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CannonMurrayLaw, llc
Estate Planning, Elder Law, Medicaid-Long Term Care Planning,
Asset Protection Planning, Tax Planning, Real Estate,
Probate and Estate Administration |
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Our mission is to preserve and protect your assets. | |
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THE NUMBERS
The Cost of Health
Care in the
United States
U.S. Per Capita Cost of health care - $8,402
Total Health Expenditures = $2.6 trillion
% spent on hospital care = 31.4%
% spent on nursing home care = 5.5%
% spent on physician and clinical services = 19.9%
% spent on prescription drugs = 10%
Source: National Center for Health Statistics, U.S, 2012, Table 113 |
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CannonMurrayLaw, llc.
575 Turnpike Street #12
North Andover, MA 01845
Phone 978-989-9999
Fax 978-989-0089 and 85 Eastern Avenue Gloucester, MA 01930 Phone 978-473-1631 Fax 978-910-0302
ray@cannonmurraylaw.com
bridget@cannonmurraylaw.com
Admitted
Massachusetts Bar
Minnesota Bar
United States Tax Court
Federal District Court of MA
United States Supreme Court |
 3 YEAR REVIEWS We encourage you to take advantage of our free one-hour consultation to review your estate plan on your plan's third year anniversary. Please call 978-989-9999 for an appointment.
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Please feel free to forward this Newsletter to your family, friends and associates who may be interested in a one-hour free consultation to discuss these topics.
FREE SEMINAR ON CARING FOR AGING LOVED ONES: LEGAL, FINANCIAL AND SOCIAL ASPECTS OF CARING FOR AN OLDER PERSON.
APRIL 2, 2014 AT THE ANDOVER COUNTRY CLUB FROM 4:00 TO 5:15 PM.
CALL 978-989-9999 TO RESERVE YOUR SEAT. |
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JANE WANTS TO AVOID STATE ESTATE TAXES
Jane called me to ask about ways in which she could avoid state estate taxes. With the changes in the federal estate tax laws, most families will never have to worry about paying federal estate taxes as there is a current exemption of $5,340,000 per spouse.
However, there are still 19 states in this country which will tax your estate, and 5 of those are in New England. Vermont taxes gross estates that are in excess of $2,750,000; Connecticut and Maine tax gross estates that are in excess of $2,000,000; Massachusetts taxes gross estates in excess of $1,000,000 and Rhode Island taxes gross estates in excess of $921,655. New Hampshire has no estate tax.
For those in search of warmer climates, the following states have no estate taxes: Florida, Alabama, Arkansas, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, Texas and Virginia.
Jane is a widow and lives in Massachusetts and has a gross estate of over $1,000,000. If no changes are made to her estate plan, her estate will be taxed and her heirs will receive less of an inheritance. Jane has many friends and family nearby and does not want to relocate out of the state.
What can Jane do? She can reduce her gross estate by making gifts to her loved ones during her lifetime. If, by way of the gifting, her estate is less than $1,000,000 at the time of her death, then no estate tax will be due.
LESSON: You should always consult with an elder law attorney prior to making gifts. In the event of a need of nursing home care, a gift could trigger a "disqualifying transfer" and have the effect of making the donor ineligible for long term care benefits under Medicaid.
If you are new to the Jane Chronicles, you may read past issues by going to our website:
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Your Health Care Proxy and Durable Power of Attorney have been stored electronically. We can forward them to you, and you can store them on your smart phone. If you are traveling, you will always have it with you. You may also forward it to your health care agent or attorney in fact for storage on their smart phone. To request your electronic copy, please email Christine at Christine@CannonMurrayLaw.com
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Ashland Farm at North Andover is the premier assisted living community in the Merrimack Valley offering traditional assisted living as well as the Harbor Program for the memory impaired. Our residents are able to enjoy all the comforts of senior living in North Andover, MA while their loved ones can be assured they are receiving the level of care that best meets their needs.
We are available for tours 7 days a week and welcome you to call or stop in and find out just how wonderful life is here at Ashland Farm.
Frank Quintiliani
Director of Community Relations
978-683-1300
fquintiliani@benchmarkquality.com
www.ashlandfarmatnorthandover.com
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President Obama's MyRA plan
It's a starter plan, akin to a Roth IRA, that firms without other retirement plans can offer to employees. Accounts will be funded with after-tax payroll deductions, with a minimum investment of $25 to open the account and $5 or more per pay period.
There won't be an employer match, and the accounts will earn interest at a rate pegged to what short-term Treasuries are paying. The principal can never go down.
Once an account hits $15,000, the funds will be rolled over tax free to a Roth IRA.
A MyRA pilot program will start later this year, with nationwide availability in 2015.
Source: Kiplinger Tax Newsleter, 2/14/2014
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