According to recent statistics, 60% of people over age 65 will spend time in a nursing home, or long-term care facility. Although spending time in a long-term care facility is not something that most people plan on or look forward to, knowing your options ahead of time can help you make a well-informed choice if the need arises. Facilities run the gamut from the most intensive 24-hour care for seriously ill patients to more traditional “nursing homes”, providing social and recreation … [Read more...] about Long-Term Care Facilities: An Overview
Are You Saving Enough for Retirement?
Frankly, most of us underestimate how much savings we will have to accumulate in order to support us during our retirement. So, in this area it's never too early to start planning for the future. And while most of us are happy to open an IRA or opt-in to employer-sponsored programs, very few of us give any real thought to how the future will affect what we've saved. After all, no one can anticipate what might lie down the road. Life expectancy continues to increase with the advancements of … [Read more...] about Are You Saving Enough for Retirement?
What is a Life Insurance Trust?
If you've done any research or reading on the topic of estate planning, you've probably heard the term "life insurance trust" or ILIT for short. Wondering what exactly this type of trust does? Life insurance proceeds are income tax-free, but not estate tax-free. They are includible in your taxable estate for determining federal estate tax. The primary benefit of a life insurance trust is its ability to remove the insurance death benefit from your taxable estate. This means you minimize estate … [Read more...] about What is a Life Insurance Trust?
Confused About the Current Federal Estate Tax Law?
Many of our clients are confused about the current estate tax law. This year (2010) there is no estate tax. Next year (2011) the estate tax exclusion reverts back to $1 million and a maximum tax of 55%. This is an outcome few predicted, most believing – how could they in retrospect – that a prudent Congress would “fix” the law by extending the 2009 exclusion of $3.5 million into the future. Prudent tax policy was pushed over the side of the Health Care mountain. Click HERE to read a new article … [Read more...] about Confused About the Current Federal Estate Tax Law?
The “Health Care” Debate
Speaking of health care…. We have to talk about this. Caution: some may be offended by the following. So, before you go forward, be aware that the content is strong. Some may not like it. If you’re open minded, want some facts and new ideas, tune in. Health care costs are spiraling out of control. We know there are problems with our current system. We’re told if they are left untended, the current system will bankrupt us. We hear there are 40 million uninsured people in the U.S. By the … [Read more...] about The “Health Care” Debate
How Sensible and Relief-Oriented ARE the Federal Estate Tax Legislative Proposals?
While attending a meeting of the American Academy of Estate Planning Attorneys, one of the presenters discussed the status of legislative proposals concerning estate tax. In a nutshell…. Today the estate tax exclusion is $3.5 million. As written, current law says the estate tax will be repealed in 2010 and revert back to a $1 million exemption in 2011. With 58 seats in the Senate (plus two Independents), a clear majority of 255 in the House and their party occupying the White House, no one in … [Read more...] about How Sensible and Relief-Oriented ARE the Federal Estate Tax Legislative Proposals?
Bad Behavior Can Ruin A Good Plan!
My clients tire of me telling them this. Yet, too often it seems a well designed estate plan goes awry. Here’s an example I picked up from a post by Lou Ann Anderson in a report she wrote. Pay attention to this. This concerns a large estate. That’s not the point. It happens to estates of all sizes. In New York City a trial is underway in which Anthony Marshall, son of New York socialite and philanthropist Brooke Astor, and estate planning attorney Francis Morrissey, Jr., face charges of using … [Read more...] about Bad Behavior Can Ruin A Good Plan!
Welcome to the Parman & Easterday Blog
This is the first estate and elder law planning post on our new law firm blog. We will be posting at least weekly and invite your observations and comments. Later today I will jot a few thoughts about the new annual gift exclusion and how it works. Thanks for joining us. Larry Parman … [Read more...] about Welcome to the Parman & Easterday Blog
