soon.
Passed in March 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act allows individuals adversely...
SPECIAL TAX DEDUCTION FOR 2020 ALLOWS DONATIONS OF $300 TO CHARITY WITHOUT ITEMIZING
As we enter the giving season, there is an additional reason to be charitable. Congress enacted a special provision that allows more people to easily deduct up to $300 in donations to qualifying charities this year.
Since the increase in the standard income tax deduction in 2018, only 11...
PANDEMIC RELIEF: RETIREMENT ACCOUNT OWNERS DO NOT HAVE TO TAKE REQUIRED DISTRIBUTIONS IN 2020
Retirement account owners, many of whose retirement balances have been pummeled by a stock market drop due to the coronavirus pandemic, do not have to take mandatory withdrawals this year.
Federal law requires individuals who were age 70 1/2 before the end of 2019 to begin taking