» Financial Planning

Virginia Beach, VA (Law Firm Newswire) September 1, 2015 – There are a number of different retirement planning milestones that determine which benefits retirees can receive. Anticipating these milestones can be important for executing a retirement plan, and making any necessary changes. “Retirees can expect to start receiving various private funds and government benefits at different ages, and understanding when these funds will become available is essential for avoiding unexpected penalties or gaps in retirement funding,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk. Age 59½ is […]


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San Francisco, CA (Law Firm Newswire) August 26, 2015 – With the Supreme Court’s landmark June 26 ruling legalizing gay marriage throughout the United States, same-sex couples should consider what the decision means for their financial and estate planning strategies for the future. Married same-sex couples will now be able to take advantage of all the financial benefits that have been available to other married couples for years, such as health insurance, Social Security and retirement. “The Supreme Court’s decision is life-changing for same-sex couples as it has leveled the playing field for all married couples when it comes to […]


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Virginia Beach, VA (Law Firm Newswire) August 25, 2015 – Filing for Medicaid can be complex, especially for people over the age of 65 and those who need long-term care. In such cases, hiring an attorney when applying for Medicaid can be important in securing coverage. “An attorney can help individuals identify which programs they may qualify for and take steps to become eligible if necessary, as well as provide assistance with the application process itself,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk. Medicaid is the […]


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Virginia Beach, VA (Law Firm Newswire) August 18, 2015 – IRA rollover rules changed recently, and it is important for people planning IRA rollovers to understand the updated rules. Under a recent United States Tax Court ruling, individuals are allowed only one tax-free IRA rollover every year, or 365 days, even if the individual owns several IRAs. The ruling represents a change from the previous policy, which allowed individuals to make one rollover per IRA each year. Under tax law, IRA distributions are subject to federal income tax, unless the distribution is placed into the same or another IRA within […]


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Virginia Beach, VA (Law Firm Newswire) August 11, 2015 – Advance medical directives are important documents that should be kept safe, but they also need to be accessible. While more people are recognizing the importance of documenting their wishes regarding health care, too often the documents are kept in a place that is not easily accessible in case of an emergency. “Advance medical directives often come into play in an emergency situation, so they need to be kept in an accessible location that loved ones are aware of,” said Andrew H. Hook, an estate planning attorney with Hook Law Center, […]


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Virginia Beach, VA (Law Firm Newswire) August 4, 2015 – Many aging retirees are considering spending their retirement years at a continuing care retirement community (CCRC). While such communities have several benefits, including access to lifetime care, and the ability to transition from independent living to an assisted living arrangement, or even a nursing home, all of which are located on the same campus, they are not without costs and risks. They tend to be expensive, and have large monthly fees. In one case, residents say they discovered that the facility lacked a reserve account for refunds, and they say […]


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San Francisco, CA (Law Firm Newswire) August 21, 2015 – In Autism Speaks’ largest international study on autism risk and parental age, researchers have found that teenage mothers and older parents are the most likely to have children with autism. Autism rates were 15 percent higher when moms gave birth in their 40s, 66 percent higher for kids with dads over 50 years old and 18 percent higher for children of teen moms. Increased autism rates were also noted among children born to couples with large age gaps and when both parents were older, in comparison to parents in their […]


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Virginia Beach, VA (Law Firm Newswire) July 30, 2015 – There are many tax savings that are available to older families. Such tax breaks can be achieved in several areas, including work, car and home, estate planning, medical expenses and rental property. In terms of realizing savings at work, a hefty tax refund implies that an excessive amount of tax is being withheld from one’s paycheck. One can correct this by filing a new W-4 form with one’s employer. There are also savings to be had regarding the payment of medical expenses. Some employers offer a medical reimbursement account, or […]


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Virginia Beach, VA (Law Firm Newswire) July 21, 2015 – Family and friends of Alzheimer’s patients often play a key role in caring for and maintaining the quality of life of these vulnerable individuals. Even as caregivers value the opportunity to care for a parent or loved one in their final years, doing so also places an incredible strain on the caregiver, both physically and emotionally. In order to provide loving care while also managing other aspects of their busy lives, Alzheimer’s caregivers need care, too. “Millions of Americans provide care to loved ones suffering from Alzheimer’s disease,” said Andrew […]


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Virginia Beach, VA (Law Firm Newswire) July 15, 2015 – With the cost of nursing homes and in-home nursing care at an all-time high, many adult children and their parents are turning to living together as a way to save money and maximize the parent’s quality of life. Although such a move can be a positive change, it also represents a major adjustment, and preparing for the change as much as possible is important. “When seniors move in with their adult children, it can be a challenging transition for everyone involved,” said Andrew H. Hook, a Virginia elder law attorney […]


