Most of us know of someone who has been diagnosed with dementia. It is a costly, heart-breaking and life-altering syndrome that is nearly doubling in numbers of people affected worldwide every 20 years . Dementia has affected the likes of Norman Rockwell, E.B. White, Rita Hayworth, Charlton Heston, Ronald Reagan, Charles Bronson, Margaret Thatcher and many other well-known people. It does not discriminate based on station in life, and its effects are widely dispersed. This edition of the ElderCounselorTM will focus on recent findings as to economic, financial and societal impacts of dementia as well as what an Elder Law attorney can do to help.
Archive for May, 2013
From hippies to corporate titans, the Baby Boomers took America by storm, the size of their numbers and the force of their convictions shaping our nation in ways small and large. But now the first wave is at retirement age, and for the first time in their lives they are adrift, unsure of themselves when their identity is no longer tied to their occupations.
Instead of having a retirement party, selling the house and moving to a warm-weather state like generations before, Boomers are looking for something else, something more.
This is the perfect time to sit down with your loved ones to discuss your financial and estate planning objectives.
The American Taxpayer Relief Act of 2012 (which became law on January 2, 2013) made permanent the temporary estate/gift/generation-skipping transfer tax exemptions established in December 2010, increased the rate on non-exempt estates/gifts/generation-skipping transfers to 40% and introduced substantial new income tax burdens on high income taxpayers and trusts. In addition, 2013 is the year in which both of the Medicare surtaxes of the Patient Protection and Affordable Care Act of 2010 (sometimes referred to as “Obamacare”) kick in. As a result, many wealth planning professionals will be doing more income tax planning, and estate tax planning will become less of a driving force.