“Grey” Divorces are on the Rise

A prominent divorce financial strategist has revealed to Forbes Magazine some interesting trends taking place in divorces over the last decade. Some of the most notable divorce trends are:

1. As marriage rates decrease, divorce rates decrease proportionately.
2. Women are usually the ones who initiate a divorce.
3. “Grey” divorces, a name for divorces later in life, are on the rise.

To read about the trends in divorce, and to view a fascinating info-graphic about divorce, please click on the following link:

http://www.forbes.com/sites/jefflanders/2013/06/20/not-your-mothers-divorce-three-21st-century-trends/

Are you a resident of Southern Rhode Island and considering divorce? The experienced lawyers at Law Office of Jeremy W. Howe, LTD. and the mediators at Partners In Mediation offer you two options in order to proceed with your divorce or other family disputes and problems. Learn about these options and which would work best for you by calling or contacting Jeremy Howe for a free comprehensive telephone consultation.

Attorney Howe and his team of family court lawyers have been providing quality divorce and family representation in all Family Courts in Rhode Island for nearly four decades. He and his co-mediator have mediated hundreds of divorce, family law and elder law cases in North Kingstown, South Kingstown, Cranston, Warwick and Westerly, Rhode Island and the surrounding communities.

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The Law Offices of Jeremy W. Howe, LTD. are Elder Law Attorneys in Newport, Rhode Island who specialize in Divorce, Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.


Call them today at 401-841-5700 or visit them on the web at http://www.counselfirst.com

Attorney Kristy Garside Receives The Rhode Island Bar Association’s Pro Bono Publico Award

FOR IMMEDIATE RELEASE

FAMILY LAW AND ELDER LAW ATTORNEY, KRISTY GARSIDE, RECEIVES PRESTIGIOUS AWARD FOR PRO BONO ACCOMPLISHMENTS

June 10, 2013, Newport, RI:  Kristy Garside, a family law and elder law attorney with The Law Offices of Jeremy W. Howe, Ltd., has been awarded the prestigious Rhode Island Bar Association’s 2013 Pro Bono Publico Award for her outstanding efforts in providing equal access to justice to the poor through the Volunteer Lawyer Program.  The Rhode Island Bar Association’s Pro Bono Publico Awards program seeks to identify and honor individual lawyers who have enhanced the human dignity of others by improving or delivering volunteer legal services to the poor and disadvantaged.

Kristy Garside has been advocating on behalf of impoverished Rhode Islanders since law school, when she received her J.D., from Roger Williams University School of Law in 2004.  She has been an active participant in the Rhode Island Bar Association’s Volunteer Lawyer program for many years.  Garside offers her family law and elder law knowledge and expertise to the volunteer program, which provides legal assistance to low-income clients who are financially unable to obtain legal representation.  She is among over 1000 private attorneys in the State of Rhode Island who volunteer their time for this program.

Newport Attorney Jeremy Howe, of The Law Offices of Jeremy W. Howe, Ltd., offered his congratulations to Garside, saying, “We are very proud of Kristy.  Her legal work is of the highest quality, even when she isn't being paid. Kristy truly cares about the people she represents."  Garside will accept her Pro Bono Publico Award on June 13, 2013 at the Rhode Island Bar Association’s Annual Meeting Dinner.

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The Law Offices of Jeremy W. Howe, LTD. are Elder Law Attorneys in Newport, Rhode Island who specialize in Wills and Trusts, Estate Planning, Guardianship, Probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for Family Law issues such as Divorce, Child Custody and Visitation, Support, and Military Family Law.

Call them today at 401-841-5700 or visit them on the web at http://www.counselfirst.com

Are You or a Senior You Know Eligible For Benefits?

This article was published in our monthly Elderlaw News E-Newsletter, but thought it was so important it was worth pointing out again! this information could be useful to our clients and their families.  

"How to Track Down Financial Assistance Programs for Seniors," was posted on NBC's Savvy Senior page  

http://www.savvysenior.org/article_20120430.htm?type=quicklink.

The article suggests ways you can take advantage of over $20 billion in aid that millions of seniors are missing out on "simply because they aren't aware or savvy in navigating these helpful assistance programs." The first step this article suggests in identifying possible benefit programs available to you is to complete a free and confidential easy, 15-minute, on-line benefits check questionnaire at benefitscheckup.org. This on-line questionnaire will ask about your basic information, expenses, income, and assets. After completion, the service will provide you with a detailed report advising you of programs you may be eligible for from over 2,000 federal, state, and private benefit programs nation-wide and details on how to apply for each individual program. These programs could financially assist you in prescription drug costs, health care, utilities, and other basic needs. Visit the article for more information.

