Tax Planning | Law Firm Newswire - Part 9

White Plains, NY (Law Firm Newswire) October 2, 2013 – Financial advisors and estate planning experts are seeing an increase in the number of grandparents helping to raise their grandchildren. For many, the added financial responsibility means plans for retirement must be put on hold. More than 2.6 million grandparents were raising grandchildren below the age of 18 as of 2011, according to the U.S. Census. Many households are disrupted due to underemployment, divorce, mental health or substance abuse issues or chronic illness. When adult children are not able to fully parent their own children, other family members often step […]


Continue reading full article »

Virginia Beach, VA (Law Firm Newswire) September 24, 2013 – Estates that do not use their entire estate tax exclusion allowance may pass on the remainder to a surviving spouse, but the process is not automatic. Called “portability,” the rule was made permanent as part of the American Taxpayer Relief Act of 2012 (ATRA). But Virginia estate planning attorney, Andrew Hook, cautions that an estate tax return must be filed in order for the surviving spouse to claim portability. “Not every estate is required by law to file an estate tax return,” Hook said. “But the IRS has made it […]


Continue reading full article »

Waxahachie, TX (Law Firm Newswire) September 23, 2013 – There are many elder care options available for an older parent in declining health. When an elder begins to need additional care, the question of how to provide it can seem overwhelming for the adult children who often take on the responsibility. While there are several options for elder care, there is no one simple answer, according to Waxahachie elder law attorney John Hale. “The choice you make for elder care depends on individual circumstances,” said Hale. “Some factors you will need to consider are whether the home is still safe […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) September 19, 2013 – According to a survey by Findlaw.com, approximately 60 percent of parents have yet to formalize a simple will to protect their children. Having an estate plan in place, including a will and possibly trusts as well, should be a major concern for every parent. The future may hold decision-making issues regarding disability or incapacity, or the untimely death of one or more parents. As hard as it is to contemplate, one of the choices a responsible parent must make is how to ensure their child or children are safe if […]


Continue reading full article »

Bloomfield Hills, MI (Law Firm Newswire) September 19, 2013 – As part of estate planning, two of the most important documents an individual can have are a healthy care proxy and a durable power of attorney. Both documents allow others to make important decisions should one become incapacitated. But an issue may arise when the two people who are overseeing the estate, the health care proxy and the durable power of attorney, do not work well together, or do not see eye-to-eye. It is imperative, then, that the people chosen for these important roles are individuals who can get past […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) September 19, 2013 – Sudden wealth may be a six-figure sum for some estates, or may be a five-figure amount. What every amount of sudden wealth has in common is that it is a windfall of sorts, separate from the expected financial shifts and therefore outside the recipient’s financial comfort zone. It is one of those scenarios that so many people play around with: what they would do if an unexpected windfall appeared in their life, a large sum of money came their way due to an inheritance, contract, business sale, lawsuit, lottery win, […]


Continue reading full article »

Virginia Beach, VA (Law Firm Newswire) September 17, 2013 – A recent study shows baby boomers may not adequately understand their retirement health care needs. The Center for Secure Retirement surveyed 1,300 middle-income people aged 49 to 67. Those surveyed tended to underestimate the cost of long-term care and the likelihood they will need it. Most lacked a plan to pay for health care and a proper understanding of what Medicare provides. “Health care in retirement represents a great financial challenge for many Americans,” said Virginia elder law attorney Andrew Hook. “Knowledge and planning are immensely important no matter your […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) September 16, 2013 – Bernard A. Krooks, JD, CPA, LLM, CELA, AEP has once again been named to the New York Super Lawyers for 2013 by Super Lawyers magazine. Krooks has been the recipient of this honor since 2006, marking the eighth consecutive year that he has been recognized for this accolade. He is also among the Top 25 Westchester, NY Super Lawyers. The Super Lawyers® 2013 selection is the result of a rigorous, multi-step selection process based on peer recognition and professional achievement, as well as independent research on each candidate. Krooks is […]


Continue reading full article »

Waxahachie, TX (Law Firm Newswire) September 16, 2013 – Good communication is essential when talking with elderly parents about the need for care. As parents age, they may need additional care, whether it is help with daily tasks at home, a home health aide, or the kind of care provided in an assisted living facility. However, elders can be resistant to talking about the need for care. According to a prominent elder law attorney, good communication is the key to these difficult, but necessary conversations. “Older people may not want to talk about the need for additional care, and their […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) September 13, 2013 – Parents or caregivers of children with special needs are best able to pursue those children’s educational interests when working as their advocate. There are numerous areas in which an advocate should be competent in order to be knowledgeable about the services and systems available. What does an advocate need to know? They should be able to accurately read evaluations of the student and write measurable individualized educational program (IEP) goals, based on the evaluations of the student’s current levels of performance. They should also have a depth of understanding regarding […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) September 12, 2013 – Sudden wealth may be a six-figure sum for some estates, or may be a five-figure amount. What every amount of sudden wealth has in common is that it is a “windfall” of sorts, separate from the expected financial shifts and therefore outside the recipient’s financial comfort zone. It is one of those scenarios that so many people play around with: what they would do if an unexpected windfall appeared in their life, a large sum of money came their way due to an inheritance, contract, business sale, lawsuit, lottery win, […]


