The knowledge that we will eventually die is one of the things that seems to distinguish humans from other living beings. At the same time, no one likes to dwell on the prospect of his or her own death. But if you postpone planning for your demise until it is too late, you run the risk that your intended beneficiaries — those you love the most — may not receive what you would want them to receive whether due to extra administration costs, unnecessary taxes or squabbling among your heirs. This is why estate planning is so important,…
Tim Bowers got to decide for himself whether he wanted to live or die. When the avid outdoorsman was badly hurt Saturday in a hunting accident, doctors said he would be paralyzed and could be on a ventilator for life. His family had a unique request: Could he be brought out of sedation to hear his prognosis and decide what he wanted to do? Doctors said yes, and Bowers chose to take no extra measures to stay alive. He died Sunday, hours after his breathing tube was removed. "We just asked him, 'Do you want this?' And he shook his…
The sixth annual National Healthcare Decisions Day on April 16 proved to be another success, with particularly strong traditional and social media reach. Some highlights: · The “official” participants list includes 123 national organizations, 1,375 state/local organizations, and 16 services/registries. Countless others participated even without formally indicating their participation. · Based on survey responses from 255 of the above, it is estimated that at least: o 43,200 staff members or organizational members of participants received information about NHDD and/or advance care planning as part of NHDD; o 223,285 members of the general public attended events or received information at NHDD…
We turn to doctors to save our lives – to heal us, repair us, and keep us healthy. But when it comes to the critical question of what to do when death is at hand, there seems to be a gap between what we want doctors to do for us, and what doctors want done for themselves. In this Radiolab podcast, Producer Sean Cole introduces us to Joseph Gallo, a doctor and professor at Johns Hopkins University who discovered something striking about what doctors were not willing to do to save their own lives. As part of the decades-long Johns…
PDF of this report (7pp.) The estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates in the country pay the tax because it is levied only on the portion of an estate’s value that exceeds a specified exemption level, currently $5.25 million per person (effectively $10.5 million per married couple). The estate tax thus limits, to a modest degree, the large tax breaks that extremely wealthy households get on their wealth as it grows, which can otherwise go completely untaxed. Though the estate tax…
Among the revenue-raising proposals in President Obama’s fiscal year 2014 budget is a return of the estate tax to its 2009 level beginning in 2018. The White House budget plan also calls for eliminating “a number of loopholes that currently allow wealthy individuals to use sophisticated tax planning to reduce their estate tax liability.” In January, as part of the fiscal cliff deal, Congress set “permanent” estate tax parameters, including a $5 million exemption (now $5.25 million due to inflation) and a 40 percent maximum rate. Under the President’s proposed budget, the exemption would drop to $3.5 million in 2018…
Healthcare Decisions Day is to encourage hospitals, and hospices to participate in a State-wide effort to provide clear and consistent information to the public about advance directives. The Elder Law Office of David Wingate did a presentation to Frederick Memorial Hospital on April 16, 2013 on Advance Directives and Powers of Attorneys. This Seminar was sponsored by: The Elder Law Office of David Wingate, LLCHospice of Frederick County
Think about these important questions: What can you do to avoid being a burden on your family? What do you need to do now so you won't leave a mess behind when you die? Do you have the right planning in place if you have a catastrophic healthcare crisis? Will your spouse have financial security if something happens to you?
It's one of the toughest questions patients and their loved ones can discuss with physicians: When is further medical treatment futile? The conversation can become even more difficult if patients or their families disagree with health care providers' recommendations on end-of-life care. Early, clear communication between patients and their care teams, choosing health care agent (Surrogate) to represent patients, by signing a Medical Power of Attorney and Living Will, can help avoid conflicts. "Health care professionals in the United States have struggled with the importance of maintaining patient autonomy while attempting to practice under the guidance of treatments based on…
When the children of art dealer Ileana Sonnabend inherited her valuable collection of artwork in 2007, among the pieces was a ground-breaking “combine” by Robert Rauschenberg titled “Canyon” (pictured right). The children paid $471 million in federal and state estate taxes on their mother’s estimated $1 billion collection, but they did not think they had to pay any tax on “Canyon.” The 1959 work, it turns out, can never be sold because it includes a stuffed bald eagle. Bald eagles are under federal protection and selling or trading one, even if it is part of a famous work of art,…
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