Are You Prepared To Age Gracefully In Place?

Your estate is a living thing. We can help you care for it.

CEO Musings: Preparing for Aging in Place

By Mike Hoffman, Esquire, CPA

As I celebrate another birthday month and begin coasting towards the end of another decade, topics about getting older interest me more. I came across an excellent article written by a couple of California attorneys, Jeffrey Allen and Ashley Hallene, titled “6 Essential Tools for Aging in Place.” It was published in the January/February 2022 issue of the American Bar Association’s Experience magazine, a periodical advocating for experienced “senior lawyers and their families.”

The article pointed out that while we eat right, exercise, work on keeping our mind sharp and being happy, WE STILL AGE. As we get older, we often experience reduced hearing, poor eye sight, reduced muscle mass and less balance. We are often not as mentally and physically fit as we used to be. The authors suggested six tools that could greatly assist our transition into this golden phase of our lives and assist in maintaining our flexibility and independence.

Tool #1: The Smart Phone. The authors referred to the smart phone as the “swiss army knife needed for aging in place.” A smart phone provides connectivity to friends, family, medical assistance, etc. The phone allows us to communicate verbally, by text, email, share photos, and participate in video calls, including the growing popularity of tele-med capabilities. Read more

By Juli Findling

Sr. Paralegal

What Should Be Included In Your Will?

What do an old stone bridge that crosses the Delaware River, a 1930’s vintage Duesenberg, a collection of paintings done by someone’s father, and a cat named Monster that comes with a $50,000 allotment for his care all have in common? They are just a few of the more unusual things bequeathed under Wills that were drafted by our Hoffman & Associates attorneys over the years.

We get it – when we ponder our passing, it’s tempting to think fondly about the precious items we possess and to want to ensure that when we’re gone our most meaningful treasures go to those we’ve loved, those in need, those with whom we’ve shared interests or friendship, or those who’ve shared their kindness and care.

And how better to accomplish that than by detailing all of this in your Will? Maybe not. Read more

By Tabitha Relota

Tax Accountant, Enrolled Agent

The IRS has begun to focus on high-income earners in the 2024 tax year.

IRS Commissioner, Danny Werfel, indicated in recent interviews that the Internal Revenue Service will start to focus its collection efforts on high-income earners. The IRS admits that the recent drop in enforcement action is due to Covid-19 and decrease in funding, which resulted in discrepancies between returns that were filed by high income earners and the collection potential for the agency. In 2023, there was an additional IRS budget increase. The IRS decided to use this additional funding to increase staff, technology and concentrate their collection efforts on high-income earners. Read more

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