Continue reading full article »

Waxahachie, TX (Law Firm Newswire) September 9, 2013 – Homes may need modifications to be made safe for seniors, says a prominent elder law attorney. Many older people prefer “aging in place,” staying in their homes, rather than moving to an assisted living facility. Staying in one’s home is more comfortable for most seniors and makes economic sense as well, since the cost of assisted living facilities is rising. However, there are changes seniors may want to make in order to make their home safer, according to John Hale, an elder law attorney based in the Dallas, Texas area. “Home […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) September 6, 2013 – A family-owned business is a hard-won commodity and considered a legacy to be passed on to the next generation. However, that legacy can be lost in the transition from one generation to the next; more than 70 percent of family-owned businesses do not successfully survive the transfer. Estate planning specialists say that business owners may wish to develop a transition plan with an estate planning attorney to ensure the business makes it to their children intact upon their retirement or death. How can business owners ensure their plans for the […]


Continue reading full article »

Bloomfield Hills, MI (Law Firm Newswire) September 5, 2013 – Though many individuals continue to work well past the age of 65, not many know if they should enroll in Medicare while still employed. When their employer offers health care, with full or partial coverage, they are unsure if Medicare is even available, much less a prudent choice. “It is currently considered a smart move for most workers to enroll in Medicare Part A,” said Michigan elder law attorney Christopher J. Berry. “Part A is free coverage for many people and it covers care in skilled nursing facilities and hospitals, […]


Continue reading full article »

Palo Alto, CA (Law Firm Newswire) August 30, 2013 – June 15, 2013 was designated World Elder Abuse Awareness Day by the United Nations. The day was set aside to encourage a wider recognition of elder abuse in communities and as a call for countries to work on policies that support respect for the elderly. According to the World Health Organization (WHO), at least 6 percent of the elderly population experiences some form of abuse; the numbers are unclear, as the abuse, more often than not, goes unreported. Elder researchers say that abuse of the elderly is one of the […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) August 30, 2013 – Partners in a committed, unmarried heterosexual or same-sex relationship may wish to consider what would happen the event that their partner becomes incapacitated and unable to communicate their wishes. When there is a medical emergency or a critical event, hospital staff may only allow one family member access to the patient. Many partners who are not legally married have found that whether they have access, or do not have access to the patient, can be at the discretion of hospital staff. Doctors must defer the opinions and wishes to the […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) August 23, 2013 – Though a diagnosis of Alzheimer’s can distress a patient and their loved ones, elder care advocates indicate it is critical they immediately begin advance planning for financial arrangements and health care. Alzheimer’s is a progressive disease of cognitive decline, but it can last for many years. Putting plans into place early can help make a significant difference in how that time can be spent. If someone suspects that there are memory issues or other cognitive concerns, they should see a neurologist, geriatric assessment clinic or memory clinic for testing. If […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) August 16, 2013 – Bernard A. Krooks, JD, CPA, LLM, CELA, AEP has once again been selected for inclusion in The Best Lawyers in America® 2014 in the field of Elder Law and Trusts and Estates. This marks the seventh consecutive year that Krooks has been recognized for this honor. Selection to Best Lawyers is based on an exhaustive and rigorous peer-review survey comprising more than four million confidential evaluations by the top attorneys in the country. As a result, only a select group of elite lawyers are chosen for this distinction. The survey […]


Continue reading full article »

Palo Alto, CA (Law Firm Newswire) August 12, 2013 – Noted estate planning attorney Michael Gilfix is booked to speak at a comprehensive seminar on Asset Protection & Long-Term Care planning this August in Palo Alto, CA. The public is invited to attend. Michael Gilfix, of Gilfix and La Poll, a leader in estate planning, tax planning, Medi-Cal planning, and special needs planning, is to speak about asset protection and long-term care planning. Topics covered will include Medi-Cal Planning, asset protection with focus on your residence, Veterans Administration benefits, and dynasty trusts. An invaluable book by Michael Gilfix, “Special Needs […]


Continue reading full article »

White Plains, NY (Law Firm Newswire) August 8, 2013 – Bernard A. Krooks, JD, CPA, LLM, CELA, AEP has been appointed Chair of the Elder Care Committee of the Editorial Advisory Board of Trusts & Estates magazine. The Elder Care Committee was created to address the increased importance of elder care issues in the practice of estate-planning professionals. Krooks is a longtime contributing editor to Trusts & Estates, the pre-eminent journal for wealth management professionals serving the needs of high-net-worth clients, family business owners, family offices, charitably inclined donors and non-profit corporations. Krooks is a founding partner of Littman Krooks […]


Continue reading full article »