Estate and Long Term Care Planning for You and Your Family

The Deficit Reduction Act of 2005 (DRA) is not part of a natural evolution of the Medicaid program that was created along with Medicare and the Older Americans Act in 1965 in order to prevent the elderly from living their final years in poverty. Instead, the DRA is an unnatural partisan product of those determined to scare boomers and their parents into purchasing long-term care insurance. It contains the most regressive and punitive changes to the Medicaid program since its creation. These new rules will hurt seniors, the nursing home industry, and may or may not drive boomers to purchase long-term care insurance out of fear from what their parents are about to experience. That remains to be seen. And certainly the ethical question of denying care to chronically ill older Americans and people with disabilities in order to strengthen the demand for a private sector product must be evaluated by policy makers and the American people in the years ahead.

With the New Year, come the NEW Federal Estate Tax laws. Congress has done it again. We now have new gift and estate tax laws for 2011 and 2012, but in 2013 the estate tax laws revert to the old laws: a $1 million exemption with a top tax rate of 55%. There are also provisions that retroactively change the federal estate tax laws for 2010.

Retirement Matters show "Can You Afford to Live a Long Life?" featuring Vincent J. Russo
RetirementMatters021509VincentRusso.mp3

John: I do not understand why I need to make things so complicated. If anything should happen to me, my wife of 40 years, Sally, will take care of me. She knows what is best for me.

The seasons are once again changing and life’s milestones are achieved by many every day, such as seniors retiring.

My father was having a cup of coffee with his buddies the other day. They wondered where the time went – as they are now in their eighties.

They say that they fell like their 39.

My father told his friends – hey, guys, we are in over-time -- make the most of it!

My Planning Tip of the Day is live each day to the fullest. When problems arise, let us give you peace of mind – so you can enjoy the day!

At our law firm, we can help protect assets if long term care is needed.

This is just an example of my new radio spots airing on Long Island's WHLI-AM 1100 as Elder Law Minute and on KJOY-FM 98.3 as Planning For Tomorrow, Today segments.  Please tune in!

We also post these segments to this website. Be sure and listen to our other Planning for Tomorrow, Today segments in the Audio Resources section of our website. And check back for new podcasts and radio spots.

Elder law attorneys meet daily with clients who are concerned about the cost of long term care and preserving their assets for their families.

Vincent J. Russo was featured on the July 21, 2008 edition of the “The New Old Age” blog, recently launched by veteran journalist Jane Gross of The New York Times.

Read it here.