» Estate Planning Law

Harrisburg, PA (Law Firm Newswire) January 29, 2016 – The Internal Revenue Service (IRS) has relaxed its regulations for new accounts that will permit people with disabilities to save money without risking loss of their government benefits. In 2015, the IRS proposed rules governing how accounts created under the Achieve a Better Life Experience (ABLE) would function. However, the agency met with a considerable amount of opposition from disability advocates and state officials who stated that the proposed rules would be unduly onerous. In response, the IRS has decided to issue final rules that have less strict reporting requirements. For […]


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Virginia Beach, VA (Law Firm Newswire) January 26, 2016 – The majority of individuals who purchase life insurance wish to replace their income should they die prematurely. They can choose a term plan that ends upon retirement. Another option is to pay for retirement by using a permanent life insurance policy, and withdrawing funds from the plan’s cash reserve. However, there are possible drawbacks when using this strategy. According to experts, whole life insurance may not be an appropriate investment vehicle because it is costly and not liquid. “When considering retirement planning, it is important to obtain sound investment advice […]


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Fairfax, VA (Law Firm Newswire) January 22, 2016 – Those who have blended families can face difficult estate planning issues. They may wish to leave a portion of their estate to their current spouse and their children, their children from prior marriages, and in some instances, their children from their spouses’ prior marriages. It can be a daunting task to provide for all members of one’s family. It is best not to depend on a spouse and children to work things out because there could be family arguments and possible litigation following one’s death. There are some estate planning vehicles […]


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Virginia Beach, VA (Law Firm Newswire) January 19, 2016 – When creating a trust fund, parents can select a trustee to be in charge of the funds for as long as the parents wish. One way of structuring inheritance is to have the trustee distribute the funds in three separate amounts. For example, the trustee could give the child one sum upon graduation from college, or at age 22, the second a few years later, and the last at around age 30. The main reason cited by parents for releasing the funds in stages rather than all at once is […]


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Fairfax, VA (Law Firm Newswire) January 15, 2016 – The last thing that couples wish to think about is the possibility of the death of a spouse. However, failing to prepare for that eventuality can only make matters worse if it occurs. According to a NerdWallet survey of over 2,000 married adults, one in three couples is without life insurance. Among those who have life insurance, 43 percent state that they would not be financially ready if their spouse died. In order to offer some semblance of security for one’s family, there are some steps that couples can take to […]


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Roseville, CA (Law Firm Newswire) January 14, 2016 – Although it is highly unusual for one to serve as health care proxy for one’s boss, that is exactly what will occur in the case of 92-year-old Sumner Redstone, the executive chairman of Viacom Inc. Redstone has designated his Chief Executive Officer, Philippe Dauman, to be his health fiduciary in the event he can no longer make health care decisions for himself. Dauman’s control over Redstone’s health care includes the right to determine whether he should be given food or water if he is unable to make such decisions. Dauman speaks […]


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Harrisburg, PA (Law Firm Newswire) January 13, 2016 – Many veterans who served in the Iraq and Afghanistan wars have suffered traumatic brain injuries (TBIs), but some of them are not being properly diagnosed because of the use of a test by the Department of Veterans Affairs (VA). Consider the case of Army Captain Charles Gatlin, who served as a platoon leader in Kirkuk, Iraq, in 2006. A car bomb detonated in close proximity and he was knocked to the ground by the explosion and struck by flying debris. He was evacuated and later diagnosed with a traumatic brain injury. […]


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Virginia Beach, VA (Law Firm Newswire) January 12, 2016 – While most people would like to live a long life, not everyone is financially prepared for it, especially if long-term care is needed. According to personal finance experts, within each person’s budget, money should be allocated toward a long-term care plan. In this way, an individual can develop a strategy to assist with daily living activities in the event of becoming infirm. Each day ten thousand baby boomers reach the age of 65, and approximately 70 percent of Americans will ultimately require long-term care services. There are important factors to […]


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Virginia Beach, VA (Law Firm Newswire) January 4, 2016 – The latest survey conducted by Genworth reveals that among individuals without long-term care insurance coverage and have no plans to purchase such coverage within the next five years, only 15 percent have a backup plan. There are choices for financing long-term care for many Americans prepared to make compromises. “In planning for long-term care, one must become aware of the various options available in order to select a policy that provides the desired amount of care and is not cost-prohibitive,” said Andrew H. Hook, a Virginia elder law attorney with […]


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Virginia Beach, VA (Law Firm Newswire) December 28, 2015 – There are a number of reasons for jointly owning assets, such as a home, land, vehicles and financial accounts. People who are older frequently enter into joint ownership of assets in order to facilitate access by their adult children, other relatives or friends in the event that the older persons lose capacity. Another rationale for joint ownership of assets is the avoidance of probate as the assets pass to one owner upon the demise of the other. Among the most typical jointly owned assets is a bank account, which is […]


