Davidow Newsletters

Representative Berkley Introduces H.R. 3905 to

Davidow — Wed, 04 Nov 2009 14:23:37 -0500

Under current law, the estate tax is slated for one year of repeal in 2010 (approximately two months from now), with a return in 2011 at the rates and exemption level that were in effect in 2001 ($1 million exemption). ...

ESTATE TAX UPDATE

Davidow — Fri, 16 Oct 2009 14:56:27 -0400

There has been much discussion about the temporary repeal and reinstatement of the federal estate tax. Here is a brief summary of some of the current proposals.

Right now, there are three major bills in Congress:

Senate Bill 722
• ...

INSURANCE INDUSTRY FIGHTING TO REMOVE KENNEDY'S LONG TERM CARE PLAN FROM HEALTH REFORM

Davidow — Mon, 05 Oct 2009 15:13:04 -0400

A proposal to establish a new national long-term care insurance program that would offer basic help to the elderly and disabled is under attack by the insurance industry. Although the proposed program is still included in major health reform bills ...

Pre-Need (Pre-Paid) Funeral and Burial Plans

Davidow — Fri, 25 Sep 2009 14:47:59 -0400

1. Advantages and Disadvantages of Prepaid Plans
One way to plan in advance for the end of one's life is to sign a formal contract called a "preneed funeral plan." With this plan, money to pay for a funeral and/or ...

Governor Paterson Signs Legislation to Make Health Insurance More Affordable and Improve Access to Health Care

Davidow — Wed, 19 Aug 2009 12:13:21 -0400

Governor David A. Paterson signed into law three Governor’s Program bills that will make health insurance more affordable and improve access to health care for New Yorkers. The first extends the period of time for COBRA (Consolidation Omnibus Budget Reconciliation ...

LETTER OF INTENT

Davidow — Thu, 06 Aug 2009 15:34:50 -0400

You have signed your last will and testament or revocable trust, created a special needs trust for your child with disabilities and selected an appropriate trustee to manage assets and make necessary trust distributions for your child's care. Now you ...

Marketing of Reverse Mortgages Lacks Adequate Consumer Protections

Davidow — Thu, 23 Jul 2009 15:00:01 -0400

As the economy has slowed and housing values have dropped, reverse mortgages have become even more attractive to seniors looking for ways to use the equity in their homes without moving. But a new study by the Government Accountability Office ...

OBAMA BACKING PLAN TO INCLUDE MODEST LONG-TERM CARE INSURANCE IN HEALTH REFORM

Davidow — Thu, 09 Jul 2009 12:37:12 -0400

President Barack Obama has given his support to a proposal for new national long-term care insurance program that would offer basic help for the elderly and disabled. The President's support could be key to making long-term care coverage a part ...

Redo your Estate Plan Before you Remarry

Davidow — Mon, 22 Jun 2009 15:04:17 -0400

Redo your Estate Plan Before you Remarry
If you are getting remarried, you obviously want to celebrate, but it is also important to focus on less exciting matters like redoing your estate plan. You may have created an estate plan ...

The Top 10 Health Care Mistakes Made by the Elderly

Davidow — Fri, 29 May 2009 11:09:27 -0400

The Top 10 Health Care Mistakes Made By the Elderly

Americans are living longer than ever before, but many older Americans could better deal with their health problems, according to the Institute for Healthcare Advancement (IHA). To help the elderly ...

Why Not Just Use an Off-the-Shelf Power of Attorney Form?

Davidow — Thu, 07 May 2009 10:35:41 -0400

A durable power of attorney is one of the most important estate planning documents you can have. It allows you to appoint someone to act for you (your "agent" or "attorney-in-fact") if you become incapacitated. Without a power of attorney, ...

Tips for Preventing, Detecting and Reporting Financial Abuse of the Elderly

Davidow — Tue, 21 Apr 2009 10:11:58 -0400

As the economy worsens, incidences of elder financial abuse are reportedly on the rise. The elderly are particularly vulnerable to scams or to financial abuse by family members in need of money.

A recent study found that up to one ...

New York State Approves New Type of Combination Life and Long Term Care Insurance

Davidow — Thu, 02 Apr 2009 15:59:10 -0400

You may be interested to know that a new combination Life Insurance/Long Term Care policy has been approved in New York State. This policy differs from other combination policies in some important aspects. They are as follows:

1. The underwriting ...

Five Star Rating System for Nursing Homes

Davidow — Fri, 20 Mar 2009 12:55:24 -0400

The Centers for Medicare and Medicaid Services (CMS) has unveiled a one-to-five star rating system for nursing homes to help consumers evaluate a nursing home’s quality when selecting a facility. The ratings appear on the agency’s Nursing Home Compare Website ...

DO YOU HAVE THE RIGHT FIDUCIARY?

Davidow — Mon, 16 Mar 2009 14:17:05 -0400

When creating an estate plan, an important decision is who to name as your fiduciary. A fiduciary is a fancy legal term for the person who will take care of your property for you if you are unable to do ...

