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Medicare Discount Card Update: Prices Vary, Confusion Reigns |
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Think Tank
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Written by Harry S. Margolis
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Starting Monday, May 3, Medicare beneficiaries can sign up for one of the many Medicare discount cards being offered in their area. Surveys show that millions of beneficiaries are not yet aware of the new benefit, and confusion is reigning among many of those who have. Since that article first appeared, the Centers for Medicare and Medicaid Services (CMS), which administers the Medicare program, has taken a few steps to make it easier for Medicare beneficiaries to sign up for the cards and to compare them. |
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Couple Makes Basic Planning Error & Loses Life Savings |
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Think Tank
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Written by Harry S. Margolis
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A Pennsylvania couple may have lost their life savings by making a fundamental estate planning mistake. John DeStefano, 79, and his wife, Adeline, 83, have health problems. Four or five years ago they decided that in the event they became incapacitated and needed someone to pay their bills, they'd like their daughter, Cindy, to have access to their money. So they added Cindy's name to their bank savings and checking accounts. |
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Talking With Consumers About EIAs |
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Think Tank
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Written by Jack Marrion
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I get emails from consumers. Although most of these emails are requests for general information, a few are from index annuity buyers that have expressed a concern – no, let’s call it what it is – a few annuity buyers feel they were lied to about the index annuity they purchased. The three biggest complaints about index annuities that I hear are: The consumer did not understand they would not receive at least the minimum guaranteed interest rate credited annually to their policy, or
The consumer did not understand how the crediting method really works, or
The consumer did not realize the length and severity of the surrender charge. |
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Think Tank
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Written by Elite Advisor Group
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IRS ISSUES LONG AWAITED GUIDANCE ON LIFE INSURANCE VALUATION, 412i PLANS AND PENSION RESCUE On Friday, February 13, 2004, the Treasury and IRS released much anticipated guidance on the subject of life insurance valuation. This guidance includes four segments: two Revenue Rulings, a Revenue Procedure, and proposed regulations regarding the valuation of life insurance contracts for income tax purposes. |
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Reverse Mortgage Get a Boost |
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Think Tank
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Written by Jack L. Martin
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A recent study reports that one solution to the looming problem of paying for long-term care in the U.S. may be the billions of dollars in equity that older Americans already have in their homes. It is estimated that about 13.2 million households could qualify for an average $72,128 apiece in reverse mortgage loans, or a total of $953 billion, according to the National Council on Aging. |
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Summary of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 |
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Think Tank
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Written by Elite Advisor Group
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In General: S. 256, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, requires individual debtors who have the means to pay to enter into a repayment plan under Chapter 11 (Reorganization) or 13 (Adjustment of Debts of an Individual with Regular Income) rather than having their debts cancelled under Chapter 7 (Liquidation) of the bankruptcy code. The bill limits consumer’s use of Chapter 7 to liquidate credit card bills or loans unsecured by a house or an asset. The law imposes a means test to make sure people with assets repay some or all of their debts. Debtors are required to submit to credit counseling and meet other obligations intended to dissuade them from seeking bankruptcy protection. Lenders are required to disclose information about the dangers of paying minimum balances. The bill increases the value to $1 million of retirement funds exempted from bankruptcy claims and exempts unlimited funds in state-sponsored asset protection trusts and personal residences owned for at least 40 months. The effective date of the legislation is 180 days after it is signed into law. To review the Act passed by Congress, please go to http://thomas.loc.gov/ and enter “S. 256” in the search function. |
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Are Roth Conversions a No-Brainer for Clients over age 70 ½? |
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Think Tank
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Written by Elite Advisor Group
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Converting a traditional IRA to a Roth is not rocket science, but when clients receiving required minimum distributions (RMDs) are the converters—keep a rocket scientist on speed dial. On Jan 1, 2005, a new law* allowed clients over age 70 ½ to subtract RMDs from their adjusted gross income to meet the $100,000 income limit for Roth Conversions. For example, Ira B. Convert’s adjusted gross income (AGI) is $150,000 with a $60,000 RMD, his AGI for Roth eligibility purposes is $90,000, which enables him to do the conversion. He must take the RMD prior to converting and pay taxes on the $150,000, but the new law may help him and his heirs to escape income tax on the account forever. |
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