The Supreme Court has recently issued a ruling with major implications for inheritors of retirement accounts. In a unanimous decision rendered on June 12th, the U.S. Supreme Court ruled in Clark v. Rameker that an inherited retirement account cannot be exempted from an individual’s bankruptcy estate under the “retirement funds” exemption of 11 USC §522(b)(3)(C). It is well settled law and practice that 401Ks, IRAs and Roth IRAs (among other “qualified accounts”) are exempt under bankruptcy law … [Read more...] about New Hampshire Retirement Planning: The Impact of the Recent Supreme Court Ruling on Inherited Retirement Accounts
Differences in Medicaid and Medicare
If you’ve ever asked a question that generates a lot of non-answers, you know the frustration that comes with it. One question that’s asked often is, “What are the differences in Medicaid and Medicare?” The most common answer is that Medicare is a health insurance program handled on the federal level while Medicaid is a medical assistance program that also is supported by individual states. But there’s more to that. This week, we explore those differences in Medicaid and Medicare with the goal … [Read more...] about Differences in Medicaid and Medicare
What Donald Sterling’s Ordeal Can Teach Individuals About Estate Planning and the High Cost of Capital Gains Taxes
Many people are familiar with the recent headlines relating to embattled Clippers owner Donald Sterling and the forced sale of the franchise resulting from an audio recording that was released wherein Mr. Sterling purportedly made some very racist remarks. While it would appear that Mr. Sterling stands to profit greatly from a sale of the Clippers team (even if it is against his will), there are some serious estate planning considerations that his legal and financial advisors must have … [Read more...] about What Donald Sterling’s Ordeal Can Teach Individuals About Estate Planning and the High Cost of Capital Gains Taxes
Your Elderly Parent, Her Doctor and His Loyalty
For years, doctors, lawyers and even bankers have walked the fine line between remaining ethical and loyal to their clients/patients while also seeking to not overshare intimate information with family members. It’s a difficult balance and breaking confidentiality is something no professional ever wants to do. It’s about making preparations now to avoid problems later, especially when it involves the privacy of an elderly parent. For many of us, it never occurs to us that we could be on the … [Read more...] about Your Elderly Parent, Her Doctor and His Loyalty
The Weather and the Elderly
Granted, Hurricane Sandy was a fluke and the odds of a Hurricane Camille or Katrina making landfall in our region is as likely as the Democrats and Republicans finding a workable budget. Still, even without the threat of a massive hurricane, the fact is, the 2014 hurricane season is less than two weeks away. It’s a great time to explore some of the special needs of the elderly in inclement weather. It could a blizzard, a hurricane, a heat wave or a tornado – Mother Nature cares little about the … [Read more...] about The Weather and the Elderly
Medicaid’s Long Term Coverage
In the 2000, there were close to 10 million people in need of some form of long-term care in the United States. Slightly less than 40 percent were under the age of 65. Around 6 million were over the age of 65. Not only that, but 70% of people turning age 65 will need long-term care at some point in their lives. The compliance issues for Medicaid qualification are extensive and your estate planning lawyer can help you work through all of the dynamics to ensure financial protection without … [Read more...] about Medicaid’s Long Term Coverage
Partisan Politics Jeopardize Medicare…Again
Many have cautiously waited for the proverbial “other shoe” to drop in the Medicare debate. Recently, it appears to have dropped with President Obama’s announcement of Medicare payment rate cuts for its managed care plans. These cuts will affect around one-quarter of all Medicare recipients. Needless to say, the politicians began their classic back and forth acts. But what does it really mean for the average American Medicare recipient? Perhaps what was most surprising is that these new … [Read more...] about Partisan Politics Jeopardize Medicare…Again
Medical Power of Attorney and Durable Power of Attorney
Two important documents that should be a part of any estate plan are the medical power of attorney, sometimes referred to as the health care proxy and the durable power of attorney. Each play distinctive roles in ensuring your wishes are adhered to should be suffer an injury or otherwise become incapacitated. Medical Power of Attorney A health care proxy or medical power of attorney is a document that allows you to name an individual, and ideally at least one alternate, who will step up to … [Read more...] about Medical Power of Attorney and Durable Power of Attorney
Why Probate Matters
Maybe it’s the confusion because of so many differences between states or it could be confusion surrounding the debate of whether an attorney is necessary to avoid probate. At any rate, this week, we explore the entire probate quagmire and why getting the facts can make all the difference for the loved ones left to cover the bases after death. Some say probate is burdensome – and it is. It’s also expensive and time consuming. The laws – both state and federal – certainly don’t ease the … [Read more...] about Why Probate Matters
New Law Creates Personal Liability to Nursing Homes
Power of Attorney Agents and Trustees Beware New Hampshire Law Creates Personal Liability to Nursing Homes Agents appointed under a power of attorney and/or trustee of a trust should be aware that if there is any chance that the grantor of the POA or Trust will enter a New Hampshire nursing home (whether or not they are a New Hampshire resident) it is imperative that they are educated on the severe financial consequences that can result from improper planning and seek legal counsel to … [Read more...] about New Law Creates Personal Liability to Nursing Homes
