Posts Tagged Elder Law

The Difference Between A Living Will And A Health Care Power of Attorney

On January 14, 2021   /   Blog  
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The Difference Between A Living Will And A Health Care Power of Attorney

Many people are confused about the difference between a living will and a healthcare power of attorney. A living will specifies life prolonging treatments you do or do not want in the event you either suffer from a terminal illness or are in a permanent vegetative state. It does not become effective unless you are incapacitated and, generally, requires certification by your doctor, and another doctor, that you are either suffering from a terminal illness or have been rendered permanently unconscious. So if you suffer a heart attack, for instance, but do not have a terminal illness or are not in a permanent state of unconsciousness, a living will does not have any effect. You would still be resuscitated, even if you had a living will indicating that you don’t want life prolonging procedures. A living will is only used when your ultimate recovery is hopeless. For situations where you

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How To Get The Most Out of Retirement: “Stretching & Protecting” Your Wealth

On January 7, 2021   /   Blog  
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How To Get The Most Out of Retirement: “Stretching & Protecting” Your Wealth

While there may have been a time when people looked to their employers and Social Security to finance their retirement, those days are long gone. The reality today is that to enjoy a comfortable retirement, not to mention the ability to provide for your loved ones and ensure your legacy, you should have an adequately funded, well-designed retirement plan. We can help you develop such a plan, by “stretching and protecting” your wealth. What do we mean by this? “Stretching” refers to maximizing income tax deferral and wealth accumulation while minimizing tax liability. “Protecting” involves minimizing the threats posed by creditors or predators. As an experienced estate planning law firm, we can evaluate all options for minimizing tax liability and the erosion of savings that results from paying too much in taxes. We can also utilize a range of tools for reducing taxes in your golden years, including taxes on

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The Gift That Keeps On Giving: Paying Your Grandchildren’s College Tuition

On December 31, 2020   /   Blog  
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The Gift That Keeps On Giving: Paying Your Grandchildren’s College Tuition

Paying your grandchildren’s (or adult children’s) college tuition is one of the greatest gifts you can make. The education lasts a lifetime and opens a world of opportunity for your grandchildren. In a way, it is like giving a gift to your children as well, since it alleviates their concerns about paying for their children’s education on their own. And when done correctly, the gift of a college education can be an excellent estate planning tool. One way to help pay for your grandchildren’s education is to simply give them part or all of the money to cover tuition. The gift tax exclusion is currently $15,000 per person per year, and $30,000 for a married couple, which can go a long way toward covering the tuition for most colleges. Of course, giving the money to your grandchildren directly carries with it a big risk. Are they genuinely interested in using

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How The Portability Provision Can Double Your Exemption From Federal Estate Tax

On December 24, 2020   /   Blog  
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How The Portability Provision Can Double Your Exemption From Federal Estate Tax

For legally married couples, the portability provision allows for the transfer of the federal estate tax exemption from the estate of a spouse who passes away to the estate of the surviving spouse. Given that the maximum federal estate-tax exemption in 2019 is $11.4 million per person, by making use of the portability provision, the federal exemption upon the second spouse’s death can increase from $11.4 million to $22.8 million. Portability was first introduced as part of the Tax Relief, Unemployment Re-authorization, and Job Creation Act of 2010 (“TRA 2010”), and became effective for married persons dying on or after January 1, 2011. While the winds of political change have led to calls for a reduction in the exemption over the years, there is no plan to phase out the portability provision any time soon. In order to take advantage of the portability provision, IRS Form 706 should be filed

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Moving On—Help for Seniors Relocating To Nursing Homes Or Assisted Living Facilities

On December 17, 2020   /   Blog  
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Moving On—Help for Seniors Relocating To Nursing Homes Or Assisted Living Facilities

Moving to a new home is stressful in and of itself. When the move involves a senior relocating to a nursing home or assisted living facility, the situation is considerably more complicated, both emotionally and physically. Fortunately, a number of companies now specialize in helping seniors and their loved ones move to long-term care facilities, or even relocate to smaller, senior-friendly private homes. Together, these companies are known as Senior Move Managers. The National Organization of Senior Move Managers (NASMM) was formed in 2002. NASMM now comprises Senior Move Management companies across the United States, Canada, and overseas. According to the NASMM website, Senior Move Managers typically provide all or some of the following services, depending on the particular company and the senior’s specific needs: Creation of an overall move or “age in place” plan Organizing the move, sorting belongings, and downsizing Customized floor plans Arranging for the profitable disposal

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With Premiums Rising Dramatically, Should You Keep Your Long-Term Care Insurance?

