» Financial Planning

Florida confab of lawyer, accountants, etc. discuss new law’s implications. Fairfax, VA (Law Firm Newswire) February 28, 2014 – As the annual Heckerling Institute on Estate Planning reconvened in mid-January in Orlando, Fla., the eagerly anticipated conference of some 2,900 attendees was particularly interested in discussing the impact of recent changes in tax law. And the major engine for change in how lawyers and accountants will approach estate planning is the American Taxpayer Relief Act of 2012. The buzzword for estate planning since the passage of the new law is so-called portability, which allows widows and widowers to carry over […]


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White Plains, NY (Law Firm Newswire) February 21, 2014 – Meals on Wheels now helps some seniors to get donated food for their pets. For many seniors, a pet is a lifeline, providing companionship to ward off loneliness and depression while promoting physical and mental activity. And of course, people love their pets, so much so that nonprofit groups that help seniors in need have found that some seniors were giving donated food meant for them to their pets. The groups have responded by arranging for pet food to be included with deliveries. The arrangement comes from a partnership between […]


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Virginia Beach, VA (Law Firm Newswire) February 19, 2014 – Projections show that within 20 years, typical retirees will rely mostly on 401(k)s and other private retirement accounts to meet financial needs. “That may be alarming to some, but the industry is evolving to help meet that challenge,” says Virginia estate planning attorney Andrew Hook. “A number of trends are increasing the effectiveness of 401(k)s and workers’ utilization of them.” Hook identified the following six trends in the retirement investing industry. Increased use of Roth 401(k)s: Like Roth IRAs, Roth 401(k)s are funded with after-tax contributions. Workers pay income taxes […]


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Palo Alto, CA (Law Firm Newswire) February 10, 2014 – Michael Gilfix, a prominent Palo Alto estate planning attorney, is offering an estate-planning seminar in San Jose, CA. The 2013 tax return filing season has begun in earnest, and many taxpayers will rush to meet the April 15 deadline for filing returns. That often pell-mell pre-deadline dash may seem the norm, but taxpayers will need to employ a more methodical, long-term approach to dealing with their estate-related tax issues. And there are few ways better to inform oneself about estate planning than to attend a seminar hosted by a seasoned […]


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White Plains, NY (Law Firm Newswire) February 4, 2014 – Bernard A. Krooks, JD, CPA, LLM, CELA, AEP of Littman Krooks LLP has been recognized as an entrant into the Estate Planning Hall of Fame by the National Association of Estate Planners & Councils (NAEPC). He is the recipient of an Accredited Estate Planner (Distinguished) Nominee designation for 2014. Krooks will be one of only seven professionals to receive this prestigious award in 2014. The designation of Estate Planning Hall of Fame and Accredited Estate Planner (Distinguished) recognizes those individuals who have made outstanding lifetime achievements and contributions to the […]


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Virginia Beach, VA (Law Firm Newswire) January 23, 2014 – Prospects for Medicaid expansion in Virginia got a boost in the recent gubernatorial election, but they are still far from definite. Democrat Terry McAuliffe won the November 2013 election after campaigning on a promise to support the expansion of Medicaid spelled out in the Affordable Care Act (ACA) or “Obamacare.” But his role will, for the most part, be limited to the bully pulpit, urging state legislators to adopt the optional low-income health care expansion. “Expanding Medicaid would greatly help many elderly and low-income individuals and families in Virginia,” said […]


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White Plains, NY (Law Firm Newswire) January 20, 2014 – Women face unique issues in planning for retirement. On average, women live longer than men and are paid less, and there are still other financial planning issues that tend to affect women more significantly. Lower pay is a key issue. Despite gains by women in the workforce, on average, women are still paid 77 cents on men’s dollar. Over a lifetime, that can add up to $500,000. Women are also more likely to leave the workforce temporarily to raise children or to care for an ailing parent. While their jobs […]


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Bloomfield Hills, MI (Law Firm Newswire) January 15, 2014 – A new study has found that infant primates who were fed lead-rich formula later develop key signs of disease. Scientists have known for some time that there are three primary risk factors for Alzheimer’s disease: advanced age, family history and genetic make-up. However, the results of a long-term study released in December has now provided solid evidence that early exposure to lead is also a key factor in the development of Alzheimer’s-induced dementia. A team of researchers from the University of Rhode Island, Kingston (URI) conducted a 23-year study that […]


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White Plains, NY (Law Firm Newswire) January 10, 2014 – The American College of Trust and Estate Counsel (ACTEC) has named Bernard A. Krooks, JD, CPA, LLM, CELA, AEP® to be Vice Chair of its Elder Law Committee. ACTEC is a national organization of more than 2,600 lawyers elected to membership by demonstrating the highest level of integrity, commitment to the profession, competence and experience as trust and estate counselors. Its members work to teach those who aspire to enter the field and to improve and reform laws, procedure and standards while working with their peers and other professional organizations. […]


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White Plains, NY (Law Firm Newswire) January 6, 2014 – Seniors may be able to stay in their homes longer with the help of small changes. Older people often need assistance with the tasks of daily living, but they also usually wish to live as independently as possible. While an assisted living facility or skilled nursing home may be necessary for some seniors, it is possible for many others to stay in their own homes if a few simple adjustments are made. The changes themselves may not be expensive, and they can end up saving a lot of money for […]