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Palo Alto, CA (Law Firm Newswire) June 30, 2015 – The growing life settlement industry offers to buy life insurance policies and continue to pay the premiums in full, in order to help clients cover the cost of long-term care. “Many people are overwhelmed by long-term care costs, which are not covered by typical health insurance plans,” said Michael Gilfix, an elder law attorney in Palo Alto. “Life settlement firms offer to help, but the industry is still relatively small and not rigorously regulated.” By selling one’s policy to a life settlement company, it is possible to get cash flow […]


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Fairfax, VA (Law Firm Newswire) May 6, 2015 – The Congressional Budget Office’s (CBO’s) findings have arrived in the wake of the latest GOP-backed legislation to eliminate levy on estates. Republican lawmakers in Congress have wanted to repeal the federal estate tax for many years. And facing the looming April 15 tax filing deadline, the Congressional Budget Office (CBO) made a dire projection for years to come: repeal of what many GOP politicians call the “death tax” would increase the federal deficit by $269 billion. The CBO expects that if the current legislation to repeal the estate tax were to […]


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Virginia Beach, VA (Law Firm Newswire) April 30, 2015 – Although long-term care insurance is beneficial for some people, purchasing such a policy also has notable downsides, including the high cost of premiums and the limitations on coverage. “People are living longer than ever and using long-term care for longer periods of time than in the past. So long-term care insurance has become very expensive, and the benefits are often inadequate,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, a firm located in Virginia Beach and northern Suffolk. Nursing home care can be prohibitively expensive, […]


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Virginia Beach, VA (Law Firm Newswire) April 23, 2015 – Many Americans purchase long-term care insurance to ensure that if they come to need nursing home or other long-term care, they will be able to afford it. Because long-term care insurance offers no active use until a health crisis develops, it is important for policyholders to stay on top of payments and to be aware of any changes to the policy. “In the months leading up to a real need for long-term care, seniors’ changes in health or mental state can sometimes lead them to fall behind on their insurance […]


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Virginia Beach, VA (Law Firm Newswire) April 10, 2015 – During retirement, seniors are typically operating on a much tighter budget than they were during their working years. This is especially the case when major life events, such as an early retirement or a health problem, have made finances tighter. Downsizing can be an important strategy for making retirement funds stretch farther, and there are a number of different methods. “It is important for seniors to evaluate their particular financial situation in order to make smart decisions about what should stay and what should be altered,” said Andrew H. Hook, […]


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Palo Alto, CA (Law Firm Newswire) March 20, 2015 – On April 9, 2015, Gilfix & La Poll Associates will present the 11th Annual Special Needs Trust Seminar, an extraordinary event designed for the family members of special needs individuals. Every year, this two-hour seminar presents the most up-to-date information about special needs trusts. Families learn the ways in which special needs individuals can benefit from a special needs trust, as well as optimal approaches to creating and maintaining such a trust. “A special needs trust can provide lifelong financial security for a special needs individual without disturbing eligibility for […]


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Virginia Beach, VA (Law Firm Newswire) March 16, 2015 – As seniors age and develop health problems, changes to living spaces and new strategies for performing day-to-day tasks can facilitate aging in place. A project called Community Aging in Place, Advancing Better Living for Elders (CAPABLE) sought to prove the effectiveness of these strategies in keeping seniors at home. “Often, small changes to seniors’ current living situations can allow them to stay at home for months or years longer, even if they are facing a new health problem,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law […]


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Virginia Beach, VA (Law Firm Newswire) March 9, 2015 – Women face a unique set of issues when preparing to retire, and their differences should be taken into account during retirement planning. “Women typically live longer than men, but they tend to have less money to work with in retirement,” said Andrew H. Hook, a Virginia estate planning attorney with Hook Law Center, which has offices in Virginia Beach and northern Suffolk. “However, there are some steps that women can take to help ensure that their resources last through their retirement.” On average, a woman earns 77 cents on every […]


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Palo Alto, CA (Law Firm Newswire) March 6, 2015 – Saving for retirement is not an easy task, but many middle-income-earning couples do manage to amass a nice nest egg. However, many of these same middle-income couples face an additional financial challenge when one spouse eventually needs nursing home care.  Substantial bills for this type of care often threaten a couple’s savings. The March issue of Financial Advisor magazine detailed one remedy for this challenge, a nursing home annuity, and it quoted Gilfix & La Poll Associates attorney Mark Gilfix concerning various aspects of this issue.   Because nursing home […]


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Virginia Beach, VA (Law Firm Newswire) March 3, 2015 – People who care for their aging parents or other relatives from a distance must overcome additional obstacles that require careful planning. “Caregiving can take many forms, and children who act as caregivers from another city or state often face high expenses and difficulty knowing when to intervene, on top of the usual burdens of caregiving,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center. Increasingly, children who live hours away from their parents take on the responsibility of making health care and housing decisions for their […]


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