Now Is the Time to Review Your Medicare Options Are you happy with your current Medicare plan or plans? Now is the time to think about whether you are in the right plan or whether a new plan could save you money. Medicare's Open Enrollment Period, in which you can enroll in or switch plans, runs from October 15 to December 7. During this period you may enroll in a Medicare Part D (prescription drug) plan or, if you currently have a plan, you may change plans. In addition, during the seven-week [...]


The Department of Housing and Urban Development (HUD) has announced changes to the federal reverse mortgage program. Citing the need to put the program on better financial footing, HUD will raise reverse mortgage fees for some borrowers and lower the amount homeowners can borrow. A reverse mortgage allows a homeowner who is at least 62 years old to use the equity in his or her home to obtain a loan that does not have to be repaid until the homeowner moves, sells, or dies. In a reverse mortgage, [...]


On September 21st attorney Scott Kurkoski spoke to rural land owners at the Cayuga County Office of Planning & Economic Development on 'Leasing Your Land for Renewable Energy Development.' Attendees were land owners in Cayuga county that have been approached with offers to lease their land for the development of solar or wind energy  projects. They learned about the pros and cons of leasing their land for renewable energy development.  If you have been approach by energy [...]


Be Aware of the Kiddie Tax Before Leaving an IRA to Children Grandparents may be tempted to leave an IRA to a grandchild because children have a low tax rate, but the "kiddie tax" could make doing this less beneficial. An IRA can be a great gift for a grandchild. A young person who inherits an IRA has to take minimum distributions, but because the distributions are based on the beneficiary's life expectancy, grandchildren's distributions will be small and allow the IRA to continue to grow. In [...]


No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid. A prepaid or pre-need funeral contract allows you to purchase funeral goods and services before you die. The contract can be entered into with a funeral home or cemetery. Prepaid funeral contracts can include payments [...]


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