On December 10, 2020   /   Blog  
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With Premiums Rising Dramatically, Should You Keep Your Long-Term Care Insurance?

When clients ask us whether it is right for them, we consider their overall plan and unique situation. Sometimes we recommend long-term care insurance, sometimes we don’t, depending on the client’s needs and goals. But what if you’ve already purchased long-term care insurance, and you’ve seen your premiums rise dramatically in recent years? First of all, you’re not alone. In some cases, premiums have gone up as much as 40 to 60 percent in recent years. The reason is that many insurance companies have suffered major losses on policies written more than ten years ago, and they are looking to recoup those losses. (A number of companies no longer offer long-term care insurance at all.) If your premiums have increased, should you keep the policy? Make changes to it? Look for a cheaper one? Here are some factors to consider: If your policy is more than two years old, you

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How To Make Your Retirement Savings Last Longer

On December 3, 2020   /   Blog  
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How To Make Your Retirement Savings Last Longer

For the vast majority of people considering retirement, one question looms above all others: Have I saved enough to make the dream of retirement a reality? Tough question, given that it is impossible to predict how long we will live and what future costs we might incur (particularly with regard to health care). An article in U.S. News & World Report provided the following strategies for retirees to cut monthly expenses and make their life savings last longer. Pay off your mortgage Eliminating monthly mortgage payments is of the best ways to make retirement more affordable. While you will still have to pay taxes and maintenance costs on your home, these expenses are most likely a fraction of your mortgage payments. Downsize your home When your children have moved out and become independent, do you really need that house with several bedrooms in a community with good schools and large

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A Major Cause of Dementia Has Been Identified and Could Lead To New Treatments

On November 26, 2020   /   Blog  
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A Major Cause of Dementia Has Been Identified and Could Lead To New Treatments

According to researchers at the Krembil Neuroscience Centre in Toronto, Canada, some forms of dementia are the result of many tiny, unnoticed strokes that damage the brain over time. The researchers believe that this type of dementia, once considered untreatable, could be managed with changes in lifestyle. The findings come from a study involving five individuals who had their brains scanned over the course of 16 weeks. The frequent scanning revealed minute spots on the MRIs characteristic of minor strokes. Such spots had not been in previous studies because the scans were conducted at longer intervals, in most cases just once per year. While researchers believe that the spots themselves do not cause symptoms, the lesions can become areas of white matter disease characteristic of dementia. Although approximately half of all elderly individuals have this white matter disease, in many cases it is harmless. For some, unfortunately, the disease can

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Make Sure Your Advance Directives Are Available When They Are Needed Most

On November 19, 2020   /   Blog  
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Make Sure Your Advance Directives Are Available When They Are Needed Most

As an estate planning and elder law firm, we advise all of our clients about the importance of creating advance directives and keeping them up to date. However, it is equally important to let your love ones, physicians and financial advisors know that you have created these documents—and, where to find them. If your documents are stored on your computer, do your loved ones have the file name or password necessary to access them? If you’ve placed your planning documents in a safe, do your loved ones know the combination? If nobody can find your documents, they are about as valuable as the paper they are written on. In addition to making sure your loved ones can access your advance directives, you should consider telling them about your wishes directly, particularly the manner in which you want to be cared for in an end-of-life situation. We understand how difficult it

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Can Lifestyle Changes Prevent Cognitive Decline?

On November 12, 2020   /   Blog  
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Can Lifestyle Changes Prevent Cognitive Decline?

According to a two-year study, healthy eating, brain training, exercise and sound medical management may prevent age-related cognitive decline and, perhaps, dementia. The study sampled 1,260 people, aged 60-77, randomly assigning one group to receive some general health advice and another group to follow a special program. The advice and training given to participants in the special program included: Diet Eat plenty of fruit and vegetables, wholegrain cereals, low-fat milk and meat products. Participants were also told to eat less than 50 grams of sugar a day and have at least two portions of fish a week. Cognitive training Participants received computer brain training sessions and were advised to improve mental acuity by doing puzzles, reading and other activities requiring cognition. Exercise Participants were told to do strength training one to three times a week and aerobic exercise two to five times a week. The exercise advice was tailored to

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