Medicare and Tax Planning 2017-08-18T11:31:43+00:00

MEDICARE AND TAX PLANNING

MAXIMIZE YOUR RETIREMENT INCOME

Medicare and tax planning are intensely detailed and paperwork-driven processes. These systems invite small errors at every stage and inexperienced preparers can fall prey to administrative issues. The attorneys at our Barrington office are experienced at this type of meticulous work. Rather than attempting to brave the process alone, let the attorneys at Figliola and Romano provide experienced guidance and counsel to help you avoid potentially costly predicaments.

THE NEED FOR MEDICARE PLANNING

Often associated with elder law, Medicare planning is an important part of any estate planning process. No one expects to need long-term care or a nursing home; however, these are very real possibilities for many seniors. The costs of these services are rising each year, and Medicare planning is one way to protect you and your loved ones from draining your estate on these costs.

Even wealthy families can be significantly burdened by these expensive services. However, by planning ahead and securing long-term care insurance and Medicare assistance, you can help to avoid these financial burdens. Eligibility requirements have become increasingly complex in recent years, leaving many adults to wonder whether or not they qualify for Medicare. Every situation is different, so it is imperative you seek the counsel of an attorney to help you through the process.

THE COMPLEX NATURE OF TAX PLANNING

The rules and regulations regarding gift tax and inheritance tax, both federally and in Rhode Island, are constantly changing. For the most current information on existing requirements, speak to a qualified tax planning attorney.

As a general rule, Rhode Island inheritance taxes apply to much smaller estates than federal inheritance taxes, though the rate of tax is significantly smaller. Taxes are assessed based on the gross value of your estate. This value includes all of your personal property, including:

  • Real estate
  • Life insurance
  • Vehicles
  • Businesses and business interests
  • Investments
  • Retirement accounts
  • Bank accounts

The executor of the estate is responsible for filing the tax returns for the estate. Our experienced lawyers can help with this paperwork. We work with CPAs and asset valuators to prepare an accurate tax return that can brave any audit. In the case of real estate or significant gifting, there is additional documentation that needs to be submitted to the government to remove automatic liens and exempt gifts from taxes.

CONTACT OUR LAW FIRM TODAY

To speak with one of our attorneys today about your Medicare or tax planning concerns, call 401-289-0404 or contact us online to arrange a free consultation.