Articles on "Money & Legal"

Don’t Let the Taxman Crash your Retirement
August 18, 2014 1:27 pm

Don’t Let the Taxman Crash your Retirement

Nobody loves the taxman, and yet people pay him more than they have to. Instead of maximizing annual contributions to a traditional IRA or a 401(k) account, they pay the taxes now instead of deferring them until they retire. That’s a critical mistake. Let’s pretend you can save enough to max out your 401(k) this year. Yes, it can seem impossible for some to cough up the $23,000 (standard maximum contribution of $17,500, plus the $5,500 catchup addition for workers […]

Elder Law Changes
April 29, 2014 9:40 pm

Elder Law Changes

know the laws and the numbers Beginning in 2014, there were some changes to a variety of laws that may interest elders and their loved ones. The following updated laws are particularly relevant for seniors and their families who are attempting to plan for the future. Gift and Estate Taxes: The annual gift tax exclusion continues at $14,000. This means a wealthy relative can give away gifts totaling $14,000 per year, per individual, and the benefactor will not incur a […]

March 18, 2014 1:31 pm

Shocking Mail Fraud and the Elderly

Britain’s police revealed some shocking photos of the extend of mail fraud that was uncovered investigating an 87 year old lost £90,000 after criminal gangs sent her endless fraudulent letters following the death of her husband ‘The scams usually involve the victims receiving letters and sometimes phone calls from overseas claiming that they have either won money and need to send a percentage of the “winnings” to claim their prize or that they should send money in with competition entries. ‘Sometimes the […]

February 26, 2014 4:10 pm

Two Words that Cost Thousands in Medicare Bills – NBC News

Great coverage on the topic of “under observation” and the impact it can have on our clients. It’s not something they teach doctors in medical school. And it’s probably not something you’d know to look for if you were suddenly rushed to the hospital in an emergency. But when a doctor decides to write the words “under observation” on a Medicare patient’s chart, it can have lasting consequences. Those two little words can be the difference between spending thousands of […]

Generosity Runs Deep in Boomers
December 18, 2013 6:33 pm

Generosity Runs Deep in Boomers

During the last five years, three out of five Americans age 50 and older have provided financial assistance to members of their family, including adult children, parents, grandchildren, siblings or other relatives, according to a new Merrill Lynch study. Conducted in partnership with Age Wave, “Family & Retirement: The Elephant in the Room” is an in-depth study exploring modern family interdependencies and the challenges Boomers face in balancing them with their own retirement plans and financial security. Conducted in August […]

Maximize Social Security Benefits
December 18, 2013 3:01 pm

Maximize Social Security Benefits

Too many people end up getting less than what’s due to them from Social Security when they retire because they don’t know the rules and the real financial impacts, says independent retirement advisor and CEO of Nature Coast Financial Advisors Gary Marriage, Jr. “There’s a lot of talk about the future of Social Security, but we still have this benefit, and if you’re 50 or older, you should be planning to make the best use of it,” Marriage says. Waiting […]

Power of Attorney–An Important Document for You
November 6, 2013 4:31 pm

Power of Attorney–An Important Document for You

By E. Garrett Gummer, III, Esquire (CELA) While your will lets you appoint the person, your executor, who will be responsible for the disposition of your assets after death, a durable power of attorney lets you appoint the person, your agent, who will manage your financial and medical affairs if you become disabled or incapacitated during your life. You can give your agent many powers, including, but not limited to, the power to pay bills, make gifts, make bank deposits, […]

August 13, 2013 8:11 pm

To Trust or Not to Trust?

By Susan Piette, Esq. In discussing estate planning with my clients, I am regularly asked about living trusts or more precisely, “revocable living trusts.” Many people have heard of them but readily admit they really don’t understand the marketing information that they have either received in the mail or heard on the radio or at an event. So, to trust or not to trust – why would someone want a revocable living trust?  Before answering that question, let’s discuss what […]

August 1, 2013 1:10 pm

AARP launches video series to mark Medicare’s 48th anniversary

AARP is launching a three-part video series to mark Medicare’s 48th anniversary. The goal of the videos is to shift the Washington dialogue toward commonsense solutions and away from Medicare changes that would cut benefits or force seniors to pay more. The first video, Medicare: Commonsense Solutionts for Rx Drug Costs, focuses on reducing drug costs. The second video will address coordinated care and go live on Friday, August 2; the last video will address fraud and go live August […]

July 22, 2013 2:41 pm

FILIAL SUPPORT ACT

By E. Garrett Gummer, III, Esquire (CELA)  The Pennsylvania Filial Support Act permits an indigent person or any agency involved in the care of the indigent person, such as a nursing home, to make a claim against you for their care and for financial assistance if you are the spouse, the child, or the parent of the indigent person. The amount of your liability will be determined by the court. A petition for relief under the Act can be filed […]