Episode 5: Taxes. Dementia and Kings Manor Assisted Living Community

Living Care Radio Episodes

In this week's episode, Darol Tuttle, discusses the current rules governing federal and state estate tax and gives listeners an important tax tip regarding capital gains tax savings. A workshop attendee asks Darol about the "fiscal cliff". The tax tip Darol discusses is related to the "Step Up In Basis" rule contained in the estate tax code. When the estate tax was repealed for one year in 2010, it created an interesting dilemma for high net worth individuals who passed in that year. One such person was George Steinbrenner who owned the New York Yankees. This is discussed in the context of capital gains tax to illustrate the ways in which the estate tax and capital gains tax rules intersect. Darol then discusses dementia and notes that he has been asked to present at Kings Manor Assisted Living Community on the theme of "Dementia and the Law." Dementia in a loved one causes a multitude of legal difficulties. It is not uncommon for guardianships to arise to include litigation among interested parties. The difficulty is navigating complicated financial and health care regulations that require a care provider to meet strict requirement before taking on the onerous duty of decision making for a person with dementia. LEARN: The three (3) essential documents every family should have signed and notarized in order to care for a family member with dementia. Ways to prevent expensive, time consuming and stressful court appearances when managing the affairs of a dementia patient. Common mistakes when finding help for a family member and ways to avoid them Resources available to help families who are dealing with a loved one who suffers from dementia of any type. Wednesday, March 6th - 6:30 pm Kings Manor Assisted Living Facility 8609 Portland Ave E Tacoma, WA 98445