Long-term care insurance (LTCI), also known as nursing home insurance, is the only form of insurance that will pay for long-term nursing home care. If you are single, the odds are 50 percent that you will need long-term nursing home care at some point in your life. If you are age 65 and married, the odds are 75 percent that you or your spouse will need long-term nursing home care. The average nursing home stay is 2.5 years, at an estimated national average of more than $75,000 a year. And yet, most people do not have long-term care insurance. One…
Strategic use of life insurance frequently is a key aspect of comprehensive estate planning, solving a wide variety of estate planning challenges from providing liquidity to pay estate taxes, to charitable bequests and ensuring the continuation of a closely-held business. One of the key characteristics of life insurance, however, making it such a versatile estate planning tool, is preferential tax treatment. Properly structured, life insurance proceeds pass tax-free to beneficiaries, and earnings on investments held within certain types of “permanent” life insurance also generally accrue tax-free. According to a recent article in The Wall Street Journal, there is some national…
I ran across an article at New Jersey online last week with advice about how to pick a team of professional financial advisors. I was pleased to see the writer included estate planning attorneys as part of your essential advisory team! I also thought some of their tips for choosing an attorney were worth passing along: Think about your needs and then find an attorney who specializes in meeting them. For example, if you have elder-care issues, or tax concerns, find an attorney who is experienced at resolving issues similar to yours. Visit the websites of some of the professional…
If you’re a small business owner, you’re probably ready for a little good news right about now. The 2010 Small Business Jobs Act has some tax changes that could affect you – in a good way. Forbes writer Robert W. Wood gave a good run-down of the highlights last week, to include: Small Business (Section 179) Expensing. Under the old rules, you could generally expense up to $250,000 of certain property placed in service during the year. But for tax years 2010 and 2011, the limit is increased to $500,000, and can include up to $250,000 of qualified leasehold improvement,…
Senior Life Care Planning finds and accesses services for veterans, through VA benefits, and seniors through Medicare, Medicaid and other governmental or private resources. We also help identify, coordinate, assist and advocate on various issues i.e. housing, assisted living facilities, nursing homes, social and caregiver support. Additionally, we provide support services for seniors, families and caregivers, coping with the stress and issues with individuals with diseases including Alzheimer’s disease or related dementias, Parkinson’s disease, and other elderly diseases. The family dilemma is caring for your loved ones, with limited time, money and energy. Additionally, families are living in different areas…
In reviewing the New York Times, I came across the following article in the New Old Age section. What is done when a power of attorney is left to both siblings jointly but one decides to become uncommunicative and “checks out,” not participating in decision-making, handling estate matters or caring for a parent with dementia? Does the sibling left with shouldering the burden really have to go to court to get the other sibling’s name taken off the power of attorney? Your question indicates why naming multiple agents in a durable power of attorney and giving them equal authority…
In reviewing the New York Times, I came across the following article in the New Old Age section. What is done when a power of attorney is left to both siblings jointly but one decides to become uncommunicative and “checks out,” not participating in decision-making, handling estate matters or caring for a parent with dementia? Does the sibling left with shouldering the burden really have to go to court to get the other sibling’s name taken off the power of attorney? The answer, carefully review the document to see if there’s any provision that allows one agent to remove the…
Frederick, MD 
301-663-9230
