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What you need to know about organ and tissue donations
It is reported that at least approximately 80 people receive an organ transplant every day. However, unfortunately, approximately 20 people per day die because they are unable to have one.Organ...
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Planned giving – when traditional savings accounts or CDs just aren’t enough
Many of you remember when interest rates on your certificates of deposit (CDs) were earning anywhere from 10-15% annually. Well, with the use of some charitable giving techniques, you may be able to...
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Understanding your charitable giving options before the end of the year
Now is the time to consider making your charitable gifts, before the end of the year. If pledges were made during the year, this is the time to make the gift. If you pass away prior to the end of the...
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Saving for college expenses – your options and some tips
There are many incentives available for paying for higher education. I will attempt to list a few of the more popular ones, but in most areas, you can obtain all of the benefits by contacting a person...
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Reverse mortgage – is this a good option for you?
Over the past few months, several of my clients have asked me whether it is appropriate or when is the best time to obtain a reverse mortgage. Normally, we suggest to clients that they do not obtain a...
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Important considerations when choosing agents under a durable power of...
Choosing people (agents) to make your medical and financial decisions under a health care proxy and durable power of attorney are important considerations. It is imperative to choose someone you trust...
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Reverse mortgage: Are you up to speed on the advantages and the new...
A reverse mortgage is similar to a regular mortgage, except that the bank is advancing funds to you either in a lump sum, on an annuity basis, or possibly merely on a credit basis, which means that you...
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Estate planning checklist: assets and your will (Part 1)
Estate planning is not a static project to be finalized and then put on a shelf, never to be reviewed again. In truth, it is a never-ending process; one which requires periodic review in order to...
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Estate planning checklist: Trust-based planning and beneficiaries (Part 2)
Trust-based planning:Depending upon your assets, intended beneficiaries, or your own situation, a trust might be a better option to accomplish your preferred distribution scheme than a will. A trust is...
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Estate planning checklist: Same-sex marriage (Part 3)
Same-Sex Spouses: On June 26, 2013the Supreme Court of the United States issued a decision that addressed the legality of the Defense of Marriage Act (DOMA). The court determined that although each...
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Estate planning checklist: Health care proxy and do not resuscitate (Part 4)
Health Care Proxy (HCP):Review your HCP to confirm that it identifies current designations of those who you want making health care decisions for you if/when you can no longer make or communicate on...
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Estate planning checklist: durable power of attorney (DPA or POA) (Part 5)
The DPA allows you to appoint people to assist with financial management of assets while you are still alive. It terminates at the moment of death. A DPA can be very broad or narrow in the actions that...
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Update on FDIC insurance
Most people are confused about the insurance coverage provided by the Federal Deposit Insurance Corporation (FDIC). Initially, when you go to your local bank, you should check to see if the emblem...
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Estate planning checklist: passwords and important papers (Part 6)
Passwords:While not directly related to estate planning, a more controversial issue arises about passwords. While any IT person will advise against making a comprehensive list of your accounts and...
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Estate planning checklist: health insurance related and Affordable Care Act...
This check-list would be incomplete if you are not reminded about open-enrollment for many health insurance plans, in general, and the Affordable Care Act (open enrollment has been extended through...
View ArticleImportant numbers for 2014
Every year, certain important information on changes of tax and other important numbers are revised. The following is a listing of some of the most important numbers for 2014. Some have changed, and...
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Update on home and community based care programs
In January of 2014, the Centers for Medicare and Medicaid Services (CMS), the federal agency that administers a significant portion of the funds and rules regarding institutionalized and home care,...
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Family fight over fetus ashes
In a recent New York case, a judge was faced with a difficult decision. A fetus had died, was cremated, and the parents ended up bringing actions against each other as to the division of the ashes.The...
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Gift tax explained: strategies for wealthier families
With tax rates somewhat higher than in prior years based on increases in income taxes, capital gains taxes, and the new so-called Medicare tax, which is basically an investment income tax for those who...
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Are assets that may not be assets still taxable when you die?
In an interesting case, a person who had invested approximately $4.8 million in an investment account with Bernie Madoff died in 2006. At that time, the exemption for estate taxes was considerably less...
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