The IRS has raised the deductibility limits for long term care policies purchased in 2011. The premiums you pay for your long term care insurance are deductible as itemized medical expenses (subject to the 7.5% AGI threshold) based on your age at the end of the year. Individual taxpayers can …

Memory loss that disrupts daily life is not a typical part of aging. It may be a symptom of Alzheimer’s, a fatal brain disease that causes a slow decline in memory, thinking and reasoning skills. Every individual may experience one or more of these signs in different degrees. If you …

The two primary disability income programs, SSI and SSDI, sound similar, but they are very different programs with different benefits and different eligibility requirements. This article is a brief summary of these two important benefit programs. Social Security Disability Insurance Social Security Disability Insurance (SSDI) is a cash assistance program …

The Patient Protection and Affordable Care Act of 2010 (ACA) embodies many reforms of the health insurance industry in the United States. The principal objective of the ACA is to ensure access to health insurance for everyone. As of 2014, almost everyone in the United States will be required to …

Following the unanimous approval of Congress earlier this month, and the thousands of e-mails and messages advocates sent to the White House last week, President Obama signed the National Alzheimer’s Project Act (NAPA) into law. Once implemented, NAPA will ensure our nation has what Health and Human Services Secretary, Kathleen …

The new Estate Tax law may create complications for middle class married couples: The recently enacted Tax Relief Act of 2010 brings back the federal estate tax with a whimper not a bang. But one provision, intended to help married couples, may result in new tax complexities and expense for …

A massive bipartisan tax package preventing a big New Year’s Day tax hike for millions of Americans is on its way to President Obama for his signature. The measure would extend tax cuts for families at every income level, renew jobless benefits for the long-term unemployed and enact a new …

We are committed to keeping you informed about health care reform and the Patient Protection and Affordable Care Act (PPACA). The PPACA has a 10-year implementaion period. Some PPACA reforms become effective as early as September 23, 2010. This newsletter is intended to provide a summary of some of the …

In the next decade, over one fourth of the population is expected to have dementia and/or Alzheimer’s. After age 65, one out of two of us will be afflicted. Most of us will have to help our parents or our spouse by filing their tax return and maybe even handling …

People with disabilities often need help from government benefit programs that provide monthly income, medical care, attendant care, housing and food. Many of these programs, including Medicaid, Supplemental Security Income (SSI) and food stamps, are means-tested. These programs count the amount of an applicant’s monthly income and also the applicant’s …

For many individuals retirement plans are an important part of their financial security. While retirement plans can be great wealth building tools, they can also present some significant challenges if an individual with disabilities needs to qualify for some government benefits. Retirement plans can be an issue in several different …

If you have a child with special needs, you should think carefully about whether it is advisable to retire before what Social Security calls your “normal retirement age” or “NRA.” Social Security has a formula for reducing retirement benefits depending upon how many years before NRA a worker retires (but …

First, the good news: According to a report released by the White House on Monday, America’s new health reform law will generate $575 billion in Medicare cost savings over the next decade, allowing the program to survive until 2029. The report says this will result in lower Medicare premiums of …

WASHINGTON – The federal estate tax would be revived, but at a reduced rate, under a plan being pushed by two senators, a Democrat and a Republican. Democrat Blanche Lincoln of Arkansas and Republican Jon Kyl of Arizona hope to attach the new estate tax to a small business lending …

The following article is reprinted from www.msnbc.msn and originally appeared in the New York Times on Wednesday, June 9, 2010. It is entitled, “Billionaire’s legacy – death, but no taxes”. Earlier this year, we released information regarding the unique situation that would occur in 2010 regarding the estate tax laws. …

Although your life insurance policy may pass to your heirs income tax-free, it can affect your estate tax. If you are the owner of the insurance policy, it will become a part of your taxable estate when you die. While the federal estate tax is currently zero, the exemption will …

The following is an estate tax reform update, various possible outcomes and several interpretations from estate planning and tax attorneys throughout the United States. We thought we’d keep you up to date and share some of the interesting comments: 1. Late last year (2009) the House passed HR 4154 which …

The following is a reprint of an article that we’d like to share with you from msnbc.com on March 30th of this year. Several years ago, when the Terri Schiavo case was forefront in the news, we here at Davidow, Davidow, Siegel & Stern, spent a good amount of time …

As health care reform becomes the law of the land, a huge segment of Americans with a unique interest in the way it unravels, are watching on the sidelines. We’re talking about the 49 million people who care for older family members. They are hidden in plain sight, as usual, …

Very recently, Sandy Levin (D-Mich.) the Acting Ways and Means Chairman, has announced the Committee is considering a bill which would allow the estates of individuals who pass away in 2010 to have the option of abiding by the law as it is in effect today or to resort to …