Among its many provisions (see our previous article here), The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 includes several significant and accommodating terms that have changed the manner in which Supplemental Security Income (SSI) and Medicaid eligibility will be determined.
Father claims his children converted his assets and fraudulently misrepresented their intention to establish a living trust for his benefit so that he could qualify for Medicaid benefits; however, statute of limitations bars a lawsuit by father.
The new health reform law includes provisions of interest to the elderly and their family members including health insurance requirements and annual limits, Medicare benefits and the small business tax credit.
Tax Court upholds the IRS’s income tax deficiency determination and penalty assessments made against taxpayer’s for the 2005 tax year in which he filed a zero income return as part of plan to implement a lifetime “get out of income taxes free” Monopoly card.
The Supreme Court of Virginia ruled that custodians of UTMA accounts were in breach of their duty of care owed under the Uniform Transfers to Minors Act and awarded children compensatory damages, attorney fees and costs.
The Supreme Court of Virginia concludes that although a person may be declared legally incompetent, he may nonetheless possess the requisite capacity to execute a valid last will and testament.
The Tax Court has held that a married couple was not allowed to take a charitable contribution deduction of appreciated stock transferred into their 501(c) entity account because the funds were used to pay their son’s college tuition and expenses.
A New York trial court ruled against adult children’s request for a preliminary injunction against their mother for breach of contract since no consideration was given by children and contract was executed solely to qualify their father for Medicaid.
The Tax Court has held that the full fair market value of an 1,100 acre parcel of land previously divided and transferred to the decedent’s five children was includible in his estate since he continued to use and treat the land as his own during his lifetime.
If your business is one of millions of small employers, it may be eligible for the new tax credit for employee provided health care insurance.