Obama’s Plan to Raise Estate Tax Creates Discord Among Democrats

President Obama is proposing a 45% estate tax after the current 35% rate expires on Jan. 1, 2013. His proposal would exclude from the tax the first $3.5 million of an estate's assets, down from the current threshold of $5.12 million.

Under his proposal, nearly 7,500 estates would owe taxes next year, compared with 4,000 if current policy continued. The proposal would raise $276 billion over 10 years, which makes it a large part of President Obama's deficit-reduction plan.

If the White House and Congress take no action, the current tax cut will expire, and the rate will rise to 55% next year and apply to assets above $1 million (see graphic).

While Democratic lawmakers generally support Mr. Obama's call to raise individual tax rates on high earners, a steeper estate tax is another matter. At least six Senate Democrats feel very strongly that the rate should remain at 35% and apply only to inheritances above $10 million.

Those who oppose the tax say it hurts family businesses and farms, which may have to sell all or part of their operation just to pay the estate taxes. That argument is often countered with findings that very few farms and family-run businesses have to pay an estate tax to begin with (less than 50 in total last year). Read the article.

We here at The Law Firm of Evan H. Farr, P.C. hope you agree that proper Estate Planning is essential. To make an appointment for a free consultation, call us at 703-691-1888. Mention this article and receive a 20% discount on Estate Planning before the end of 2012.

Special Needs: Making the Right Decisions for Your Loved One’s Future

This week, we celebrate "Special Education Day" and "Special Kids Day." Attend our Special Needs Planning Event on December 11. Find out more and register.

Twenty million American families have at least one member with special needs.  Parents of those with special needs are tasked with planning for their children throughout their lifetime, as many of them will outlive their parents but might not be able to support themselves and live independently.

Many special-needs children and adults require a legal guardian for assistance.  Establishing legal guardianship will enable the parent to make financial decisions for the child that they can't make on their own.

As a parent or guardian, you want to ensure that your child with special needs will remain financially secure even when you are no longer there to provide support.  A Special Needs Trust is a vehicle that provides assets from which a disabled person can maintain his or her quality of life, while still remaining eligible for needs-based programs that will cover basic health and living expenses.

We encourage you to attend our Free Special Needs Planning Event and bring family and friends. We also invite you to make an appointment for a free consultation with The Law Firm of Evan H. Farr P.C. to learn more about special needs planning. 
 
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Join Us For An Event About Special Needs Planning!

On December 11 at 6 p.m., we celebrate "Special Education Day" and "Special Kids Day" with a Special Needs Planning Event.

Join us for an event focused on Special Needs Planning and enjoy some delicious refreshments!

The majority of American families who have a loved one with special needs require legal planning to ensure that the needs of their special needs family member are met.  A Special Needs Trust is a vehicle that provides assets from which a disabled person can maintain his or her quality of life, while still remaining eligible for needs-based programs that will cover basic health and living expenses.

Regardless of the type of disability, Evan Farr will discuss legal options for individuals and families of children and adults with special needs to plan for the future.  Join us to learn about Special Needs Planning with Mr. Farr, meet others in the community, and enjoy delicious refreshments!

The event will be at The Law Firm of Evan H. Farr, P.C., 10640 Main Street, Suite 200, Fairfax, VA 22030 from 6 – 7:30 p.m.  RSVP by visiting http://specialneedsplanningevent1211.eventbrite.com/# or by phone at 703-691-1888.  

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Training and Support is Being Offered Locally for Alzheimer’s Caregivers

During the month of November, we recognize National Alzheimer’s Disease Awareness Month and National Family Caregiver Month.  These observances bring attention to Alzheimer’s, which is the only illness among the top ten for which there is no known effective prevention.

Alzheimer’s is a disease that affects approximately 1 in 8 Americans, making it the sixth leading cause of death in the U.S.  In fact, more Americans name Alzheimer’s as their most feared disease than cancer.  Most people feel unprepared to care for a loved one diagnosed with the disease.

With approximately 80% of Alzheimer’s care provided by family members, the Alzheimer's CARE (Changing Aging Through Research and Education) training program is offered in all 50 states, providing caregivers innovative resources for coping with challenges presented by the disease.  Three in-person Alzheimer’s CARE training sessions will be offered in our area during the months of November and December.  The focus of the training sessions will be on teaching family caregivers strategies for managing challenging behaviors, techniques to encourage your loved one to engage in activities, and activities that are suitable for various stages of Alzheimer’s Disease.

At The Law Firm of Evan H. Farr, we recognize the need for formal education and support to care for a loved one living with Alzheimer’s disease.  In recognition of Alzheimer’s and Caregiver’s Awareness Month, if you’re a caregiver, then as a thank you, for the remainder of the month of November we’ll give you 25% off our services just for mentioning this article.

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Alzheimer’s Caregivers Can Help Fight the Disease

This month we recognize both National Alzheimer’s Awareness month and National Family Caregivers Month. These are nationally recognized months seeking to draw attention and raise awareness about Alzheimer’s and issues that affect family caregivers.

Caring for another person can be both rewarding and demanding. Caring for someone with Alzheimer's disease can be especially challenging, even in the best of circumstances.  In the U.S., more than five million people over the age of 65 are currently living with Alzheimer's disease. Over 15 million more Americans provide unpaid care for their loved ones with Alzheimer’s.

Lorraine is a wife and a mother, and has been a full-time caregiver to her husband, Walter, for the past 4 years.  Walter is 68, but he was diagnosed with Alzheimer’s at the age of 64. Lorraine felt helpless against the disease until she joined an Alzheimer’s support group and decided to help fight the disease by participating in research studies.

Ongoing clinical trials and studies, including the Alzheimer's Disease Neuroimaging Initiative (ADNI) - the largest Alzheimer’s study, offer the data that is gathered to scientists around the world to help inform and speed new treatments.  There are more than 50 research centers in the U.S. that are seeking to recruit clinical trial volunteers over the age of 55 with mild to moderate Alzheimer's disease.  The Law Firm of Evan H. Farr, P.C. believes that effective research is extremely important in finding ways to slow Alzheimer's and find new treatments for the disease.

We would like to take the opportunity to recognize the important work of caregivers, like Lorraine, by offering a special discount. If you’re a caregiver, then as a thank you, for the remainder of the month of November we’ll give you 25% off our services just for mentioning this article.

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Show You Care: November is National Family Caregivers Month

“There are only four kinds of people in the world — those who have been caregivers, those who are currently caregivers, those who will be caregivers and those who will need caregivers.”

— Former First Lady, Rosalynn Carter

National Family Caregivers Month is a nationally recognized month seeking to draw attention to the many challenges facing family caregivers, advocate for stronger public policy to address family caregiving issues, and raise awareness about community programs that support family caregivers.

Sixty-five million caregivers (29% of the U.S. population) are recognized during National Family Caregivers Month. The estimated value of the services provided by these family members caring for loved ones who are frail, disabled, or chronically ill is estimated to be more than $300 billion annually.

National Family Caregivers Month was developed in 1994 as a week-long event inaugurated by the National Family Caregiver Association.  President Clinton signed the first Presidential Proclamation in 1997, and each successive president has followed suit. In this year’s proclamation, President Obama writes: “Family caregivers have an immeasurable impact on the lives of those they assist, but their hours are long and their work is hard.”

Caregiving can be rewarding, but it can also physically and emotionally demanding. The Law Firm of Evan H. Farr advises that if you are a caregiver, don’t let your own needs or your health take a back seat.  Many caregivers are at the age when they are developing their own chronic issues. Be sure to take good care of the person you are caring for ­and yourself too!

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Timeline Provides Understanding, Guidance to Complicated Health Care Laws

For those interested in understanding health care reform (in particular, the Affordable Health Care Act), government website Healthcare.gov provides a timeline that is user-friendly and informative. Below, I will highlight some of the more interesting goals and aspirations of the Act.

Discounts and Services Starting January 1, 2011:

50% discounts available for seniors who reach the coverage gap. Savings will be available for those purchasing Medicare Part D brand-name drugs. The gap is expected to close by 2020, and during the interim, seniors will be given additional savings.

Preventative services will be provided to Medicare recipients for free. For instance, annual wellness visits.

Administrative Funding to Become Available October, 2011:

The Medicare Trust Fund will be assessed by The Independent Payment Advisory Board with an aim to extend its life. Plans are expected to be submitted to Congress and the Executive Office.

New “Community First Choice Option” will allow States to provide home and community services through Medicaid (as opposed to traditional nursing home care).

Doctors to Help Each Other to Exchange Information; January, 2012

New laws provide incentives for physicians to assimilate and form “Accountable Care Organizations.” Doctors would be able to exchange information more easily, and costs would be cut by eliminating unnecessary tests.

Going Green and Online: October, 2012

Changes are expected to reduce paper records. By standardizing billing and using electronic storage systems, not only will care be more efficient but also less costly.

Increased Medicaid Payments for Primary Care Doctors: January, 2013

The Act will require states to pay primary care physicians 100% of Medicare payment rates in 2013 and 2014 for primary care services.

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