Terminal Illness and Chronic Care Rider – A Substitute for Long Term Care Insurance? Part 2
    Last week I was sharing with you Mary’s story. She had been considering the purchase of a life insurance based long term care (LTC) policy to protect her against the cost of long term care. She was then shown a life insurance policy with a terminal illness and chronic
Terminal Illness and Chronic Care Rider – A Substitute for Long Term Care Insurance?
    Mary is considering the purchase of a life insurance based long term care insurance product, which she expressed an interest in after reading about it on my blog. Mary then said to me that her life insurance agent quoted her a premium on a life insurance policy with a
Increased Gas Tax – How Does It Impact NJ Estate Tax? Part 2
           Last week , I wrote about the announced compromise between Governor Christie and legislative leaders that will replenish the out of money transportation fund and get much needed road projects started again. The compromise involves a 23 cent gas tax increase but tax cuts in other areas, including the
Increased Gas Tax – How Does it Impact NJ Estate Tax? #NewJerseyEstateTax
           On Friday, Governor Christie and Democratic leaders in the New Jersey Legislature announced they had reached a compromise on funding New Jersey’s bankrupt transportation fund, which pays for road and bridge improvement projects and other infrastructure upgrades such as the rail system which has been very much in the
Yet Another Scam
     6 months ago I wrote about some common scams that target seniors. Here's another one that doesn't just prey on seniors but really on anyone who is struggling financially.      Joe received numerous phone calls from Publisher's Clearinghouse. That's the company that many of us remember because Ed McMahon was
A Simple Estate Matter? Not so Fast (Part 2)
            Last week I was telling you about Mark’s call regarding the administration of his sister, Melanie’s estate.  He had gone to the Surrogate to get appointed as administrator of the estate but had listed only 4 of 5 siblings as heirs, thinking his brother, Frank should not be listed
A Simple Estate Matter? Not so Fast
    Mark called because he needed assistance with an inheritance tax return. The attorney he had hired to assist him in selling his sister, Melanie's home was unsure how to complete it.     A little bit of background is helpful. Melanie died without a will. She had never married and had
The Problem with Annuities and How to Solve It (Part 3) #ProblemwithAnnuities
               Last week I outlined for you the advantages of the Pension Protection Act (PPA), #PensionProtectionAct which became effective in 2010. The government has provided some pretty significant tax advantages as an incentive for Americans to self-fund their long term care. As a result, insurance companies have created varied products
The Problem with Annuities and How to Solve It (Part 2) #Annuities
               Last week I was outlining the problem with annuities. What I am specifically referring to is the tax deferred status of annuities. While the growth inside these investments is not taxed until monies are withdrawn, they are taxed as ordinary income and if left to heirs there is no
The Problem with Annuities and How to Solve It
               It’s an issue that we see time and again. Many of our senior clients have annuities that they purchased years ago. In its simplest form, an annuity is an insurance contract into which you can reposition a lump sum to an insurance company and in return the insurance company