VA to Repay Vets for Care

Davidow — Fri, 06 Mar 2009 15:27:41 -0500

The Department of Veterans Affairs, stung by criticism that its slow action has forced some severely disabled veterans to spend themselves into poverty, has moved to implement a two-year-old law requiring it to reimburse such veterans for the cost of ...

Bill Introduced to Freeze Estate Tax at 2009 Levels and to Eliminate Discounts on Nonbusiness Assets - Part II

Davidow — Fri, 13 Feb 2009 14:22:26 -0500

Valuation discounts (particularly of the minority and marketability type) can significantly reduce what might otherwise have been the estate and gift tax values of transferred property. In contrast, the IRS often takes the position, on audit and in litigation, that ...

Bill Introduced to Freeze Estate Tax at 2009 Levels and to Eliminate Discounts on Nonbusiness Assets - Part I

Davidow — Fri, 06 Feb 2009 15:06:45 -0500

House Ways and Means Committee member Pomeroy (D-ND) has introduced H.R. 436, “Certain Estate Tax Relief Act of 2008,” a bill that would freeze the lifetime estate tax exemption at $3.5 million per decedent (the 2009 level) and would retain ...

10 Reasons to Create an Estate Plan NOW

Davidow — Fri, 30 Jan 2009 10:48:17 -0500

Many people think that estate plans are for someone else, not them. They may rationalize that they are too young or don't have enough money to reap the tax benefits of a plan. But as the following list makes clear, ...

What does the Recession mean for Long-Term Care?

Davidow — Fri, 09 Jan 2009 15:00:40 -0500

Certainly, the current economic downturn is not going to affect the needs of some seniors for help with activities of daily living. But it could affect where that help is provided -- at home, in assisted living or in a ...

A NEW TAX LAW CHANGE

Davidow — Tue, 23 Dec 2008 15:34:40 -0500

A recent tax law change designed to help address the financial burden facing those who have seen their IRAs or 401(k)s shrink is expected to be signed by President Bush, officially making it law, shortly. Depending on your particular situation, ...

WHAT A GOOD LONG-TERM CARE POLICY SHOULD INCLUDE - Part II

Davidow — Fri, 05 Dec 2008 14:04:09 -0500

Daily benefit. The daily benefit is the amount the insurance pays per day toward long-term care expenses. If your daily benefit doesn’t cover your expenses, you will have to cover any additional costs. Purchasing the maximum daily benefit will assure ...

WHAT A GOOD LONG-TERM CARE POLICY SHOULD INCLUDE - Part I

Davidow — Tue, 25 Nov 2008 15:22:16 -0500

As nursing home and long-term care costs continue to rise, the Deficit Reduction Act has made it more difficult to qualify for Medicaid to pay for nursing home costs. Long-term care insurance can help cover expenses, but long term care ...

Crucial Elder Law Numbers for 2009

Davidow — Mon, 10 Nov 2008 14:56:36 -0500

The new numbers for 2009 for Medicaid, Medicare, Social Security and other figures that are of interest to the elderly and their families have been released. In an attempt not to overwhelm everyone, we will publish the updated numbers in ...

IRS Issues Long-Term Care Premium Deductibility Limits for 2009

Davidow — Fri, 24 Oct 2008 14:22:27 -0400

The Internal Revenue Service has announced the 2009 limitations on the deductibility of long-term care insurance premiums from taxes.

Premiums for "qualified" (see explanation below) long-term care policies are tax deductible provided that they, along with other unreimbursed medical expenses, ...

Financial Good News?

Davidow — Fri, 10 Oct 2008 11:40:32 -0400

Very recently, “The Tax Extenders and Alternative Minimum Tax Relief Act of 2008" was signed by President Bush extending an excellent charitable planning opportunity for both 2008 and 2009. This act permits an IRA owner aged 70 ½ or older ...

Long Term Care Insurance Rises

Davidow — Fri, 26 Sep 2008 14:40:47 -0400

Just when America was warming up to the idea of purchasing long term care insurance to protect family assets from the devastating costs of custodial care, the three largest insurance companies have shaken up the market by raising prices on ...

VETERANS BENEFITS - Part 3

Davidow — Fri, 19 Sep 2008 11:34:34 -0400

How to Enroll for Health Benefits
You can fill out the form to enroll for health benefits online at https://www.1010ez.med.va.gov/sec/vha/1010ez or you can receive the form by calling 1-877-222-VETS (8387). Once you complete and sign the form, mail it to ...

VETERANS BENEFITS - Part 2

Davidow — Fri, 12 Sep 2008 14:11:24 -0400

Co-Payments

There are no costs for certain veterans and low-income veterans. The following veterans are eligible to receive cost-free health care benefits automatically:

-A service-connected veteran receiving VA compensation benefits
-A veteran seeking care for a specific service-connected disability
-Former ...

VETERANS BENEFITS - Part I

Davidow — Fri, 05 Sep 2008 12:28:46 -0400

Medical Care
The Veterans Administration (VA) provides health care benefits to veterans. The plan covers a number of health care services, including preventative services, diagnostic and treatment services, and hospitalization. It may also cover nursing home and other long term ...