Hook Law Center | Law Firm Newswire

Virginia Beach, VA (Law Firm Newswire) October 28, 2016 – Under Medicaid law, there are certain security measures for the spouses of those applying for Medicaid to make certain they possess the necessary minimum support to reside in the community at a time when their husband or wife is in receipt of long-term care benefits, generally in a nursing home. The spousal protections function in the following way: if the person applying for Medicaid is married, the countable assets of both spouses are combined as of the date on which the ill spouse was admitted to either a hospital or […]


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Virginia Beach, VA (Law Firm Newswire) September 19, 2016 – In families with adopted children or stepchildren who have not been formally adopted, there can be some estate planning challenges. More attention must be given to estate planning involving a family that consists of an unmarried couple in which one member has children, either biological or adopted, who are not also the children of the other member of the couple. In such a scenario, the couple should have a thorough understanding of their estate planning options. In most cases, adopted children are treated in the same manner as biological children […]


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Virginia Beach, VA (Law Firm Newswire) August 8, 2016 – Among the most significant factors to consider when establishing a business succession plan is the timing of the change of ownership. Whether the owner is planning to sell or make the business a gift, or combine the sale with a gift, the changeover should not occur prior to the identification and development of the next generation of leaders. Several estate planning methods for business succession plans work most effectively in an environment of low interest rates. Usually, when there are lower interest rates, the seller has more chances to finance […]


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Virginia Beach, VA (Law Firm Newswire) July 15, 2016 – Older workers need to be wary of some potential Medicare errors that may come up if they intend to continue working past the age of 65. Approximately one-third of Americans within the age group of 65 to 69 stay in the workforce. This rate is 50 percent higher than it was ten years ago. Thus, an increasing number of older Americans are not getting Medicare upon reaching age 65. Andrew H. Hook, a prominent Virginia elder law attorney of Hook Law Center with offices in Virginia Beach and northern Suffolk, […]


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Virginia Beach, VA (Law Firm Newswire) May 31, 2016 – Diminished capacity can have a detrimental effect on a person’s investments. A decline in an individual’s financial capacity means that a person can no longer manage their money and financial assets, and is unable to comprehend the ramifications of investment decisions. When people lose the ability to manage their finances, they may become susceptible to investment fraud and other types of financial abuse. However, there are steps people can take to avoid or reduce the likelihood of problems for themselves and their families. For instance, they can organize important documents, […]


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Virginia Beach, VA (Law Firm Newswire) April 19, 2016 – Many estate plans fail to consider the fate of items that do not necessarily have great monetary value, but have much sentimental value to the heirs. Such was the case in the estate of comedian Robin Williams, whose children and third wife were fighting in court over possession of specific sentimental items, such as the tuxedo he wore at his wedding. Mr. Williams bequeathed to his three children the clothing, jewelry and personal items he had accumulated prior to his third marriage, and that appears to include his tuxedo. However, […]


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Virginia Beach, VA (Law Firm Newswire) April 12, 2016 – Childless couples can face certain challenges with respect to estate planning. It may be difficult for couples to select the person who will make decisions on their behalf in the event of their incapacity and upon their death. They may also not know to whom they should leave their assets. As a result, they may fail to engage in any estate planning at all. If there are no powers of attorney, and one or both spouses become incapacitated, in all likelihood, the state will mandate that the family file for […]


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Virginia Beach, VA (Law Firm Newswire) April 5, 2016 – A significant part of an estate plan can be the designation of a person’s IRA beneficiary. If an IRA account owner does not name a beneficiary, their heirs could be required to pay more income and estate tax than necessary following their death. It is recommended that an account owner modify IRA beneficiary designations to suit their objectives. Usually, people name their spouses, children or grandchildren as beneficiaries. Another possibility is to designate a trust, a charity, or a group of persons, trusts or charities. Following the account owner’s death, […]


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Virginia Beach, VA (Law Firm Newswire) March 2, 2016 – Many baby boomers expect to work for a longer period of time and would prefer a phased retirement in which they gradually reduce the number of hours they work and/or work remotely. Therefore, they are seeking assistance from an increasing number of firms that concentrate on placing older workers in part-time and temporary positions in certain industries. While some jobs can be performed in the office, others can be completed from home or another remote area. According to a retirement study conducted in 2013, almost half of the participants expressed […]


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Virginia Beach, VA (Law Firm Newswire) February 29, 2016 – An estate-planning method that was one time frequently used was an irrevocable trust that held a life insurance policy, with the objective that the death benefit be used to pay estate taxes. This technique permitted the policy’s benefits to be applied toward payment of the estate taxes of the individual who died without inclusion of the policy in the estate. Although this method remains useful, it is not as common because the threshold for being affected by the estate tax has increased to such a degree that only the affluent […]


