Friday, May 18, 2012 Do You Know Your Taxes Are Going Up?
By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
In April, I attended a national meeting of the American Academy of Trust, Estate and Elder Law Attorneys, a premier educational seminar for attorneys like me who do estate planning. From that experience, I want to share some important information with you.
Taxes are scheduled to increase dramatically in 2013:
2012 2013
Estate and Gift Tax – Top Tax Rate 35% 55%
Estate and Gift Tax Exemption $5 million $1 million
Federal Income Taxes – top rates
Capital Gains 15% 20%
Qualified Dividends 15% 39.6%
Interest & Compensation Income 35% 39.6%
In the current political climate, Congress and the President are not likely to reach a compromise on these issues, and in fact the President wants to make “the rich” pay their “fair share” in taxes.
What does this mean for you? 2012 is a year of opportunity while taxes are lower. It would be wise to schedule an appointment to review your estate plan before September 1, and see if there are steps you can take to improve your family’s position. If you wait to the last minute, it may not be possible to put a plan in place before the law changes.
Friday, May 11, 2012 PLEASE ACT NOW to Continue Receiving Our Blog
By: Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
We have completed the system update we told you about on April 16, 2012 to deliver the blog through the Senior Edge Legal website. Delivery of the blog through our new system will begin May 25, 2012.
You should have received an email from FeedBurner within the last couple of weeks asking you to verify (consent) that you still want to receive the blog. All you need to do is click on the link provided in the email to continue receiving the blog.
IMPORTANT! If you do not verify that you wish to receive the blog using the procedure described above, you will not receive the blog after May 25.
If your email address has changed or you have not been receiving the prior blogs, send us an email so that we can update your information.
We look forward to keeping you informed of issues related to estate planning and ways to help you accomplish your goals.
Friday, May 04, 2012 A Veteran’s Benefit Is Available To Help Pay For Care.
By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
If you are a Veteran who served 90 days on active duty, one day during war time, and were not dishonorably discharged, you may be able to access a government benefit to help you or your spouse pay for caregivers in your home, or help pay for assisted living bills. The benefit is called a non-service connected pension called aid and attendance. To qualify it is necessary to pass a number of tests. These include income and asset tests.
What is the benefit? The maximum pension rates for “Pension plus Aid and Attendance” are as follows:
Single Veteran $1703 per month or $20,447 per year
Married Veteran $2,019 per month or $24,239 per year
Surviving Spouse 1,094 per month or $13,138 per year
Veteran married to a Veteran $2631 per month or $31,578 per year.
Who can help a Veteran or the Veteran’s spouse apply for this benefit? In Idaho, we have the Office of Veteran’s Advocacy, which is part of the Idaho Division of Veterans Services. They will help you complete the forms for FREE. Their address is 444 W. Fort Street, Boise, Idaho 83702 and their phone number is 208-577-2300. An assisted living or nursing home or any other facility or other organization that is paid out of the VA benefits is considered an interested third party and cannot charge or pay for the preparation, presentation or prosecution of a claim.
Thursday, April 19, 2012 NOTICE - Please Act - Our Blog is Changing
By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
Over the next few weeks, we are updating our system to deliver the blog from the Senior Edge Legal website. This requires entering your email address into our new blog subscription list. You will receive an email asking you to confirm (consent) that you still want the blog. All you need to do is click on the link provided in the email.
If you do not want to remain on the subscription list, please send an email to us at info@senioredgelegal.com telling us to delete your name from the subscription list.
Also, if your email address has changed or you have not been receiving the prior blogs, send us an email so that we can update your information.
We appreciate the opportunity to provide estate planning information to help you accomplish your goals.
Friday, April 13, 2012 Where Do You Keep Your Important Papers?
By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
Who knows where you keep your important papers? In an emergency situation, valuable time could be wasted tracking down important legal papers. Make it a point to tell your children, successor trustee or personal representative where they can find your original documents. If you store those documents in a safe deposit box, or a safe at home, make certain they have the ability to get into the box or safe.
We frequently receive calls from our clients’ family members who want to know where they can find these documents, and they need them “now” because there is a family crisis. There are legal limitations that tie our hands so often we cannot provide our copies to the family.
You do not have to tell anyone about the contents of the papers, just let them know how they can access them in an emergency.
Friday, April 06, 2012 Over Age 18?
Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
When was the last time you were asked if you are over 18?1
Why do I ask? Every adult, even young adults, should sign a financial and health power of attorney. The law states that a person becomes an adult once they reach age 18. If you have children or grandchildren who are going off to school, it is important that they sign a financial power of attorney, a health power of attorney and a living will so someone has the legal authority to help out in an emergency. If there is an accident, or a serious health issue, and no power of attorney is signed indicating who is to make decisions, it will be necessary for a parent, or someone else, to file a petition at court. The petition will ask for a court order giving them the right to act on behalf of the incapacitated person. This court proceeding, called a Conservatorship or Guardianship, is expensive and time consuming.
An easy, common sense solution for everyone age 18 and older is for each person to just sign the powers of attorney forms.
We have them available for free on our website.
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1 For me it was in the Chicago airport and I ordered a glass of wine. They make everyone show identification. How silly when you have grey hair and wrinkles!