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Palo Alto, CA (Law Firm Newswire) December 30, 2013 – Most workers who participate in 401(k) plans are trying to save enough for a comfortable retirement and perhaps an inheritance for their children and grandchildren. A prominent estate planning attorney says that while 401(k)s are a good way to add to one’s retirement savings, it is important to take a look at the fees a plan charges, as these fees can erode one’s savings. “Employers are now required to provide workers with more information about the fees connected with administering 401(k)s and the different investment options they provide,” said Michael […]


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White Plains, NY (Law Firm Newswire) December 24, 2013 – There are a few essential legal documents that every adult should have. People tend to think about putting these documents in place as they get older, but they are actually important for adults of every age — and there are certain milestones in life that make them essential. Some may envision putting a last will and testament in place later in life. However, every adult with any assets should have an estate plan, including a will and any necessary trusts. If this plan has been neglected earlier in life, then […]


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Palo Alto, CA (Law Firm Newswire) December 23, 2013 – A prominent estate planning attorney says digital assets need to be considered as part of estate planning. “In today’s world, many people own significant assets that exist only in digital form, whether it is currency such as Bitcoin or items of sentimental value such as family photos,” said Palo Alto estate planning attorney Michael Gilfix. “There needs to be a plan to pass these assets on to one’s heirs.” Gilfix said that online assets may also include such items as PayPal accounts, frequent flyer miles, iTunes libraries, online gaming accounts […]


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White Plains, NY (Law Firm Newswire) December 19, 2013 – A new program in New York City is training doormen who work in apartment buildings to watch for elder abuse. The Harry and Jeanette Weinberg Center for Elder Abuse Prevention (part of the Hebrew Home at Riverdale) developed the program, which offers free training for doormen, porters, concierges and other building staff at the buildings where they work. Joy Solomon, the director of the Weinberg Center, said that many elderly people in abusive situations do not come forward on their own, so advocates realized they would have to reach out […]


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Palo Alto, CA (Law Firm Newswire) December 17, 2013 – A prominent estate planning attorney says that autumn is the season to take stock of one’s retirement savings. “As we draw close to the end of the year, it is a good time to think about whether your retirement savings plan is on track,” said Michael Gilfix. For many people, a 401(k) is a key part of their retirement savings plan. If an employer matches contributions, then it is a good idea to contribute at least the amount that will be matched. But according to Gilfix, one may want to […]


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White Plains, NY (Law Firm Newswire) December 16, 2013 – If one wishes to make charitable gifts as part of a tax-saving strategy, now is the time. Although tax returns are not due until April 15, December is an excellent time to do a “dry run” on one’s tax return in order to establish an estimate of what one expects to pay in taxes. A dry run can also help to determine what charitable giving is possible before the end of the year in order to reduce taxable income and lower tax bills. Newly retired individuals may especially benefit from […]


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Virginia Beach, VA (Law Firm Newswire) December 4, 2013 – A senator and a prominent doctor joined together to call for a doubling of the amount the U.S. government spends on research into Alzheimer’s disease each year. Senator Susan Collins is the senior senator from Maine and Co-Chair of the Senate Alzheimer’s Task Force. Ronald C. Petersen, M.D., Ph.D., is the director of the Alzheimer’s Disease Research Center at the Mayo Clinic. The pair co-authored an article on the disease in a recent issue of Parade magazine. Virginia elder law attorney Andrew Hook agreed with the senator and doctor’s recommendation. […]


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White Plains, NY (Law Firm Newswire) November 29, 2013 – When someone dies and does not leave a will stipulating what should happen to their, numerous issues must be decided. Often, certain assets fall outside of a will. There are assets that are not dictated by a will, including the proceeds of life insurance; bank accounts, real estate and assets held jointly; property held in a living trust; funds in a 401(k) or IRA; a retirement plan with a beneficiary, and community property with rights of survivorship. The inheritor of such properties – those not covered by a will – […]


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Bloomfield Hills, MI (Law Firm Newswire) November 25, 2013 – One of the unavoidable issues with growing older is the need for additional levels of care. Care can encompass anything from infrequent help with household issues, such as repairs or heavy gardening, to assistance with daily activities of living, such as toileting, bathing and eating. It can be difficult to broach the subject of an increased need for care. It works best to use tact and choose the correct time to broach the subject. “Few people enjoy admitting that they need help, or that they are not as independent as […]


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Waxahachie, TX (Law Firm Newswire) November 22, 2013 – A recent investigation by USA Today found that thousands of nursing home residents throughout the country have had money mismanaged or stolen from special trust fund accounts, including more than $350,000 stolen from nursing home residents in Waxahachie, Texas. “Nursing home residents rely on these facilities to properly manage and protect their money,” said Waxahachie elder law attorney John D. Hale. “It is reprehensible that anyone would take advantage of vulnerable senior citizens like this.” Nursing home residents’ trust fund accounts are supposed to be managed with similar oversight to that […]


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