Tax Planning | Law Firm Newswire - Part 8

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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Waxahachie, TX (Law Firm Newswire) November 15, 2013 – The open enrollment period for Medicare has begun, when beneficiaries can sign up for private health plans. However, this should not be confused with the new health insurance exchanges that also began operations recently. John D. Hale, a prominent Dallas elder law attorney, explains the difference. “During the open enrollment period, which runs from October 15 to December 7, Medicare beneficiaries may sign up for Medicare Advantage plans and Medicare Part D prescription drug plans,” said Hale. “The health insurance exchanges, by contrast, are for people who do not have health […]


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White Plains, NY (Law Firm Newswire) November 14, 2013 – New York State has more than 4 million people who are providing unpaid care for a loved one who is elderly, frail or ill. If those individuals were being paid for their time, elder care advocates say, their combined salaries would amount to more than $32 billion. Most of those caregivers do not have their own support system, leaving countless people exhausted and stressed, while struggling to maintain a level of care for someone who depends on them. When it comes to supporting caregivers, according to a recent report by […]


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Bloomfield Hills, MI (Law Firm Newswire) November 13, 2013 – California recently passed a new bill intended to protect financially abused seniors. The bill, AB 381, was drafted to protect elders who had their finances manipulated by someone who had power of attorney over their estate. The bill allows the elders some financial recovery in the form of reimbursement of attorney’s fees and costs. The bill was signed into law earlier this year. “Michigan elders sometimes need protection from the people they most trusted, people who had access to their estate and general assets,” says Michigan elder law attorney Christopher […]


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Waxahachie, TX (Law Firm Newswire) November 8, 2013 – The Texas attorney general has moved to close several alleged unlicensed assisted living facilities, including one in Tarrant County. The state filed a lawsuit in Tarrant County civil court against a man and the nonprofit organization he founded after the man refused to allow state investigators with the Department of Aging and Disability Services into a Richland Hills home. The state won a temporary restraining order against the facility. “Our seniors deserve top-notch care at Texas assisted living facilities, and that is only possible when the facilities are properly licensed,” said […]


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White Plains, NY (Law Firm Newswire) White Plains, NY (Law Firm Newswire) November 4, 2013 – Littman Krooks LLP has been selected among the 2014 U.S.News – Best Lawyers® “Best Law Firms” in the New York metropolitan area. The firm, with offices in New York, White Plains and Fishkill, received Tier 1 ranking in the area of Elder Law and Trusts & Estates Law. This prestigious ranking results from the firm’s combination of legal excellence and breadth of expertise. To be eligible for this distinction, a law firm must also have at least one lawyer included among the annual peer […]


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White Plains, NY (Law Firm Newswire) November 1, 2013 – Living in two different states can present certain complications in elder law and estate planning. Living wills, trusts and health care power of attorneys must be valid in both states along with other documents that may be needed to transfer property. Littman Krooks LLP and Solkoff Legal are addressing this subject in a free, online webinar on Tuesday, November 12, 2013 beginning at 12:00 PM EST. By attending this webinar, participants join two nationally recognized elder law attorneys – Bernard A. Krooks, Esq., Littman Krooks LLP and Scott Solkoff, Esq., […]


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Waxahachie, TX (Law Firm Newswire) October 31, 2013 – It is important to recognize warning signs of Alzheimer’s disease. According to elder law attorney John Hale of The Hale Law Firm, learning about the early warning signs of Alzheimer’s may help a loved one receive a proper diagnosis that can assist in planning for their care. “If you observe signs of Alzheimer’s in an older loved one, it is important to reach out to your doctor so that the proper care can be administered,” said Hale. Alzheimer’s disease is one of the most common types of dementia, or cognitive deficits. […]


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Waxahachie, TX (Law Firm Newswire) October 25, 2013 – Quality of care is important in a skilled nursing facility. When evaluating the care your loved one receives in a nursing home, it is important to focus on the most significant issues rather than the little things, said a prominent elder law attorney. “When an elderly parent or other family member is a resident at a skilled nursing facility, of course you want to make sure that they are receiving top quality care,” said John Hale, of The Hale Law Firm. “The issues that matter in that regard are clinical care, […]


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Fairfax, VA (Law Firm Newswire) October 16, 2013 – Debt can affect retirement plans, says a prominent Virginia estate planning attorney. Americans entering their golden years should be looking forward to enjoying their retirement and perhaps planning to leave an inheritance to their children. However, many of the baby-boomer generation are finding that things like credit card debt, mortgages, the cost of caring for elderly parents, and providing support for college-aged children, are significant obstacles in retirement and estate planning. “Debt is a growing problem for older Americans, and it definitely affects estate planning,” said Lisa McDevitt, an estate planning […]


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Palo Alto, CA (Law Firm Newswire) October 15, 2013 – Attorney Michael Gilfix, of the estate planning firm Gilfix & La Poll Associates, is presenting estate planning options to the public on October 21, 2013 in Palo Alto, California, at the Crowne Plaza Cabana. Due to overwhelming demand, two seminar sessions are available, from 2 p.m. – 4 p.m. and 4 p.m. to 6 p.m. Members of the public are invited to this very special Gilfix Seminar on long-term care planning, asset protection planning and special needs planning. The discussion is to include asset protection and Medi-Cal issues when facing […]


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Virginia Beach, VA (Law Firm Newswire) October 14, 2013 – Two recent announcements show U.S. government agencies will differ in how they implement a U.S. Supreme Court ruling. In June, 2013, the Court struck down the portion of the Defense of Marriage Act (DOMA) that denied federal benefits to legally-married same-sex couples. As Virginia estate planning attorney Andrew Hook explained, that left those couples in a limbo between state and federal law. “In the eyes of the states in which they married, and other states recognizing same-sex marriages, those couples were legally wed,” Hook said. “But according to the federal […]


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White Plains, NY (Law Firm Newswire) October 9, 2013 – Co-housing is a growing trend among Baby Boomers, as the aging demographic works to delay the need to move into a nursing home. There are as many as 78 million people between the ages of 49 and 67 in the U.S., and few of them report that they plan to end up in a nursing home unless it becomes unavoidable. While some of the Boomers are planning to move in with their adult children, many more are not choosing that option. And, with one out of every four Boomers childless, […]


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Virginia Beach, VA (Law Firm Newswire) October 7, 2013 – Stiff penalties for careless Medicaid planning make it necessary for families to form a proper strategy many years ahead of time. Medicaid provides health care for those with little assets or income and is the most popular way to pay for long-term nursing home care. Long-term care is very expensive, making Medicaid the only option for many families who need it, but qualifying for Medicaid usually requires very low asset levels. As Virginia elder law attorney Andrew Hook explains, this can lead families to make missteps with severe consequences. “A […]


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Waxahachie, TX (Law Firm Newswire) October 4, 2013 – It is important to take stock of the cost of caring for an aging loved one. Caring for an elderly parent sometimes becomes a necessity, but to be able to provide the best care and balance competing responsibilities, one should assess the cost of care. This includes economic cost and potential impact on the caregiver’s own health, according to a prominent elder law attorney. “People are aware of the high cost of care from a home health aide or at a nursing facility, so they often decide to provide care to […]


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