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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Forbes Notes the 7 Major Errors in Estate Planning

 Errors in Estate Planning

This article from our monthly Elderlaw News E-Newsletter about errors in Estate Planning talked about the "7 Major Errors in Estate Planning." The article was posted by Forbes and can be accessed at http://forbes.com/sites/robclarfeld/2012/04/25/7-major-errors-in-estate-planning/?typ. We like to know that other planners experience the same issues, and sometimes to hear it from someone else helps you to "hear" it!

This article addresses the benefits in having an estate plan, the risks associated with not having an estate plan, and common errors within those plans. The article also stresses the importance that "Estate Planning is not a Do It Yourself (DIY) task" and "relying on discounted, on-line estate planning documents is not only going to leave you uninformed and unadvised, but you also take the risk for inadequancies to be discovered in those documents when examined post-mortem."

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 The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Obamacare Contains Several New Taxes That Could Affect You

We would like to pass along this article found in a monthly e-newsletter we receive. The newsletter is published by Kahn, Litwin,Renza & Co., Ltd. (KLR). Their firm of certified public accountants is located locally at 97 John Clarke Road,Middletown, RI 02842 and can be reached at 888-KLR-8557.

KLR is one of New England’s premier accounting and business consulting firms. With 165 team members and offices in Boston, Newport, Providence and Waltham, KLR provides a wide range of services to both individuals and businesses.

Obamacare Contains Several New Taxes That Could AffectYou

byWilliam Morgan, J.D., LL.M.

July 23, 2012

Afterthe Supreme Court ruled to uphold the Patient Protection and Affordable CareAct of 2010 (“ACA”) as constitutional, the focus now turns to what that meansfor everyone. This article summarizes the effects of ACA’s tax provisions onindividuals and businesses in the near future. The ACA tax changes, coupled withthe expiration of the Bush-era tax rates at the end of 2012, increase rates forupper-income individuals in 2013 and beyond. Here is a summary of the ACA’s taxchanges that will be implemented, now that the Supreme Court ruled the ACA isconstitutional.

For Individuals: Starting in 2013

For2013, the ACA introduces two (2) different Medicare taxes that increase taxesfor higher-income individuals.

• New 0.9% Medicare Surtax - First, for joint filers with wages above $250,000 and single filers whose wages exceed $200,000 there will be an additional Medicare tax of 0.9% on the excess wages exceeding $250,000 joint/$200,000 single filer thresholds. The levy also applies to individuals with self-employment income above the thresholds.
• New 3.8% Medicare Surtax- Second, and for the first time ever, a Medicare surtax of 3.8% will apply to investment income. This 3.8% tax will apply to either (i) unearned income, or (ii) the amount by which adjusted gross income exceeds the $250,000 (joint filer)/$200,000 (single filer) thresholds, whichever is less. What is unearned income? The ACA defines it as interest, dividends, capital gains, annuities, royalties and passive income from rents and businesses where you don’t actively participate. Unearned income does not include tax-exempt interest, withdrawals from retirement plans, life-insurance proceeds payable at death, veterans’ benefits and income from businesses where you do actively participate, such as S corporations or partnerships. The 3.8% tax doesn’t affect someone without investment income. If your entire income is from investments, it doesn’t apply either, as long as your total investment income is under the $250,000/$200,000 thresholds.
• Flexible Spending Account Contributions Capped at $2,500 - Beginning in 2013, the ACA limits the amount you can set aside pre-tax to pay for medical expenses to $2,500. So for those who have been setting aside more than $2,500 for medical expenses, you must reduce that to $2,500. This results in more of your income being subject to income taxes.
• Raised Threshold to Deduct Unreimbursed Medical Expenses- In 2013 the threshold to deduct unreimbursed medical expenses will raise from 7.5% to 10% of adjusted gross income. So if your adjusted gross income is $100,000, you will only be able to deduct medical expenses over $10,000, where before you could deduct expenses over $7,500.

