FLORIDA ESTATE PLANNING AND PROBATE LAW BLOG

The Florida Estate Planning and Probate Law Blog is focused on recent federal and state case law and planning ideas.

THE COST OF LONG-TERM CARE IN 2020

♠ Posted by Marc J. Soss in ,,,,,
The cost of long-term care is a concern for all seniors. The annual cost continues to rise and makes it untenable for most to afford it. It is estimated that an individual turning age 65 has a seventy (70%) percent chance of needing long-term care at some point. The most expensive state for care is Alaska, while the least expensive state is Missouri. The annual Genworth study showed how Florida ranked. 2020 MEDIAN ANNUAL COSTS National Florida Nursing Home, Private Room $105,850 $117,804 Nursing Home, Semi Private $93,075 $104,025 Assisted Living $51,600 $44,400 Home Health Aide,...
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2021 Tax Information

♠ Posted by Marc J. Soss in ,,,
Although our 2020, Federal Income Taxes are not due until April 15, 2021, it is important to start planning today for 2021. The following is a list of some important tax thresholds: 2021 Annual Exclusion for Gifts In 2021, the first $15,000 of gifts to any person are excluded from tax. The exclusion is increased to $159,000 for gifts to spouses who are not citizens of the United States. 2021 Federal Income Tax Brackets For Single Individuals 10% Up to $9,950 12% $9,951 to $40,525 22% $40,526 to $86,375 24% $86,376 to $164,925 32% $164,926 to $209,425 35% $209,426...
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