IRS Defines ‘Spouse,’ ‘Husband,’ ‘Wife,’ and ‘Marriage’ for Tax Purposes

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by Carmela Montesano The IRS recently issued final regulations, effective as of Sept. 2, 2016, providing gender-neutral definitions of “spouse,” “husband,” and “wife,” and clarifying the definition of “marriage” for federal income, transfer, and employment tax purposes. Under the new final regulation section 301.7701-18(c), a marriage (same-sex or opposite-sex) will be recognized for federal tax purposes if it is recognized by …

“Animal Spirits” is the Latest Buzzword to Describe the Powerful Market Rally of 2017

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by Daniel Lippincott “Animal Spirits” is the latest buzzword being used to describe the powerful market rally that continues to occur since President Trump was elected on November 8th. In fact, the S&P 500 has rallied over 11% since the election. What exactly are animal spirits? Famous Economist John Maynard Keynes used the term in his book The General Theory of …

Predatory Marriage

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by HG.org At the age of 26, an actress married an 89-year-old millionaire. She called it love. Others called it a “predatory marriage.” She sued his estate after he died merely 13 months after their marriage. Allegations that younger women sometimes marry older men for their money are nothing new. But with people living longer and the transfer of one trillion …

Who is the Perfect Fiduciary?

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by Ethan Welch A fiduciary is a broad legal term. Essentially, a fiduciary is a person who is invested with rights and powers to be exercised for the benefit of another person.[1] A fiduciary in the context of this article is an administrator of an estate, a trustee of a trust, a court appointed guardian, or an agent of a power …

Senior Driving Safety Suggestions

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Just because you’ve aged doesn’t mean your driving safety should be compromised. With a few adjustments and an awareness of your abilities, you can continue to drive without feeling like you’re in danger of a collision. Take Stock of Your Health As you age, physical and mental changes can affect your ability to operate a vehicle safely. Schedule regular appointments …

Hoarding & Clutter Issues Among Senior Citizens

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By Patricia Bloom-McDonald Home Instead CAREGiverSM Betty Collins remembers the half a dozen strips of yarn she found on her client’s rug. When she bent down to pick up and discard the yarn, her client stopped her with a resounding “no, no, no.” “She told me that her daughter, who has since died, played with the yarn when she was …

Aid-in-Dying Laws Don’t Guarantee That Patients Can Choose To Die

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by JoNel Aleccia In the seven months since California’s aid-in-dying law took effect, Dr. Lonny Shavelson has helped nearly two dozen terminally ill people end their lives with lethal drugs —  but only, he says, because too few others would. Shavelson, director of a Berkeley, Calif. consulting clinic, said he has heard from more than 200 patients, including dozens who …

Is It Better to Use Joint Ownership or a Trust to Pass Down a Home?

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by Elder Law Answers When leaving a home to your children, you can avoid probate by using either joint ownership or a revocable trust, but which is the better method?  If you add your child as a joint tenant on your house, you will each have an equal ownership interest in the property.  If one joint tenant dies, his or her interest …

Tips to Help Your Senior Loved Ones from Getting Scammed

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by Evan Farr Agencies tracking Americans older than 65 and baby boomers (born between 1946 and 1964) agree that scams aimed at seniors are on the rise. However, exact numbers are hard to come by because of underreporting.   The few statistics available show seniors are disproportionally affected by financial scams. About 20% of Americans older than 65 — about …

Estate Planning for Unmarried, Cohabitating Couples

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by Evan Farr Many people live with their significant other, but for any number of reasons, choose not to get married.  Even though cohabitation may be legal, unmarried cohabitants face unique estate planning challenges regarding incapacity, inheritance, and estate taxation. Estate planning is especially important for people in this situation, if they expect their significant other to inherit property from …