At the end of every month, we like to share interesting developments in elder law. For the August round up, links consider the future of the estate tax, nursing homes, and Britney Spears.
The August Round Up of Tax Speculation
Now that we have our official presidential candidates, there’s no shortage of discussion about the future of taxes, and the estate tax is among them. It’ll come as no surprise that democrats and republicans view fairness of taxes differently. But, according to a Brookings analysis, the argument that the estate tax doesn’t produce enough revenue to bother is apparently false.
Democrat Joe Biden says “[e]state taxes should also be raised back to the historical norm.” He further supports ditching the basis adjustment at death. (What that means.) One Forbes writer says losing the step-up in basis could really hurt.
All this has the tax-averse weighing in on what to do:
- Here are 9 strategies to avoid Biden’s hikes.
- Boomers should consider gifting.
- Various trusts can help.
- Though Trump says he’ll cut taxes, some believe Covid spending will demand tax increases, and tax-avoidance planning should happen now.
Covid and Nursing Facilities
The pandemic hit nursing homes hard. More then 40% of deaths have been linked to residential care facilities. Some hope that the crisis will create an opportunity for reform. The report of a national commission to do just that is due September 1.
The problems, are largely driven by Medicaid funding and policy, which leaves people with no better options.
Britney Fights Back
We have written before about the strange conservatorship of Britney Spears. There’s more happening, but because court filings are sealed, not a lot of clarity. The Washington Post rounded up the recent drama. Britney’s father has served as her conservator but recently stepped aside. Britney filed to say she doesn’t want him back and wants other changes, but not to terminate the conservatorship. The ACLU even offered to help with the effort, which appears to have failed. Reports say he’ll be in charge until at least February.
In Other August Round Up News . . .
That’s it for the August Round up. Until next month, stay safe out there.