Got your attention, didn’t I!Well, thanks to a federal bill signed into law by President Trump, you can leave a whopping $11.2 million (assuming you are married) tax free to heirs even if you live in a state that has a separate state estate tax levy.The good news is that Michigan has not had a state estate tax----but if you decided to “die” say in Hawaii, Maine, Washington DC, New Jersey or Delaware, states that historically have had a state estate tax, poof, the estate tax is gone.Similarly, if you decide to “die” in Maryland, please wait until 2019 and Connecticut wait until 2020 when their state estate tax “disappears.”New York still has a state estate tax but you have to have to be passing on more than $5 million.Massachusetts and Oregon don’t tax you when you die unless you’re passing on more than $1 million.Just saying, something to keep in mind when you’re "planning" this very important event!
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Caring for an elderly parent can be stressful for families. Siblings may disagree over how to provide care or where a parent will live, and these squabbles can end up costing the family thousands of dollars.
While long-term care insurance costs are up in general, some policies are going down in price, according to the 2018 Long Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance.