Archive for the ‘Asset Protection Planning’ Category
Monday, August 31st, 2009 by Moore McLaughlin
The Answer: 400.
On December 19, 2007, President Bush signed the Energy Independence and Security Act of 2007 into law. This law had been approved a day earlier by 314 Representatives and on the previous day by 86 Senators. Included in the many provisions of this law is a requirement that all incandescent lightbulbs in America be phased out between 2012 and 2014 in favor of compact flourescent lamps (CFLs). Ostensibly, ths change will help America gain its “Energy Independence” and enhance our “Security.” The other thing it will do is require all Americans to replace the lights bulbs that we are used to in exchange for CFLs.
A well-known lighting consultant, professor and artist has written a recent article on this topic in the Wall Street Journal explaining why the light emitted from CFLs is inferior in many ways to the light from traditional light bulbs, and the other problems and costs associated with converting to and using CFLs. Click here for the full article, which explains why the Law of Unintended Consequences always applies to new legislation and what the impact will be to most Americans. I won’t give away the answer, but it’s does not bode well for us.
Not to mention to the problems associated with the mercury contained in CFLs. CFLs operate more energy-efficiently because they use 
mercury, a known harmful substance. Click here for more information about CFLs and mercury, including the 2-page guide explaining how to clean up a mercury spill in your home that will occur when a CFL breaks. “Step 1: Have people and pets leave the room, and don’t let anyone walk through the breakage area on the way out. Open the window and leave the room for 15 minutes or more. Shut off the central/forced air heating/air conditioning system, if you have one.” Sounds safe to me. And, you know that the average person, or less-than average person, will, I’m sure, know about and follow all of these safety guidelines. Click here for the EPA’s guidelines to safe disposal of CFLs. Better follow these “guidelines” or (i) our landfills will become saturated with poisonous mercury, seeping into our water supply and (ii) the EPA police could track you down. The good news is that I doubt any of the manaufacturers will ever get sued (clas action) by those who are harmed (or not) by the leaking mercury.
Hope to “see” you in 2014!
Tags: CFLs, Energy Independence and Security Act of 2007, Environmental Protection Agency, EPA, mercury, Wall Street Journal
Posted in Asset Protection Planning, Current Events
Wednesday, August 12th, 2009 by Moore McLaughlin
2010 will be a pivotal one for retirement planning, as it will be the first year in which taxpayers will be able to convert funds in regular IRAs (as well as qualified plan funds) to Roth IRAs regardless of their income level. The tax attorneys at McLaughlin & Quinn, LLC are currently advising clients and CPAs on these new rules. This new conversion option poses significant tax planning challenges and opportunities for 2009, 2010 and 2011. The following takes a look at the new conversion option, and explains how to prepare for it.
Conversions to Roth IRAs. For 2009, taxpayers (other than married persons filing separately) with modified adjusted gross income (AGI) of $100,000 or less may convert 
amounts in a traditional IRA to amounts in a Roth IRA. Amounts from a SEP-IRA or a SIMPLE IRA also may be converted to a Roth IRA, but a conversion from a SIMPLE IRA may be made only after the 2-year period beginning on the date on which the taxpayer first participated in any SIMPLE IRA maintained by the taxpayer’s employer.
For purposes of conversions to Roth IRAs, AGI is defined as it is for traditional IRA purposes except that it does not include income resulting from the conversion from a traditional IRA to a Roth IRA. AGI-for purposes of determining conversion eligibility only-does not include any required minimum distribution from an IRA under Code Sec. 408(a)(6) and Code Sec. 408(b)(3).
(more…)
Tags: 401(k), asset protection, Asset Protection Planning, internal revenue code, IRS, mclaughlin & quinn, Moore McLaughlin, Providence, real estate, Rhode Island, Roth, Roth 401(k), Roth conversion, Roth IRA, Roth SEP, self-directed IRA, SEP, tax, Tax planning
Posted in Asset Protection Planning, Estate Planning, Self-directed IRAs, Tax Current Events and News, Tax planning
Monday, August 10th, 2009 by Moore McLaughlin
The attorneys at McLaughlin & Quinn, LLC’s Law For Life constantly strive to provide the greatest amount of relevant information to Rhode Island’s seniors and their caregivers. The following are several links to various governmental websites that can be accessed to learn more about issues affecting seniors. Bookmark this post as a reference tool. Also, look at the Resources section of the McLaughlin & Quinn, LLC website for even more links. As always, feel free to contact Attorney Jill E. Sugarman, Managing Attorney of McLaughlin & Quinn, LLC’s Law For Life with any questions you may have.
Department of Health and Human Serivces Adminstration on Aging
Administration on Aging Elder Rights Protection
Consumer Protection for Seniors
Financial Crimes Against the Elderly
National Long-Term Care Ombudsman Resource Center
Rhode Island Department of Human Services – Services for Elderly Rhode Islanders
Rhode Island Department of Human Services – Division of Veterans Affairs
You may reach Jill E. Sugarman, Esq. at 401-421-5115 or by e-mail at jsugarman@mclaughlinquinn.com.
