In a recent announcement from IRS, Commissioner Chuck Rettig stated that the pandemic continues to create challenges for the agency. Pandemic mitigation measures, personnel shortages, budget constraints, mail processing backlogs, and constant shifting of priorities – e.g., mailing stimulus payments…
Category: Senior Law News
Annual Gift Tax and Estate Tax Exclusions to Increase in 2022
With the new year comes some changes to tax rules. First, the annual gift tax exclusion – the amount you can gift to any one person without filing a gift tax return – is increasing from $15,000 to $16,000 in…
Increased Cost and Inconsistency of Care in Light of the COVID-19 Pandemic
The COVID-19 pandemic has undoubtedly impacted the entire world in a multitude of ways. One of the major impacts I have seen with my clients directly relates to the accessibility of long-term care. Specifically, as with most industries, shortage in…
Top Ten Financial Scams Targeting Seniors
Marjorie Jones trusted the man who called to tell her she’d won a sweepstakes prize, saying she could collect the winnings once she paid the taxes and fees. After she wired the first payment, the caller kept adding conditions to…
Make Sure Your Estate Plan and Other Essential Documents are Safe from Disasters
It’s an unfortunate reality that with the increasing number of natural disasters across the country, including fires, floods, and hurricanes, the chance that you could lose your house and possessions has become more likely. In the event of such a…
Preparing to be a Family Caregiver
During the holiday season, it's common for adult family members to notice that their older adult loved ones may need care and assistance. Often, time apart during the year and the busy lives of many mask the need for assistance,…
Build Back Better Act: What’s In, What’s Out
In early November, Hook Law Center hosted a webinar on year-end tax planning for individuals and estates. During the webinar, we discussed the tax aspects of President Biden’s Build Back Better Agenda and the legislation pending in the House of…
Expect Higher Medicare Premiums in 2022
The Social Security Administration has increased the cost of living adjustment to 5.9% for 2022 payments, which is one of the highest COLA increases in history. Unfortunately, the Centers for Medicare and Medicaid Services recently announced that Medicare premiums are…
AS WE GATHER ‘ROUND THE TABLE: INVOLVING THE ELDERLY IN FAMILY FESTIVITIES
The holidays present an opportunity for loved ones near and far to gather together for celebration and reminiscing. However, it is important to remember that the holidays may trigger a spell of depression in the elderly and is therefore a…
