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Making an Election under Section 83(b) of the Internal Revenue Code

Making an Election under Section 83(b) of the Internal Revenue Code | pabianrussell | Scoop.it

In general, individuals receiving property in connection with the performance of services (which may often be stock) that is subject to a substantial risk of forfeiture (e.g., vesting) should carefully consider whether or not to make an election under Section 83(b) of the Internal Revenue Code of 1986 (the “Code”).  This article examines the key factors to consider when determining if an 83(b) election is advisable along with the rules which must be complied with for the election to be valid.

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Pabian & Russell Attorneys Obtain Groundbreaking Ruling from Internal Revenue Service

Pabian & Russell Attorneys Obtain Groundbreaking Ruling from Internal Revenue Service | pabianrussell | Scoop.it

Pabian & Russell, LLC partners Steven M. Carr and Sarah M. Allen recently obtained a groundbreaking private letter ruling from the Internal Revenue Service (the “Service”), which will result in significant federal gift and estate tax savings for a client’s family. In addition, the private letter ruling motivated the Service to create a simplified method for other taxpayers to obtain similar relief.

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The Importance of HIPAA Compliance Policies and Procedures for Medical Practices

The Importance of HIPAA Compliance Policies and Procedures for Medical Practices | pabianrussell | Scoop.it

A recent settlement between the Department of Health and Human Services (HHS) and Adult & Pediatric Dermatology, P.C. (APDerm), a dermatology practice of eleven physicians based in Concord, Massachusetts, serves as an important reminder that medical practices of all sizes must establish and diligently follow compliance procedures required by the Health Insurance Portability and Accountability Act (HIPAA).

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Managing the Stress of Family Care-Giving

Managing the Stress of Family Care-Giving | pabianrussell | Scoop.it

In recent years, as Americans have started to live longer, have shorter hospital stays, and choose to age at home more often, the role of the family caregiver has grown significantly. An estimated 43.5 million Americans are family caregivers, with the most common profile being a forty-two year old woman who works outside the home and spends more than twenty hours per week caring for her aging parents.

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The Green House Model Nursing Home -- A Fresh Alternative to Traditional Settings

The Green House Model Nursing Home -- A Fresh Alternative to Traditional Settings | pabianrussell | Scoop.it

LifeCare Advocates, LLC, New England’s leading life care planning and advocacy firm, offers families proactive ways to respond to the challenges of longevity, chronic illness and disability. Our concierge-level guidance, education and support empower families to advocate for every aspect of their loved ones’ well-being.

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Major Renovations for the Federal Reverse Mortgage Program Ahead

Major Renovations for the Federal Reverse Mortgage Program Ahead | pabianrussell | Scoop.it

Most of our clients would prefer to stay in their homes as they grow older. However, not everyone has the assets available to pay for their care over an extended period. A reverse mortgage allows you to convert home equity into cash to help pay the costs of your care. Yet, depending on your situation, a reverse mortgage is not always the best choice.

Fortunately, the Federal Housing Administration is expected to build in stronger consumer protection procedures for applicants, borrowers and their spouses. Once implemented, these changes may make obtaining a reverse mortgage more difficult but will also provide improved safeguards.

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End of Life Choices: A Cautionary Tale

End of Life Choices: A Cautionary Tale | pabianrussell | Scoop.it

Recently, The New York Times discussed a couple’s plan for death in an article entitled “Deciding to Die, Then Shown the Door.” The article highlighted an elderly couple who had implemented a plan for their death after discussing the various options for over a decade.

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Purpose of the Supplemental Needs Trust

Purpose of the Supplemental Needs Trust | pabianrussell | Scoop.it

Generally, the purpose of a supplemental needs trust (also known as special needs trust) is to provide for the continuing care of a disabled spouse, child, relative or friend. The beneficiary of a well-drafted supplemental needs trust has no direct access to the trust assets. However, the trustee has full discretion to provide for the beneficiary while keeping in mind the trust's purpose of not impacting the beneficiary's eligibility for public benefit programs.

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Understanding the Tax Relief Act of 2010

Understanding the Tax Relief Act of 2010 | pabianrussell | Scoop.it

Clients should review their current estate planning documents to ensure that the terms are still representative of their wishes given the substantial changes in the law.

Please contact Pabian & Russell, LLC's Estate Planning Department to discuss the best vehicle in which to make lifetime gifts as well as any necessary changes to your existing estate planning documents.

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Time Running Out to Take Advantage of Enhanced Lifetime Gifting Limit

Time Running Out to Take Advantage of Enhanced Lifetime Gifting Limit | pabianrussell | Scoop.it

If you or your clients wish to take advantage of the lifetime gifting opportunities provided by the higher gift and GST tax exemptions, you should act soon. Although the law is not set to change until the end of this year, the opportunity to take advantage of the increased gift and GST tax exemptions may lapse sooner if Congress introduces legislation in the next several months.

