Americans over 60 lost at least $2.9 billion in 2010 to financial exploitation, a MetLife study. This 12% rise over two years is leading the Consumer Financial Protection Bureau to begin looking into the types of scams affecting older consumers, states the LA Times. Federal regulators launched an investigation into the financial abuse of the elderly, citing a new report that advisors, planners, family members and others were ripping off seniors more than ever. The rise in abusive tactics led the Consumer Financial Protection Bureau to begin looking into the types of scams affecting older Americans and coming up with…
The decision applies to annuities, which are irrevocable and nontransferable. In Lopes v. Starkowski [No. 3:lO-CV-307 (JCH)], the United Stated District Court in Connecticut ruled that the income stream from an unassignable immediate annuity is not an asset for Medicaid eligibility. As precedent, it cites a Third Circuit opinion —James v. Richman [547 F.3d 214 (3 Cir. 2008)]–which held that under the Supplemental Security Income program, “an unassignable annuity’s income stream would be treated as income and not as an asset.” But the new District Court decision went further, by stating that “it would be incongruent with the principles of…
During the seminar, the marketer describes the benefits of living trusts and repeatedly states that every seminar participant should have a living trust.
Strategic use of life insurance frequently is a key aspect of comprehensive estate planning, solving a wide variety of estate planning challenges from providing liquidity to pay estate taxes, to charitable bequests and ensuring the continuation of a closely-held business. One of the key characteristics of life insurance, however, making it such a versatile estate planning tool, is preferential tax treatment. Properly structured, life insurance proceeds pass tax-free to beneficiaries, and earnings on investments held within certain types of “permanent” life insurance also generally accrue tax-free. According to a recent article in The Wall Street Journal, there is some national…
An Assisted Living Facility or Home Care Agency cannot pay for the filing of the application, or pay someone or organization to do so. Otherwise they are breaking the law.
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