Lillian Palermo tried to prepare for the worst possibilities of aging. An insurance executive with a Ph.D. in psychology and a love of ballroom dancing, she arranged for her power of attorney and health care proxy to go to her husband, Dino, eight years her junior, if she became incapacitated.…
When asked about long-term care insurance, one senior said, "I've thought about it. I don't think it's worthwhile to buy at my age." She's 83. "I've thought about it but I really haven't looked into it," another woman said. Others simply don't want to talk about it. But a don't-ask-don't-tell…
One attorney calls it the "Get out of Dodge plan"—the best way to keep your assets intact before applying for Medicaid to cover nursing home costs. New Jersey is one of the most restrictive states when it comes to permitting residents to preserve assets for their benefit while Medicaid pays…
People have many options today for creating their own estate planning documents. Forms can be purchased quickly from websites and books. However, trying to create your own estate plan can actually be more expensive than hiring an attorney. Everyone knows that attorneys can be expensive. This is just as true…
Consulting financial and tax advisers as part of planning the retirement process is essential to get the health-care piece covered. Enjoying truly golden retirement years means a lot of different things to different people, but it should include planning for long-term health care now so we obtain the end-of-life care…
There are three basic tax advantaged vehicles to help save for college: 529 plans, Coverdall Education Savings Accounts and Roth IRAs. Saving for college? Consider three tax advantaged tools to help fund your child’s or grandchild’s education: 529 plans, Coverdall Education Savings Accounts and Roth IRAs. A recent Forbes article,…
Actually, the answer is yes. The Tax Court is an actual federal court and not, as some people think, affiliated with the IRS. At Tax Court, the IRS is a party to the matter just like the taxpayer. If you’ve got beef with the IRS, maybe you should head to…
What should you have expected to hear during the State of the Union address in January? Key proposals from the President include the following. President Obama addressed the country in his January State of the Union speech about key proposals he has for our government. Forbes recently detailed some of…
This year, two legislators who pressed for reform in 2014 are back with new bills they believe have stronger chances of success, as the excesses possible within Florida's guardianship system become more widely known. A recent article in The Herald Tribune, titled “Legislation aims to curb abuses in guardianship system,”…
In 2015, only estates worth more than $5.43 million per individual would owe federal estate taxes if the estate owner dies this year. That's up from last year's $5.34 million estate tax exemption. (In addition, the federal lifetime gift tax exemption also rises to $5.43 million in 2015.) 2015 brings…