ElderLaw News Archive: June, 2003
In this Issue...
- Poor Doctor Communication Can Defeat End-of-Life Planning
- What Is a Trust?
- BOOK REVIEW: The 529 College Savings Plan
- Bush Policy Places Lesser Value on Lives of Elderly
Poor Doctor Communication Can Defeat End-of-Life Planning
Most patients have not given directions about the extent of medical care they would like should they become unable to make the decision themselves, according to research by the Agency for Healthcare Research and Quality.
Moreover, the research found that even the existence of a medical directive is no guarantee that the patient's wishes will be followed. A main culprit is lack of communication between patients and their physicians and other health care providers.
What Is a Trust?
A trust is a legal arrangement through which one person (or an institution, such as a bank or law firm), called a "trustee," holds legal title to property for another person, called a "beneficiary."
There can be several advantages to establishing a trust, depending on your situation. Best-known is the advantage of avoiding probate. Certain trusts can also result in tax advantages. Other trusts may be used to protect property from creditors or to help an individual qualify for Medicaid.
Learn more about trusts . . . »
BOOK REVIEW: The 529 College Savings Plan
Some
have called the Section 529 College Savings Plan the most important financial
vehicle since the 401(k) plan. This type of account enables account owners
to reduce their taxable estates while earmarking funds for the higher education
of a child, grandchild, or anyone else. Moreover, earnings from the accounts
are tax-free.
The authors of this useful book weigh the pros and cons of 529 plans, compare them to other savings alternatives like the Coverdell, and clearly explain such often-overlooked issues as tax consequences, how to change beneficiaries, and the impact on financial aid.
Bush Policy Places Lesser Value on Lives of Elderly
A Bush administration policy measures the economic impact of pollution controls and other environmental regulations by assuming that the life of each person over age 70 should be valued less than the life of a younger person.
Under the policy, dubbed the "senior death discount," the price of the life of someone younger than age 70 is put at $3.7 million, while that of a person over age 70 is valued at only $2.3 million-37 percent less.
Quick Links
Social Security Web Site Gets New Look
Promising Screen for Alzheimer's
Legal Disclaimer
This information has been provided for informational purposes only. It does
not constitute legal advice. The receipt of this information does not establish
an attorney-client privilege. Proper legal advice can only be given upon consideration
of all the relevant facts and laws. Therefore you should not act upon any
of the information contained herein without seeking appropriate legal counsel.
Attorneys Judith Sterling and Michelle Tucker are both CPAs and licensed attorneys. They are the first two attorneys in Hawaii to be certified by the American Bar Association (ABA) accredited Estate Law Specialist Board, Inc., as Estate Planning Law Specialists, and are so certified by the Supreme Court of Hawaii. The Supreme Court of Hawaii grants Hawaii certification only to lawyers in good standing who have successfully completed a specialty program accredited by the ABA.
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Haseko Center Serving Maui and the Big Island by appointment 1-(800) 807-3820 |
Learn more about who makes up Sterling & Tucker
