By Stanley M. Vasiliadis On July 21, I had the opportunity to present a program at the 20 th Annual Elder Law Institute in Harrisburg. This event is sponsored by the Pennsylvania Bar Institute and is an educational workshop for attorneys. The presentation illustrated how financial products such as life insurance, annuities, and long-term care
If you are the main person managing the care of the beneficiary of a special needs trust, have you planned yet for a time when you may no longer be able to perform this crucial role? It is important to plan appropriately to ensure that the beneficiary will have an advocate and someone closely managing
By Paul Caron Wall Street Journal Tax Report, Why More States Are Killing Estate Taxes: Want proof taxes can actually go down? In the past three years, nine states have eliminated or lowered their estate taxes, mostly by raising exemptions. And more reductions are coming. Minnesota lawmakers recently raised the state’s estate-tax exemption to $2.1 million
By Stanley M. Vasiliadis, Esquire, CELA Many retirement and estate plans fail to adequately address issues relating to the risk of chronic incapacity. A “secure retirement” isn’t really secure if planning is not in place to ensure adequate funding for performance of personal care needs and everyday tasks in the event of chronic incapacity. What
It is common for a parent to want to be named as trustee of a special needs trust benefitting her child, especially when the parent is the one creating or funding the trust. There are many reasons why this makes sense. It positions the parent to have complete control over trust distributions. It is also
New Obama-era rules designed to give nursing home residents more control of their care are gradually going into effect. The rules give residents more options regarding meals and visitation as well as make changes to discharge and grievance procedures. The Centers for Medicare and Medicaid finalized the rules -- the first comprehensive update to nursing
By GINA KOLATA Pat Reilly had good reason to worry about Alzheimer’s disease: Her mother had it, and she saw firsthand the havoc it could wreak on a family, much of it financial. So Ms. Reilly, 77, a retired social worker in Ann Arbor, Mich., applied for a long-term care insurance policy. Wary of enrolling
by Mark Makela for The New York Times In many ways, the life that Karen Kanter and Stan Tobin share in Philadelphia sounds entirely typical. Both 75, they happily see movies and plays together, visit children and grandchildren, try new restaurants (but avoid sushi). Mr. Tobin, an accountant who maintains a small tax practice, makes
The Pennsylvania Department of Treasury has announced that the PA ABLE Savings Program will open on April 3, 2017. On that date the Department will officially begin accepting applications for enrollment. In December 2014, the Federal government enacted a law which authorizes states to create “Achieving a Better Life Experience” [ABLE ] tax free savings account programs. ABLE accounts allow certain individuals with disabilities to accumulate savings without losing their eligibility for means tested SSI, Medicaid and other government benefit programs. To be eligible for an ABLE account an individual’s blindness or disability must have occurred before the individual reached age 26.
While I certainly hope that no one reading this is currently involved in a fight with their life insurer over the rising costs of their universal life premiums, I know better. Over just the last two years, tens of thousands of universal life policyholders have been hit with double-digit premium increases from companies such as Axa Equitable, Voya Financial VOYA, +1.31% and Transamerica. More premium hikes, especially to longtime policyholders, are expected.