For Businesses: Starting in 2013

• Tax Credits for Small Businesses - The ACA also has a small businesses tax credit, which is effective immediately. This credit is targeted to help small businesses that employ 25 people or less with average incomes of $50,000 or less. For tax years 2010 to 2013, the maximum credit is 35%, as long as the employer contributes at least 50% of the total health insurance premium or 50% of a benchmark premium. Starting in 2014, a maximum credit of 50% is available for two years to employers who buy health insurance coverage through a state exchange and contribute at least 50% of the total premium.
• Medicare Part D Deduction- Starting in 2013, the ACA eliminates, in coordination with Medicare Part D, the tax deduction for employer-provided prescription drug coverage.
• Medical Device Excise Tax - Beginning in 2013, the ACA imposes a 2.5% tax on the sale of certain medical devices, payable by the device’s manufacturer, producer or importer.

ForIndividuals: Starting in 2014 and Beyond

• Individual Mandate- Effective in 2014, most U.S. citizens and legal residents failing to maintain minimum health coverage on themselves and their dependents will face a tax penalty. The basic penalty for an individual is $95 in 2014, $325 in 2015, and $695 in 2016 and later years, with some exceptions for the poor and certain others.

ForBusinesses: Starting in 2014 and Beyond

• Employer Mandate- The ACA imposes tax penalties on certain employers that don’t provide their employees health coverage starting in 2014. Employers with 50 or more full-time-equivalent workers who do not offer coverage and have at least one full-time employee who receives a premium tax credit are subject to an annual fee of $2,000 per full time employee (not including the first 30 FTEs).
• Tax on “Cadillac” Plans- Starting in 2018, there will be a 40% nonrefundable excise tax on ‘Cadillac’ plans, levied on plans with annual premiums in excess of $10,200 for individual coverage and $27,500 for family coverage (excluding stand-alone dental and vision plans). The thresholds are higher ($11,850 and $30,950, respectively) for retirees and employees in certain high-risk professions.

KLR’s tax professionals have specialized training and experience in the Boston market place in all matters of Federal, State and Local Tax Issues. They have expertise in tax strategies for individuals and families, estate gift & trust services, voluntarydisclosure issues, transfer pricing, M&A assistance, cost segregationstudies and research & development tax credits.

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 The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce Lawyers, Attorneys, Mediators, and Arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law. 

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.

Medicaid Protection of Assets by Funeral Preplanning

Medicaid Protection of Assets by Funeral Preplanning

It is common knowledge that one acceptable use of funds by a person seeking to qualify for Medicaid benefits is to prepay funeral expenses. In many cases, elders go to their funeral director and pay for the expenses with cash assets or they assign life insurance to the extent necessary.

Another more flexible method is to fund an irrevocable “funeral trust”. Rhode Island and Massachusetts law allow each person to fund an irrevocable “funeral trust,” with up to $15,000. (CT law only allows $5900). Funding for this can be from the cash value of an existing life policy (a 1035 tax free exchange), or in cash.

The advantage of a funeral trust over a pre-paid funeral is the flexibility of using any funeral home or burial service in any state, with the safety of the funds being in a guaranteed life insurance policy.

The fund is exempt from Medicaid and Supplemental Security Income (SSI) “spend down” requirements as soon as it is funded. Clearly, the trust funds can be used for all usual expenses of a funeral and other events relating to the funeral. It can also be used for additional expenses such as a permanent cemetery monument, travel expenses for family members, outstanding debts or obligations, various medical and professional fees and a post-funeral gathering. There is no “extra” cost for utilizing a financial adviser to assist you in setting up the irrevocable funeral trust. The adviser will be compensated by the company holding the trust.

One of the important aspects of the trust is that it is irrevocable which means that no person (even the grantor) can revoke the trust and gain access to the funds. Often we see situations where a person plans their estate plan but it is undone due to use of a Durable Power of Attorney or by the trustees of a revocable trust. This form of funeral planning secures the wishes of the grantor.

Special thanks to Robin of ROBIN G. SMITH CONSULTING for her contribution to this article.
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The Law Offices of Jeremy W. Howe, LTD. are ElderLaw attorneys in Rhode Island who specialize in wills and trusts, estate planning, guardianship, probate, and Veterans Aid and Attendance Benefits.

They also are Newport Rhode Island Divorce lawyers, attorneys, mediators, and arbitrators providing services for family law issues such as divorce, child custody and visitation, support, and military family law.

Call them today at 401-841-5700 or visit them on the web at http://www.CounselFirst.com.