Tag Archives: Anthony B. Ferraro

Website columnist Anthony Ferraro has good news and bad for his readers this month. The good news? Starting next year, every state is required to establish an Insurance Exchange that offers individuals and businesses apples-to-apples comparisons of fees, features, companies, terms and conditions for minimum essential coverage in four standard plans: bronze, silver, gold and platinum. The bad news? “There’s still no fix in sight for the devastating cost of nursing home care!” Anthony writes. For the rest of the story, visit www.franoi.com, click on ADVICE at the bottom of the home page, then on ELDER LAW ADVOCATE. Get ready, …

If Alzheimer’s is a journey, you need to be on the lookout for those first few steps. Have you ever had a “senior moment” or know someone who has? These are common and usually not a cause for worry. But do they happen a lot? Do you have trouble remembering facts about your own life — either from years past or from the past five minutes? Do you struggle or have you noticed a loved one struggling to answer what should be simple questions? Questions like: “What did you do for a living before you retired?” “What are your grandchildren’s …

Alzheimer’s puts a strain on everyone, from sufferers to loved ones, but it doesn’t have to put your hard-earned savings at risk, too. Suffice it to say that it’s a hard disease. It changes your life and your relations with your loved ones. Your loved ones lose their memory and you lose your peace of mind. And if you’re unprepared, you can end up spending most of your assets before qualifying for Medicaid. Fortunately, there are ways help keep some of your life’s earnings from being spent on long-term care. The best thing would be to have long-term care insurance. …

Worried about the 35% estate tax? That’s peanuts! How about the 100% “Medicaid tax”? For years, clients have been very concerned about the estate tax. I have reassured them that the estate tax will not impact you unless you have more than $5 million for individuals and $10 million if you’re married. Now contrast that to the cost of what I call the “Medicaid tax.” The “Medicaid tax” is the government’s requirement that you spend your assets down to $2,000 (as a single person) before you get any Medicaid help for your custodial care or long- term care, either in …

At 2 a.m. on Jan. 1, 2013, the Senate overwhelmingly passed a compromise bill, called the American Taxpayer Relief Act of 2012, and narrowly averted the fiscal cliff. But what does that mean for seniors? Consider the following: 1. Tax rate changes — The bill permanently extended current tax rates for individuals earning less than $400,000 and couples earning less than 450,000. Wealthy taxpayers earning $400,000 or more will revert back to a 39.6 percent tax rate (up from 35 percent). Taxpayers in this category will also see an increase in their capital gains tax rate and dividend tax rate …

What are the three most common fallacies about long-term care and long-term care insurance? Fallacy 1 — I’m never going to need long-term care. Approximately 1 in 68, or 4 million, people in the United States are afflicted with Alzheimer’s disease; approximately 1 in 272, or 1 million, people in the United States, are afflicted with Parkinson’s disease; and 1 in 27, or 10 million, people in the United States are afflicted with osteoporosis (8 million women/2 million men). Fallacy 2 — If I never use long-term care insurance, I will lose it. Not true anymore! Modern policies have return-of-premium …

Quite often a good friend or member of your family will have a will or trust drawn up and ask you to act as the executor or trustee. You may feel honored and compelled to accept this office. This article is intended to provided a very basic overview of the estate administration process: gathering of estate data; payment of debts, expenses and taxes; and the distribution of the estate in accordance with the provisions left behind by the deceased. This article is not intended to provide legal advice. As the personal representative, you are primarily responsible for settling the affairs …