February 3

Obama Calls for End to Basis Step-Up at Death

In his State of the Union message, President Obama called on Congress to raise taxes on the wealthy and on large financial firms to pay for middle class tax cuts. Most of the plan’s funding would come from an increase in capital gains taxes and an end to the step-up in basis for inherited wealth.

Mr. Obama would eliminate what some have called the “angel of death loophole”by taxing capital gains at death rather than allowing a basis step up when assets pass to heirs, as under current law. The first $100,000 in gains would be exempt for single people ($200,000 for couples), with an additional $500,000 exemption for the home. There would be special rules to protect small businesses, and gifts to charity would be exempt.

The White House proposal would also raise the top capital-gains tax rate to 28 percent from 23.8 percent for couples with incomes above $500,000 a year.

It is highly unlikely that Mr. Obama expects a Republican Congress to turn his bid to make the tax system more progressive into legislation he would sign, but it does begin a conversation that could prove useful for Democratic candidates in 2016.

For coverage by the New York Times, click here.

January 28

The Veterans Administration Proposes 3 Year Look Back On Gifts

“On Friday, January 23, 2015, the VA issued proposed new Veterans Administration regulations that would penalize wartime veterans up to ten years for making gifts of assets for less than fair market value. The VA is trying to stop what they perceive as lawyers and financial advisers “taking advantage of veterans” when helping them strategically plan to preserve assets and qualify for the Improved Pension benefit.”

Click here to continue reading on the Lawyers With Purpose blog.

January 28

Medicaid: Making it work for you under the new guidelines and Miller Trust

On Monday, February 9th, elder law attorney Harold Grodberg, Esq. will be offering a special seminar to discuss the new Medicaid guidelines and the elimination of monthly income limits for Assisted Living and Medically Needy for Long Term Care.

The Chelsea at Fanwood
295 South Avenue
Fanwood, NJ 07023
February 9, 2015 at 6:30 PM

Please RSVP at (908) 654-5200.

Click here to download the flyer.

January 26

Veteran’s Benefits: How to Make it Work for you

On Monday, February 9th, elder law attorney Harold Grodberg, Esq. will be offering a special seminar to discuss veteran’s benefits, what resources are available and when to use them. The program will also include a discussion of elder care abuse.

Union Senior Center
968 Bonnell Court
Union, NJ 07083
February 9, 2015 at 9:45 AM

Please RSVP to Irvin Breslow at the Union Senior Center.

Click here to download the flyer.

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