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Virginia Beach, VA (Law Firm Newswire) December 21, 2015 – There are a number of options when preparing for long-term care, which will be needed by up to 70 percent of individuals age 65 or older, according to the Department of Health and Human Services (HHS). The HHS predicts that 20 percent will require long-term care for over five years. Long-term care can include 24-hour supervision or help with personal care and other responsibilities. Whatever kind of long-term care required, it is advisable to plan for one’s health and well-being long before retirement. Long-term care is usually defined as the […]


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Santa Clara, CA (Law Firm Newswire) December 18, 2015 – The Pacific Autism Center for Education (PACE) today announced that Michael Gilfix and Mark Gilfix of Gilfix & La Poll, longtime experts in the field of special needs planning, will present an informative and timely seminar on January 25, 2016 at 6pm at the PACE School. The program is open to the community at large. Topics covered will include: – Update on the ABLE Act: a tax favored bank account to supplement Special Needs Trust planning – Five myths or misunderstandings about Special Needs Trusts and asset protection – The […]


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Virginia Beach, VA (Law Firm Newswire) December 18, 2015 – It is generally assumed that student loan debt is a problem faced only by the young. However, that is not always the case. Seniors are increasingly having a difficult time paying off their student loans, even to the point at which their Social Security benefits are offset when they are unable to make payments. According to the Government Accountability Office (GAO), in 2010, four percent of Americans ages 65 to 74 had federal student loan debt. This represents an increase of one percent from the year 2004. The collective amount […]


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Virginia Beach, VA (Law Firm Newswire) December 11, 2015 – When handling one’s estate planning, it is important to prepare the relevant documents and ensure that they can be accessed by trusted family members prior to one’s death. Such documents can include wills, health care directives, and lists containing passwords to online accounts. However, there are other less common items that some family members may need when their loved one dies. One such item is military discharge papers. John J. Scroggin, who manages a tax business and estate planning firm in Atlanta, knew that his father wished to be buried […]


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San Francisco, CA (Law Firm Newswire) December 8, 2015 – Adviatech, the parent company of law firm marketing brands SEO | Law Firm and Custom Legal Marketing (CLM), has merged their two core brands together to create CLM Grow. When Adviatech launched SEO | Law Firm in 2007, it quickly became the flagship brand of the online marketing company. In 2013, the company created Custom Legal Marketing as a spinoff of SEO | Law Firm’s Large Firm Marketing service. As the attorney website design and law firm marketing processes have evolved, the lines have blurred between the two services. SEO […]


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Harrisburg, PA (Law Firm Newswire) December 7, 2015 – The Harrisburg Pennsylvania law firm, Hazen Elder Law is now Hazen Law Group; a law firm that focuses on long-term care planning, guardianships, estate planning, asset protection, special needs planning and public benefits. The firm was founded by Marielle F. Hazen, and is considered to be one of the best law firms in the nation by U.S. News and World Report. The new name represents the firm’s growing portfolio of services that fall outside of “elder law” such as special needs planning and trusts and veterans’ benefits. Among the services they […]


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San Francisco, CA (Law Firm Newswire) December 7, 2015 – In September, the Senate approved legislation that would allow disabled individuals to create special needs trusts for themselves. Known as the Special Needs Trust Fairness Act, the bill corrects the assumption that all people with disabilities lack the mental capacity to create their own trusts. Under the current law, special needs trusts can only be established by a disabled individual’s legal guardian, parent, grandparent or a court, even if the beneficiary is mentally competent. Those who do not have a family member or guardian are forced to petition the court, […]


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Virginia Beach, VA (Law Firm Newswire) December 4, 2015 – Retirement planning can be a very challenging process for couples, and even more so for singles. Several Americans will enter their retirement years on their own for various reasons, such as the death of a spouse, divorce and different lifestyles. According to the 2013 U.S. Census, 54 percent of women and 27 percent of men age 65 or over were unmarried. Financial advisers claim that the retirement planning needs of singles can be extremely different from those of married couples, and that many singles are unprepared. A study by Rand […]


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Fairfax, VA (Law Firm Newswire) November 23, 2015 – Art collectors are advised to think about the future of their art after they are deceased. According to Michael Delgass, managing director of Sontag Advisory, a financial planning firm in New York, as one’s art portfolio increases in value, it becomes a more important part of one’s tax and financial lives. Heirs may realize undesirable tax consequences, including heirs who are not relatives of the collector or those who are relatives of the collector but who are not art connoisseurs. Advisers state that it is challenging to quantify the value of […]


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Virginia Beach, VA (Law Firm Newswire) November 20, 2015 – Medicare Advantage plans are part of the Medicare program in which one is still entitled to the same rights and protections as if one had traditional Medicare. They are private plans that may offer more benefits than those accessible in traditional Medicare, and sometimes at no extra cost to beneficiaries. Medicare Advantage plans may be able to operate with more efficiency than the traditional program, purchasing additional benefits for a lower cost, and regulating care in such a way as to ensure that patients make use of medical services more […]


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