July 29th, 2010 by Andrea Lowenthal
There are currently over 25 million veterans alive in the United States. There are over 9 million surviving spouses of veterans currently living in the United States. Many of these veterans and surviving spouses are receiving long term care or will need some type of long term care in the near future, and there are funds available from the Veterans Administration (“VA”) to help pay for that care. Unfortunately, many of those who are eligible have no idea that any type of benefits exist for them or that an attorney can help them become eligible. There are three types of benefits available that provide a monthly cash payment to veterans who have long term health care needs.
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July 15th, 2010 by Andrea Lowenthal
This issue of The Plan for Aging blog explores some of the most common reasons trusts and estates end up in litigation, and some measures you and your planning team can take to help prevent it.
Mixing family members and money does not always lead to love and happiness. When litigation ensues regarding an estate plan, it can take two forms. It may be a challenge to an estate plan document, such as whether a will should be admitted to probate. It may also have to do with the administration of an estate, such as who will serve as Executor.
Challenges to estate planning documents frequently occur when children (and sometimes spouses) are not treated equally as beneficiaries, and especially if someone feels they were not treated “fairly” (a very subjective determination). It is not necessary for someone to be disinherited for litigation to ensue.
The Administration of an estate and the Probate process can be a lengthy and complicated affair. Disagreements among family members and accusations of impropriety or mismanagement of an Estate or Trust can easily lead to litigation. With proper planning and education, these problems may be avoided.
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June 16th, 2010 by Andrea Lowenthal
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The Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Affordability Reconciliation Act of 2010 were signed into law after excruciating debate. This new legislation, commonly referred to as “health care reform,” made sweeping changes to health care as we currently know it, including the introduction of new programs aimed to assist older Americans with long term care.
It will be months and years before many benefits are fully realized, if at all. This new legislation highlights the potential financial crisis that many seniors may face once long term care is required. It is vitally important for individuals to create a long term care plan that covers how care will be obtained, how it will be paid, and who will act on behalf of the individual in the event of incapacity.
This discussion will focus on four areas where health care reform impacts our senior population and others: Medicare improvements, prescription drug help, expansion of Medicaid to home-based services, and long term care insurance available for any working adult.
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May 11th, 2010 by Andrea Lowenthal
Almost every family has at least one member (child, grandchild, nephew, niece, parent, grandparent) who will always need help managing personal care and/or finances. And since most of these conditions do not decrease life expectancy, many families are seeking answers on how to provide the best quality of life for their loved ones for the rest of their lives . . . which could, for a young child, be 70 years or longer.
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April 8th, 2010 by Andrea Lowenthal
If you are a business owner and/or key employee you need to be conversant about Non-Qualified Deferred Compensation (NQDC) plans. NQDC is often a significant component of key employees’ compensation because qualified plans are inadequate to meet the retirement needs of those with above average compensation. Also, many employers use NQDC as a tool to enhance retention of their key employees. NQDC plan design and funding is highly flexible so it is useful in many different situations. For all these reasons, it is important that if you are a business owner or key employee you consult with a wealth planning professional to obtain a basic understanding of NQDC and its application. This issue of Plan for Aging Newsletter explores NQDC plans that do not require current funding by employers.
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