Planning for Life | March 2010

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Planning for Life
 
March 2010
This Month's Articles:
A million low-income seniors have become eligible for a big assist on prescription drug expenses this year under a newly expanded federal program. The subsidy can defray thousands of dollars in costs, and in many cases eliminate prescription drug expenses entirely for participating seniors.
The estate tax expired on January 1, 2010. It remains to be seen whether Congress will reinstate it before it returns in 2011, but the fact that there is currently no estate tax can have unintended consequences for spouses. Standard language found in many estate plans could leave spouses with nothing.
The authors of a nationally syndicated newspaper column on elder law have written a book based on decades of experience helping people both on the page and in the office.
If you have long-term care insurance, brace for the possibility of a steep increase in premiums this year. Some of the largest long-term care underwriters are asking state regulators for large increases on some policies this year.
Several changes are coming to Medigap plans, which supplement Medicare's coverage. In June 2010, four current plans will be dropped and two new plans will be added, bringing the total number of available Medigap plans to 10.

Planning for Life is a monthly e-newsletter that brings you reports of legal developments and other trends of vital interest to our clients and their families. This newsletter is brought to you byJensen Law Office, PLLC
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Disclaimer: The information contained in this newsletter is not intended as legal advice and should not be relied upon to answer any specific questions concerning your own circumstances or for purposes of legal planning. For specific legal advice, please contact our offices.

Planning for Life | February 2010

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Planning for Life February 2010
This Month's Articles:
With Senate Democrats unable to persuade Republicans to extend the 2009 estate tax law for even a couple of months until a more permanent solution could be devised, there is currently no tax on the estates of those dying during 2010.
April 15th is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to.
Becoming a caregiver for an elderly loved one can be an overwhelming experience. This revised and updated edition of this practical guide helps caregivers organize and manage all the tasks involved in eldercare.
Now that 2010 has arrived, people whose incomes were previously too high to permit them to rollover a traditional IRA to a Roth IRA are calling their investment houses about making conversions.
When planning a funeral, the expenses can add up quickly. The average funeral costs about $7,300, but there are several ways to save on funeral expenses.

Planning for Life is a monthly e-newsletter that brings you reports of legal developments and other trends of vital interest to our clients and their families. This newsletter is brought to you byJensen Law Office, PLLC
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This email address is being protected from spambots. You need JavaScript enabled to view it. (206) 547-1412 www.jensenestatelaw.com

Disclaimer: The information contained in this newsletter is not intended as legal advice and should not be relied upon to answer any specific questions concerning your own circumstances or for purposes of legal planning. For specific legal advice, please contact our offices.

Planning for Life | January 2010

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Planning for Life
January 2010
This Month's Articles:
If you are retired or are nearing retirement, the main questions on your mind are probably "Will I run out of money in retirement?" and "Will I be able to maintain my standard of living?" For answers, people often turn to free online retirement calculators.
Because of the risk of abuse, many banks will scrutinize a durable power of attorney (POA)carefully, and often a bank will refuse to honor one. In a recent Florida case, Bank of America did just that and the individual holding the POA fought back in court.
coverAs parents age, their needs begin to change. This revised and expanded edition of a bestselling book can help adult children deal with these changes as they occur.
The uncertain stock market has made prepaid 529 plans more attractive to parents looking to save for their children's college education. However, the same economic problems that have increased the popularity of the plans are also putting the plans in jeopardy.
Funerals rank among the most expensive purchases many consumers will ever make. Moreover, people often "overspend" on a funeral or burial because they think of it as a reflection of their feelings for the deceased. To help relieve their families of anxiety in a time of grief, an increasing number of people are planning their own funerals, designating their funeral preferences, and sometimes even paying for them in advance.

ElderLaw News is a monthly e-newsletter that brings you reports of legal developments and other trends of vital interest to our clients and their families. This newsletter is brought to you byJensen Law Office, PLLC
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This email address is being protected from spambots. You need JavaScript enabled to view it. (206) 547-1412 www.jensenestatelaw.com

Disclaimer: The information contained in this newsletter is not intended as legal advice and should not be relied upon to answer any specific questions concerning your own circumstances or for purposes of legal planning. For specific legal advice, please contact our offices.

Planning for Life | December 2009

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Planning for Life
December 2009

This Month's Articles:

 

It is that time of year again -- time to reassess whether your Medicare plan is working for you. Medicare's open enrollment period began November 15 and continues until midnight December 31. During this period, you may enroll in or change Medicare Part D (prescription drug) and Medicare Advantage (managed care) plans.

more...

Most of the discussion about health reform has centered around issues like the "public option" and abortion restrictions, but buried in both the House and Senate reform bills are important provisions that would make long-term care more affordable, help the elderly and disabled remain at home rather than move to a nursing home, and make nursing homes safer for those who need them.

more...

coverAs members of the Boomer generation become caretakers for their parents, more and more guides are popping up to aid them. This one covers topics that other books often gloss over.

more...

As the New Year approaches, taxpayers around the nation are thinking about making gifts or other financial moves before January 1 that will benefit them come April 15, 2010. Here are some year-end considerations of particular interest to seniors.

more...

For the first time since 1989, when a law was enacted protecting the spouses of institutionalized Medicaid recipients from impoverishment, the federal government is not raising its guidelines for how much money the husbands or wives of institutionalized Medicaid recipients may keep.

more...


ElderLaw News is a monthly e-newsletter that brings you reports of legal developments and other trends of vital interest to our clients and their families. This newsletter is brought to you byJensen Law Office, PLLC
Quick Links...
Join Our Mailing List
This email address is being protected from spambots. You need JavaScript enabled to view it. (206) 547-1412 www.jensenestatelaw.com

Disclaimer: The information contained in this newsletter is not intended as legal advice and should not be relied upon to answer any specific questions concerning your own circumstances or for purposes of legal planning. For specific legal advice, please contact our offices.

Planning for Life | November 2009

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Planning for Life
 
November 2009

This Month's Articles:
After not rising last year, the basic premium for Medicare Part B will shoot up 15 percent to $110.50 a month in 2010. But most beneficiaries will be exempted from paying this increase. Whether the rest will be able to avoid it as well remains to be seen.
Everyone has heard the terms "will" and "trust," but not everyone knows the differences between the two. Both are useful estate planning devices that serve different purposes, and both can work together to create a complete estate plan.
coverCaring for a family member with Alzheimer's disease is complicated enough, but often overlooked are the legal implications of the disease. This book provides a guide to the legal and ethical aspects of caring for a family member with Alzheimer's.
The Internal Revenue Service has announced the 2010 limitations on the deductibility of long-term care insurance premiums from taxes. For the first time, the maximum deductible limit for an individual exceeds $4,000.
If you are over 65 and preparing to move to another county or state, be sure to add "check Medicare plan" to your to-do list. If you have a Medicare Advantage plan, you'll need to make sure it will still cover you after you move.

ElderLaw News is a monthly e-newsletter that brings you reports of legal developments and other trends of vital interest to our clients and their families. This newsletter is brought to you byJensen Law Office, PLLC
Quick Links...
Join Our Mailing List
This email address is being protected from spambots. You need JavaScript enabled to view it. (206) 547-1412 www.jensenestatelaw.com

Disclaimer: The information contained in this newsletter is not intended as legal advice and should not be relied upon to answer any specific questions concerning your own circumstances or for purposes of legal planning. For specific legal advice, please contact our offices.