As of this writing, it appears that a third round of stimulus checks will be sent to eligible residents of Berks County and the rest of the country. Congress has passed a bill that includes these payments to help relieve the economic impact of the virus. These payments are coming at a critical time. The timing is critical, not just because it is during the pandemic, but because all of these deliberations and votes are taking place during what we call tax season. This has caused some confusion about how these payments figure in with other sources of income and the recipients’ status.
Whether or not you are a recipient of COVID-19 stimulus payments, there are financial considerations that seniors, veterans, and others, need to consider. Although tax codes can be confusing and require professional help, it is also smart to seek competent, experienced professional help for matters such as wills, trusts, and veterans benefits. The Law Office of Scott C. Painter, P.C., is ready to help with those concerns.
There are many possible uses for these stimulus payments, just as there are for any monetary assets. What you do with the money is up to you. Perhaps it could be added to the assets in an estate or trust, or used to help pay for a nursing home stay or entrance to a retirement community, or even donated to your favorite charity. Because it is not considered taxable income, it cannot be seized by a nursing home or counted against most federal benefits. Little things like these stimulus payments can make a difference in some situations, but larger matters, like nursing home planning and asset protection, and veterans benefits protection, can affect your future and your legacy.
The ongoing pandemic has so many people worrying about their future and their mortality that issues of inheritance, housing, and asset protection, have become priorities. Elder law is a specialized, vital area of practice, and Attorney Scott C. Painter has been in practice in Pennsylvania since 1986, and his office is open and ready to help you solve your issues and achieve your goals.
The law office of elder law attorney Scott C. Painter, P.C., is located in Wyomissing (outside of Reading, PA, in Berks County,) and offers trusted legal services in the areas of elder law, including nursing home planning, trust and estate services, and veterans benefits. Scott C. Painter is a Certified Elder Law Attorney (CELA®), and he is also a member of the National Association of Elder Law Attorneys (NAELA).
If you have an issue or question, we encourage you to call us. With legal matters, time is of the essence. Your first consultation with us is free! 610-378-5140.