Friday, March 30, 2012 Why Is the City Digging Up Telephone Poles?
By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
I walk my dogs every day. We cruise the neighborhood. Of course making it safe, but also noticing any changes or new things. For the last month I have noticed piles of dirt around the wooden telephone poles. It seemed odd to me. Yesterday, I saw a young man digging around a pole. I asked him why and he told me the city decided it is much cheaper to dig the dirt from around the wooden poles, treat the wood with something to stop any rot or bug infestation, wrap it in a special cloth and then refill the dirt. This saves them loads of money because it is cheaper to maintain the poles, than it is to replace them. Of course, that makes sense. We have limited resources, and it is cheaper to take care of what we have, rather than let it fall apart and only notice when it fails.
How does this relate to you? If you have gone to the trouble and effort, and paid for, an estate plan to help protect you and those you care about if you are ill or die, why not make certain it still works. When the telephone poles were installed they were the best, but as time goes by things change. The City still wants them to be the best and can help that happen with maintenance. You, too, need to maintain your plan so that it works when you need it How can you do this? Set up a review appointment with your estate planning attorney to review your existing plan to determine if it covers your current circumstances and what you want to happen when you become ill or die. If not, it is easy to make changes now before there is a problem. The City is saving money and headaches. So can you.
Friday, March 23, 2012 Whitney Houston's Will Is Now Public - What Was She Thinking?
By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
Whitney Houston’s Last Will and Testament is available on the internet and everyone can see the terms of her estate plan. Her estate goes to her daughter and is managed until she is 30, with some assets going to her earlier. Do you want your affairs made public? There were similar news reports about the Last Will and Testament for Jackie Kennedy Onassis and Elvis Presley. Every word of their Wills became public.
How does this happen? When someone dies with a “Last Will and Testament”, their Estate must be probated in the local court. This means the Will is filed with the court along with a petition requesting that the terms of the Will be followed and that someone nominated in the Will be appointed by the court to wind up the affairs of the deceased person. All of these documents filed with the court become a public record and are available for anyone to view. They just need to go to the courthouse and pay for copies.
Maybe this is not a problem for some people. But many of us would not be happy if the details of our personal lives were available for strangers to review. It is none of their business.
If this is a concern of yours, you may want to consult with your lawyer about how to create an estate plan that keeps your affairs private and still accomplishes your planning goals.
Friday, March 16, 2012 Hope is not a plan. Is it OK to have two house fires?
By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
I talked to a wife this week who has been a caregiver for her demented husband for years. Recently he has taken to getting up in the night and using firewood stored by the fireplace to start fires on the hearth and in the firebox! Fortunately, his wife noticed both times and put the fires out. She is grateful for these miracles but sees no need to change how they live.
Her desire is to continue to care for and keep him at home with no help. This is a dangerous plan for both of them.
Fortunately, their children and doctor have taken notice and are working to make changes that will result in a safer environment for each of them with plenty of help.
Hope is not a plan. That approach is living in a fantasyland unrelated to real world events associated with ageing.
Friday, March 09, 2012 Help Idaho Legal Aid Services - So They Can Continue to Help Seniors and Low Income Idahoans
By Susan M. Graham, Certified Elder Law Attorney, Senior Edge Legal, Boise, Idaho
I am asking for your help to support House Bill 640 to continue to provide free legal services to low income people in Idaho.
Idaho Legal Aid Services [ILAS] provides free civil legal services to seniors and low income people throughout Idaho. They cannot charge for services and depend on federal monies and grants to serve their clients. In recent years, all of the other 49 states have funded their legal services providers through filing fees, appropriations, or both. In 2006, the Idaho State Bar approved a resolution supporting a filing fee or state funding for ILAS. At first they tried for an appropriation but couldn’t make that work as the recession kicked in. In the last few years they have been told the only way to get funding is through a civil filing fee surcharge. The Idaho Supreme Court supports the filing fee bill.
The bill is to be heard by the House Judiciary, Rules and Administration Committee on Tuesday, March 13, 3012. (HB640 is sponsored by Reps. Cliff Bayer and Lynn Luker). The bill would assess a $20 filing fee on most domestic relations cases. If ILAS were to get this fee, they would use it to make up the loss of $300,000 in funding from the Legal Services Corporation, their main funder. ILAS would use the funds for services to low-income (1) domestic violence victims, (2) abused/neglected children, (3) seniors facing exploitation/scams, (4) veterans and (5) wrongful foreclosures.
The full House will likely vote on the “Children and Families Legal Services Fund” Bill (HB640) shortly after it passes the Committee. Ideally, the Senate will hear the Bill soon after that. My request for help is: If you support the bill, e-mail or call your legislators and urge them to support HB640. This link will take you to the e-mail for your legislator: www.legislature.idaho.gov/about/contactbyname.cfm. Your input is important and would be very helpful.
If ILAS fails to obtain this funding, it is likely they will have to cut back the services they provide to seniors and others.
As a board member of ILAS for the last few years, I have seen first hand how they has made life altering improvements in many disadvantaged people’s lives. Please take a moment to express your support. Thank you for your consideration.
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