» Financial Planning

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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Virginia Beach, VA (Law Firm Newswire) February 26, 2015 – When a parent becomes incapacitated and is no longer able to manage his or her own finances, a child or other caregiver needs to step in to pay bills and manage money and costs. Taking over a parent’s finances can be difficult, especially in the midst of the other challenges that families face during a loved one’s illness. “If you are taking over your parent’s finances, a systematic, structured approach to gathering information is a great starting point,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law […]


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Virginia Beach, VA (Law Firm Newswire) February 19, 2015 – Whether at a slow or a fast rate, Alzheimer’s disease inevitably progresses, and patients lose their functional capacity. As this process occurs, caregivers are faced with a number of difficult decisions. “Alzheimer’s caregivers are faced with ensuring care for their loved one while also preserving his or her independence and quality of life as much as possible,” said Andrew H. Hook, a Virginia elder law attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk. One choice that often comes up relatively early is whether or not […]


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Palo Alto, CA (Law Firm Newswire) February 16, 2015 – A new national study has found that adults age 45 to 65 vastly underestimate the possibility that they will need professional long-term care after the age of 65. The study, conducted by the peer-reviewed journal Health Affairs, showed that 60 percent of adults in this age range do not think they will need long term-care in the future. But, according to national statistics, more than 70 percent of those over 65 do use long-term care at some point. Michael Gilfix, a Palo Alto estate planning attorney who assists clients in […]


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Virginia Beach, VA (Law Firm Newswire) February 12, 2015 – According to Andrew H. Hook, a Virginia estate planning attorney with Hook Law Center, having estate planning documents in place can help prevent problems from occurring as a person ages and after they pass away. “The goal of estate planning is to make sure that your wishes are followed if you become incapacitated or after your death,” said Hook. “A will, trust, power of attorney and advance health care directive are all important to have in place.” Hook said that a will is perhaps the most essential estate planning document. […]


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Palo Alto, CA (Law Firm Newswire) February 9, 2015 – On January 1, 2015, a new federal law took effect, authorizing states to establish a new kind of tax-favored savings account for some special needs individuals. The Achieving a Better Life Experience (ABLE) Act created an account for special needs individuals that is similar, in some ways, to a 529 college savings account. A 529 ABLE account will allow special needs individuals and their families to save up to $100,000, which can be used for some living expenses, while still allowing the individual to qualify for Supplemental Security Income (SSI). […]


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Virginia Beach, VA (Law Firm Newswire) February 3, 2015 – As medical technology advances, people with serious illnesses or advancing age are faced with a wide range of challenging decisions. Should mechanical ventilation be used to keep the patient breathing? Should a feeding tube be used to maintain nutrition? When should life-sustaining treatments be withdrawn? How aggressive should treatment attempts be? “With more than six million Americans living with chronic illness, and the number set to grow in coming years, palliative care plays an ever increasing role in maintaining the quality of life of people with chronic diseases, particularly older […]


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Palo Alto, CA (Law Firm Newswire) January 30, 2015 – According to estate planning professionals, an increasing number of high-net-worth individuals are limiting how much money they leave to their children. The most famous example of this might be Warren Buffet, who has said publicly that he does not want to leave his children so much money that they do not need to do anything with their lives. Similarly, Bill Gates has said that he plans to donate almost all of his multi-billion dollar fortune to charity, leaving about $10 million to each of his three children. Estate planning attorney […]


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Virginia Beach, VA (Law Firm Newswire) January 26, 2015 – ]With a baby on the way, new parents should prioritize making a basic estate plan. An estate plan is one of the most important building blocks for a growing family. “In the midst of all the other changes associated with becoming a new parent, an estate plan is essential to protect your children in case anything should happen to you,” said Andrew H. Hook, a Virginia estate planning attorney with Hook Law Center, which has offices in Virginia Beach and northern Suffolk. An estate plan can ensure that children will […]


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