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Virginia Beach, VA (Law Firm Newswire) January 19, 2016 – When creating a trust fund, parents can select a trustee to be in charge of the funds for as long as the parents wish. One way of structuring inheritance is to have the trustee distribute the funds in three separate amounts. For example, the trustee could give the child one sum upon graduation from college, or at age 22, the second a few years later, and the last at around age 30. The main reason cited by parents for releasing the funds in stages rather than all at once is […]


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Virginia Beach, VA (Law Firm Newswire) January 12, 2016 – While most people would like to live a long life, not everyone is financially prepared for it, especially if long-term care is needed. According to personal finance experts, within each person’s budget, money should be allocated toward a long-term care plan. In this way, an individual can develop a strategy to assist with daily living activities in the event of becoming infirm. Each day ten thousand baby boomers reach the age of 65, and approximately 70 percent of Americans will ultimately require long-term care services. There are important factors to […]


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Virginia Beach, VA (Law Firm Newswire) January 4, 2016 – The latest survey conducted by Genworth reveals that among individuals without long-term care insurance coverage and have no plans to purchase such coverage within the next five years, only 15 percent have a backup plan. There are choices for financing long-term care for many Americans prepared to make compromises. “In planning for long-term care, one must become aware of the various options available in order to select a policy that provides the desired amount of care and is not cost-prohibitive,” said Andrew H. Hook, a Virginia elder law attorney with […]


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Virginia Beach, VA (Law Firm Newswire) December 21, 2015 – There are a number of options when preparing for long-term care, which will be needed by up to 70 percent of individuals age 65 or older, according to the Department of Health and Human Services (HHS). The HHS predicts that 20 percent will require long-term care for over five years. Long-term care can include 24-hour supervision or help with personal care and other responsibilities. Whatever kind of long-term care required, it is advisable to plan for one’s health and well-being long before retirement. Long-term care is usually defined as the […]


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Virginia Beach, VA (Law Firm Newswire) December 18, 2015 – It is generally assumed that student loan debt is a problem faced only by the young. However, that is not always the case. Seniors are increasingly having a difficult time paying off their student loans, even to the point at which their Social Security benefits are offset when they are unable to make payments. According to the Government Accountability Office (GAO), in 2010, four percent of Americans ages 65 to 74 had federal student loan debt. This represents an increase of one percent from the year 2004. The collective amount […]


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Virginia Beach, VA (Law Firm Newswire) November 20, 2015 – Medicare Advantage plans are part of the Medicare program in which one is still entitled to the same rights and protections as if one had traditional Medicare. They are private plans that may offer more benefits than those accessible in traditional Medicare, and sometimes at no extra cost to beneficiaries. Medicare Advantage plans may be able to operate with more efficiency than the traditional program, purchasing additional benefits for a lower cost, and regulating care in such a way as to ensure that patients make use of medical services more […]


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Virginia Beach, VA (Law Firm Newswire) November 13, 2015 – An estate plan often needs to take into account factors such as a prenuptial agreement. “A well-drafted estate plan can help ensure that one’s assets are protected, and that one’s beneficiaries are provided for after one’s death,” said Andrew H. Hook, a Virginia estate planning attorney with Hook Law Center, with offices in Virginia Beach and northern Suffolk. “Proper planning includes taking into account family circumstances, including any prenuptial agreement that may exist.” An estate plan can be created around a prenuptial agreement. Consider a case discussed recently in the […]


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Virginia Beach, VA (Law Firm Newswire) October 16, 2015 – Probate is the legal procedure that decides whether a deceased person’s will is valid. While it impacts many elements of a person’s estate, there are non-probate assets, such as life insurance policies, that are given directly to the decedent’s heirs. Following a person’s death, their will is filed with the probate court. Once the court makes a decision concerning the validity of the will, there is an inventory and appraisal of all property, debts and claims of the estate. There is a collection of all legal claims of the estate, […]


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Virginia Beach, VA (Law Firm Newswire) October 9, 2015 – There are several benefits associated with purchasing an annuity, but there are also risks. Several companies have announces that they are selling products called deferred-income annuities. This means that in return for a guaranteed paycheck for the rest of their life that starts many years later, they make a lump sum payment to an insurer. However, one cannot usually know for sure whether it would be prudent to purchase such annuities because it is unpredictable how long one will live. Nevertheless, one can consider the purchase of the annuity to […]


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Virginia Beach, VA (Law Firm Newswire) October 2, 2015 – When faced with the decision of whether to invest in a traditional or Roth 401(k) plan, many U.S. taxpayers find themselves weighing the advantages and disadvantages of each retirement option. A traditional 401(k) plan is offered by an employer to its employees. Such a plan represents the most typical type of defined contribution retirement plan. The employee decides the amount of the contribution he or she would like to make, and the employer deducts a percentage of the employee’s salary from his or her paycheck; the deducted amount is then […]


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