Tags: assisted living facilities, caregivers, Department of Health and Human Services, Division of Veterans Affairs, elder law, elderlaw, Elderlaw/Law For Life, Estate Planning, Jill Sugarman, Long-term care, mclaughlin & quinn, Medicaid, Medicaid planning, Medicare, nurses, nursing homes, Providence, Rhode Island, Rhode Island Department of Human Services, seniors, veterans, Veterans Affairs
Posted in Asset Protection Planning, Elderlaw/Law For Life, Estate Planning
Monday, July 20th, 2009 by Moore McLaughlin
The IRS and Congress have identified unreported offshore investing as costing the U.S. up to $100 billion a year in unpaid taxes. In an effort to combat this problem, the IRS has initiated a 6-month amnesty program which expires on September 23, 2009. Under the terms of this limited amnesty program, taxpayers may approach the IRS and make amends. If done properly and within the time frame, the IRS will not pursure criminal charges.
Traditionally, individuals who did not report all of their income to the IRS faced the possibility of various criminal tax charges including tax evasion or the filing of a false tax return. A taxpayer is required to disclose on an individual income tax return (Form 1040, Schedule B), whether at any time during the preceding year he or she had an interest in, or signature authority over, a financial account in a foreign country containing over $10,000. If so, a separate Form TD F 90-22.1 (“Report of Foreign Bank and Financial Accounts,” commonly known as an “FBAR”) must be filed with the IRS.
(more…)
Tags: amnesty, FBAR, Foreign Bank Account, internal revenue code, IRS, mclaughlin & quinn, Moore McLaughlin, Providence, Rhode Island, tax, Tax planning, Wall Street Journal
Posted in Asset Protection Planning, IRS and state tax collections, Tax Current Events and News, Tax planning
Tuesday, July 14th, 2009 by Moore McLaughlin
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 of the final health reform legislation.
Proposed by Sen. Edward M. Kennedy (D-MA) as part of his health care reform bill, the plan would set up a new, voluntary social insurance program to help people insure against the high costs of long-term care. Americans would pay a premium of roughly $65 per month, although the Congressional Budget Office has said the premium could end up being as much as $110 a month — still far less than the typical cost of private long-term care insurance. After participants had contributed for at least five years, they would be eligible for a benefit of not less than $50 a day to cover long-term care costs.
While the benefit is modest compared to the average cost of nursing home care, it could be used instead to pay for a range of services that would help people remain in their homes. All working Americans would automatically be enrolled in Kennedy’s plan, known as the Community Living Assistance Services and Supports (CLASS) Act, but they could choose to opt out. Students and the poor would pay only $5 a month.
(more…)
Tags: asset protection, Asset Protection Planning, assisted living facilities, CLASS Act, elder law, elderlaw, Elderlaw/Law For Life, Estate Planning, Jill Sugarman, long-term care insurance, mclaughlin & quinn, nursing homes, Providence, Rhode Island, Sen. Edward M. Kennedy, seniors
Posted in Asset Protection Planning, Elderlaw/Law For Life, Estate Planning
Tuesday, July 7th, 2009 by Moore McLaughlin
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 (GAO) raises concerns about the adequacy of consumer protections for reverse mortgage borrowers, who are sometimes subjected to misleading marketing and inappropriate cross-selling of other financial products that may be unsuitable for them.
A reverse mortgage allows homeowners 62 or older to convert the equity in their home to a flexible cash advance that does not have to be repaid until the homeowner moves, sells, or dies. Almost all reverse mortgages are made under the Home Equity Conversion Mortgage (HECM) program, which is administered by the Department of Housing and Urban Development (HUD). In the first quarter of 2009, HUD backed about $7.8 billion worth of reverse mortgages, the largest amount in any quarter since the agency launched the program in 1988, the Washington Post reports.
While reverse mortgages look like no-lose propositions at first glance, they are complex products that have significant downsides for some. For example, these loans carry large insurance and origination costs, they may affect eligibility for government benefits like Medicaid, and they are not ideal for parents whose major objective is to safeguard an inheritance for their children.
(more…)
Tags: elder law, elderlaw, Elderlaw/Law For Life, GAO, Government Accountability Office, Jill Sugarman, mclaughlin & quinn, Providence, reverse mortgage, Rhode Island, seniors, Washington Post
Posted in Asset Protection Planning, Elderlaw/Law For Life, Estate Planning
Tuesday, July 7th, 2009 by Moore McLaughlin
The Centers for Medicare & Medicaid Services (CMS) recently issued new guidance for nursing home surveyors (inspectors), further defining and clarifying several important dimensions of care to help improve nursing home residents’ quality of life and environment. Click here for press release.
Click here for full article in the Providence Business News.
Jill E. Sugarman, Esq., managing attorney of McLaughlin & Quinn’s Law For Life states that this new guidance will encourage facilities to adopt policies and procedures that will benefit all nursing home residents in many ways. She has seen many nursing homes in Rhode Island already adopting many of these ideas. For more information on nursing homes and other elder law questions, contact Jill at 401-421-5115 ext 215 or by e-mail at jsugarman@mclaughlinquinn.com.
