There is little doubt that estate planning can be a difficult and complex endeavor, which is why people put off creating an estate plan for many reasons. Some do so because they don’t want to face their own mortality while others simply find the prospect intimidating and confusing. Unfortunately, a recent Caring.com study shows that even fewer people are engaging in estate planning than were a few short years ago.
With all of the tax documents continuing to arrive in the mail, we are all painfully aware that it is currently tax season. If you are an Executor of an Estate or the Trustee of a Trust that is or has become irrevocable, you should know that Estates and Trusts have to file their income tax returns. When you qualified as an Executor or took over as Trustee, you probably applied for a tax identification number for the Estate or Trust. That number is how the IRS knows to be look for the reporting of income and the payment of taxes.
The PAID Act recently became law. The act paves the way for Non-Group Health Plan (NGHP) Responsible Reporting Entities (RREs) to receive valuable Medicare Part C and Part D plan information for the injured parties they submit through the Centers for Medicare and Medicaid Services’ (CMS’) Section 111 query process. Now that we are only ten short months away from implementation, many are asking: what are the practical implications of this change, and what should we do to prepare for December 2021?
What does the PAID Act do?
It has become more common than not that retirees over 65 have parents that are still living independently, but are they at risk? What if they were to fall or a sudden illness meant they could no longer maintain their current lifestyle, and there now senior-aged children do not live close by? Or their children have health concerns of their own. Are both you and your parents at risk?
Many people make New Year’s resolutions. If one of your resolutions was to make sure your affairs and finances are in order, then you are going to need to review your estate plan – or create one. How do you know if it needs to be changed or updated, or whether you even need one in the first place? Below are a few scenarios that you may want to consider.
One of the worst side effects of the coronavirus pandemic has been a drastic rise in uncertainty. As our collective attentions are turned toward public health, the economy and our personal well-being, there has been an unfortunate rise in identity theft and fraud as scammers attempt to exploit the situation. Particularly within the senior population.
COVID-19 has provided fuel for cyber criminals to prey upon the public’s concern about this global crisis. Recent scams are designed to trick people into sending money, to disclose personal information or to click on emails and websites that deliver computer malware onto the recipients’ computer or network.