BLOG FOR JOHN SWEENEY - ELDER, WILLS, ESTATES, TRUSTS, SPECIAL NEEDS, BUSINESS, & TAX LAWYER IN CT AND NY

The IRS just issued Rev Proc 2015-53 which adjusts various items for inflation for 2016. INDIVIDUAL TAX RATES The individual income tax rate of 39.6% now applies for single taxpayers with income above $415,050 (up from $413,200) and $466,950 for married […]

Some 50 tax breaks expired at the end of December 2013 without being extended….and don’t call them a do nothing Congress. While most of them are incomprehensible business tax deductions (research and development credit and bonus depreciation), some directly affect […]

The tax games available for Family Limited Partnerships are about to be severely limited.   FLP’s are often used for tax limiting purposes in estate planning and the transfer of business ownership. On August 6, 2015, the Department of the […]

Nursing homes often follow operating procedures that violate the Law and are harmful to residents. Fortunately, Residents’ Rights are guaranteed by the federal 1987 Nursing Home Reform Law.(Section 483.25 of Title 42 of the Code of Federal Regulations). The law requires nursing […]

Connecticut Enacted an Employee Online Privacy Law in May which is effective 10-1-15. Public Act No. 15-6. Some 20 other states have similar statutes.  The law prohibits employers from requiring or requesting employees or applicants to: (a) provide user names, passwords […]

Most people put off estate planning.  Let’s face it, you have to pay a lawyer and you have to consider death and a bunch of other unpleasant scenarios.  Personally, I’d rather have my nails pulled. Most often people finally do […]

Connecticut made a variety of tax changes to individuals and businesses with the recent budget.  Guess what?  Taxes are going up.  The highlights are below and they are effective July 1, 2015. Individual Tax Changes The highest existing income tax […]

The combination of an institutional setting and the disability that put the person in a Nursing home can result in a loss of dignity and the absence of proper care. Fortunately, Congress passed the Nursing Home Reform Act in 1987 […]

When you turn 65 or retire, you need to sort out your government benefits.  These benefits are Social Security (pension) and Medicare (medical). Generally, you want to participate in Medicare as soon as possible because it eliminates your private pay […]

Seniors, generally have money, but many don’t have a lot of investment knowledge. They generally need the investment income to supplement their Social Security or pension. Investing Made Simple in CT How to invest your money, who to trust, and […]