Tags: assisted living facilities, Centers for Medicare & Medicaid Services, CMS, elder law, elderlaw, Elderlaw/Law For Life, Estate Planning, Jill Sugarman, mclaughlin & quinn, nurses, nursing homes, Providence, Rhode Island
Posted in Asset Protection Planning, Elderlaw/Law For Life, Estate Planning
Monday, June 29th, 2009 by Moore McLaughlin
The attorneys at McLaughlin & Quinn’s Law For Life often hear stories about hospitals giving patients a health care proxy form to sign on being admitted. While it might seem easy to sign a generic health care proxy form, Attorney Jill E. Sugarman suggests that having a document specifically tailored to your needs is vital.
A health care proxy allows you to appoint someone else to act as your agent for medical decisions. In general, a health care proxy takes effect only when you require medical treatment and a physician determines that you are unable to communicate your wishes concerning what that treatment should be. Appointing someone to serve as your agent helps ensure that your medical treatment instructions will be carried out.
(more…)
Tags: asset protection, assisted living facilities, durable power of attorney, elder law, elderlaw, Elderlaw/Law For Life, Estate Planning, health care power of attorney, health care proxy, hospital, Jill Sugarman, mclaughlin & quinn, nursing homes, power of attorney, Providence, Rhode Island
Posted in Asset Protection Planning, Elderlaw/Law For Life, Estate Planning
Monday, June 22nd, 2009 by Moore McLaughlin
Price and complexity are major deterrents to purchasing long-term care insurance, according to a new report by the Kaiser Commission on Medicaid and the Uninsured. The report, Closing the Long-Term Care Funding Gap: The Challenge of Private Long-Term Care Insurance, describes the results of a study of who is purchasing policies, how much they cost, and what features are included.
While long-term care insurance could potentially benefit middle-income individuals the most, current purchasers of insurance have above-average income and assets. People who shop for long-term care insurance and decide not to buy cite cost as the main reason. In 2008, annual premiums for a typical policy for a 60-year-old averaged $2,329 for an individual and $3,096 for a couple. For a 70-year-old, premiums averaged $4,515 for an individual and $6,010 for a couple.
Policy options for this type of insurance are quite complex, and when purchasing a plan consumers have to sort through many different options and insurers. Policies differ in what they cover, the daily benefit, the benefit period, and the waiting period before benefits start, among other things. According to the study, the most popular type of plan is one that pays for a comprehensive array of services with coverage amounts of up to $150 a day for 3 to 5 years, a waiting period of around 90 days, and automatic compound inflation protection of 5 percent. Lower-income purchasers tended to have lower coverage amounts and smaller benefit periods as well as less inflation protection. The study relied on expert interviews, the collection of 2008 premium data from three major insurers, and a literature review.
(more…)
Tags: asset protection, Asset Protection Planning, assisted living facilities, elder law, elderlaw, Elderlaw/Law For Life, Estate Planning, Jill Sugarman, Moore McLaughlin, nurses, nursing homes, Providence, Rhode Island
Posted in Asset Protection Planning, Elderlaw/Law For Life, Estate Planning, Tax planning
Sunday, May 24th, 2009 by Moore McLaughlin
Memorial Day is the day that Americans remember those who have served our country in the various branches of the military and especially those who have given the ultimate sacrifice for us and all generations of Americans. As gratitude for their service, our veterans receive various forms of benefits, both during and after service. Most would probably agree that whatever benefits our veterans may receive, they do not equal the sacrifices made. 
One benefit offered to veterans through the Veterans Administration is a special pension with aid and attendance (A&A). Sadly, many veterans and their loved ones don’t even know about this benefit. This special pension allows for Veterans and surviving spouses who require the regular attendance of another person to assist in eating, bathing, dressing, undressing or taking care of the needs of nature to receive additional monetary benefits. It also includes individuals who are blind or a patient in a nursing home because of mental or physical incapacity. Assisted care in an assisted living facility also qualifies.
As the years go by, more and more veterans need greater levels of care for assistance with their daily activities. Our Law For Life elder law attorneys, Jill Sugarman and Stefanie Howell, are seeing a significant increase in veterans entering nursing home or needs in-home care. Determining whether a particular person qualifies for these benefits may require technical knowledge of the rules and regulations. Our attorneys make every effort to stay current in order to provide the highest level of service to all of our clients, especially veterans.
If you or a family member is a veteran and is facing medical issues, you should seek out competant advice to secure the greatest benefits available, whether through our Law For Life attorneys or elsewhere.
You can visit the official website of the Veterans Administration by clicking here, or another very helpful non-profit website VeteranAid.org by clicking here.
Tags: A&A, aid, aid and attendance, asset protection, assisted living facilities, department of veterans affairs, elder law, elderlaw, Massachusetts, Memorial Day, nursing homes, Providence, Rhode Island, RI, VA, veterans, veterans administration, veterans benefits, veterans pension
Posted in Asset Protection Planning, Elderlaw/Law For Life