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Dear Family, Friends & Colleagues,
We are pleased to return to regular delivery of our newsletter. Although a short session, the Indiana General Assembly passed several important pieces of legislation that will affect our clients. This newsletter reviews the immediate changes to the Indiana Inheritance Tax law and its impending, albeit slow, repeal.
We always appreciate referrals from our satisfied clients, friends, business partners, and family members. We welcome the opportunity to serve the people you care about. Click on the gray Forward Email button at the bottom of the page to send this newsletter to someone who will benefit from our insights.
Sincerely,
Severns and Stinson, P.C.
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Elder Law News from Severns & Stinson
May 2012
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Severns & Stinson. P.C. Scott R. Severns
10293 N. Meridian Street Jeffery D. Stinson
Suite 150 Anna M. Howard Indianapolis, Indiana 46290
(317) 817-0300
(317) 817-0302 Fax www.severns.com |
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Firm Spotlight
Alyssa Wiseman
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Who is that new voice on the Severns & Stinson line? It's Alyssa Wiseman.
We are delighted to announce that Alyssa has joined our firm as part-time receptionist and legal secretary. Alyssa comes to us as a seasoned legal assistant. Alyssa enjoys reading; spending time with her husband, Brandon, and dog, London; and her frequent visits to Disney World.
Welcome Alyssa!
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If
you answer yes to any of these questions, Severns & Stinson can
help.
-Has a family member been diagnosed with a mentally
or physically debilitating disorder such as Alzheimer's, Parkinson's, ALS,
stroke or a decline in functional capacity?
-Is a family member isolated due to the recent death
of a spouse, or have family that either lives too far away or is too busy to
provide adequate care?
-Is a family member soon to be discharged into a care
facility or currently receiving in-home care?
-Does a family member have a variety of healthcare
providers and need coordination and advocacy for quality care?
-Does a family member seem unusually concerned about
costs of medication and services, indicating he or she may be having financial
troubles?
-Does a family member have assets that fall between
$50,000 and $400,000 - enough to finance a short stay in a care facility but not
enough for an extended stay?
-Does a family member have a spouse whose financial
needs must be considered in light of a family member's medical condition?
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Recent Inheritance Tax Law Change Will Result in Reduced Tax
by Jeffery D. Stinson, CELA*
On March 20, 2012, Governor Mitch Daniels signed Senate Enrolled Act 293 into law. This new law will significantly impact the calculation and collection of the Indiana Inheritance Tax for decedents dying after December 31, 2011. Read on |
| The Importance of Planning Early
We plan to go on vacation. We plan to have dinner with friends. But when it comes to planning for how we will be taken care of as we advance in age, many of us prefer not to think about it, believing it will somehow all work out. Unfortunately, when it comes to long term care planning, including finding the appropriate care and figuring out how to pay for it, those who fail to plan are clearly the ones who risk losing the most. Read on
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| 5 Ways Your Will Can Become Useless, or Close to It
Is having an out-of-date will better than having no will at all? While wills do not have expiration dates, certain changes can render them useless. When this happens, having an out-of-date will can be the same as having no will at all. It is important to review your will periodically to ensure it still does what you want. Read on |
| Low Interest Rates Force Long-Term Care Insurance Prices Up
Prices for long-term care insurance policies jumped between 6 and 17 percent in the past year, according to an industry survey.
A 55-year-old couple purchasing long-term care insurance protection can expect to pay $2,700 a year (combined) for about $340,000 of current benefits, according to the 2012 Long-Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance. The same coverage would have cost the couple $2,350 in 2011.
The steep price rise is primarily due to historic low interest rates and yields on fixed-income investments, . . . Read on
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Giving Your Home to Your Children Can Have Tax Consequences
Many people wonder if it is a good idea to give their home to their children. While it is possible to do this, giving away a house can have major tax consequences, among other results. Read on |
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| About Our Law Firm
Severns & Stinson, P.C. is a law firm focused on the needs of families confronting issues with health care. We have a special emphasis on long term care issues -- an emphasis that has come to be known as "elder law." Our firm consists of five attorneys and two paraprofessionals.
Our services include the following:
- Asset Protection & Long Term Care Planning
- Medicaid Planning, Applications and Appeals
- Medicare Consultation and Advocacy
- Estate Planning
- "Making It Last"™ - Supplemental Needs Trusts and Asset Protection for Persons with Disabilities
- Response Team Building - Wills, Trusts, Powers of Attorney, Health Care Declarations and Other Advance Directives
- Guardianships and Probate Administration
- Patients Rights and Care Advocacy.
Severns & Stinson. P.C.
10293 N. Meridian Street, Suite 150
Indianapolis, Indiana 46290
317.817-0300
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