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Protecting Your Family Business and Planning for the Future

Protecting Your Family Business and Planning for the Future | pabianrussell | Scoop.it

The attorneys at Pabian & Russell will work closely with you to form a business succession plan which matches your goals and desires. Our attorneys will help you avoid the pitfalls that cause the majority of family held businesses to fail in the second generation of ownership.

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What Studies Say About Dementia Care Units

What Studies Say About Dementia Care Units | pabianrussell | Scoop.it

Finding the right nursing home for your loved one with dementia can be a daunting task. Unfortunately, a nursing home may not offer better care just because it features a special dementia unit. It depends on the facility whether this will make a difference in the overall level of care.

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Making an Election under Section 83(b)

Making an Election under Section 83(b) | pabianrussell | Scoop.it

In general, individuals receiving property in connection with the performance of services (which may often be stock) that is subject to a substantial risk of forfeiture (e.g., vesting) should carefully consider whether or not to make an election under Section 83(b) of the Internal Revenue Code of 1986 (the “Code”).

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Another One Bites the Dust: The CLASS Act

Another One Bites the Dust: The CLASS Act | pabianrussell | Scoop.it

The Community Living Assistance Services and Support Act (CLASS Act) established the first national, government run long-term care insurance program to be a consumer financed insurance pool overseen by a government trust. A primary goal of CLASS was to reduce to the role of Medicaid, which currently spends one-third of its entire budget – more than $100 billion a year – on long-term care, and that number is only set to increase as the population ages.

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Seniors Need to Be Wary of Long-Term Care Advertising Using Scare Tactics

Seniors Need to Be Wary of Long-Term Care Advertising Using Scare Tactics | pabianrussell | Scoop.it

Sara and Ralph, a couple in their late 70’s, were perusing the newspaper one Sunday when they saw an advertisement about nursing homes and long-term care costs that grabbed their attention. The ad, which was placed by a lawyer, claimed that their home could be sold at auction and that they could be left homeless and penniless if they did not take action.

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Hiring Caregivers in Your Home: Avoiding Financial and Legal Risks

Hiring Caregivers in Your Home: Avoiding Financial and Legal Risks | pabianrussell | Scoop.it

As our population ages, elders are increasingly choosing to remain at home with private caregivers rather than moving to a facility. Frequently, families enter into direct arrangements with caregivers rather than using a home care agency. However, doing so can raise a number of challenges and potential liabilities related to being an employer. There are many issues that must be considered, including taxes, labor law and insurance. Managing this process, especially when one is also caring for a family member who is aging or sick, can be daunting.

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Year End Estate and Gift Tax Planning Considerations

Year End Estate and Gift Tax Planning Considerations | pabianrussell | Scoop.it

As the New Year approaches, there are a number of planning techniques that individuals should consider implementing before December 31, and after the first of the year, to take advantage of estate and gift tax savings opportunities.
1)Gifts to Individuals
2)Gifts to Charities
3)Review of Estate Planning Documents.

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Year-End Considerations for Private Companies

Year-End Considerations for Private Companies | pabianrussell | Scoop.it

The end of each year always heralds a flurry of activity, which often pushes business matters into the new year. Postponing these year-end discussions could have negative tax consequences and a greater administrative burden. This time of year also offers an excellent opportunity to reevaluate the performance of your company, its direction and goals, as well as those of your employees. While holiday festivities are underway at home, Pabian & Russell is here to help ensure that seasonal considerations for your business are not left off your year-end checklist.

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Elder Law Attorney Wins MacArthur Foundation Genius Grant

Elder Law Attorney Wins MacArthur Foundation Genius Grant | pabianrussell | Scoop.it

We alerted you in July to a proposed change to the MassHealth “bed hold” policy that was set to go into effect on November 1, 2011. The Boston Globe reported in an article last week that the Patrick administration has abandoned plans to end the program, which allows a MassHealth recipient to leave a nursing home for brief periods of time without losing their bed.

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Medicare Premium Increase Will Be Offset By COLA Increase in S.S.

Medicare Premium Increase Will Be Offset By COLA Increase in S.S. | pabianrussell | Scoop.it

The Social Security Administration has authorized a 3.6% cost of living adjustment (COLA) increase which became effective on the first of the year. At the time this increase was announced there was speculation that the expected increase in Medicare premiums would significantly reduce, and possibly completely offset, any benefit increase. That has not happened, and the recently announced increase in Medicare Part B premiums has been much smaller than originally anticipated. As a result, most seniors will see an increase in their income in 2012.

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A child's legal responsibility for a parent's care costs

A child's legal responsibility for a parent's care costs | pabianrussell | Scoop.it

In thirty states, "filial responsibility" laws hold adult children responsible to pay for the nursing home costs of an indigent parent. Over the last few decades, filial responsibility laws have not been enforced. However, these laws may start coming into play as states continue to look for every possible source of revenue.

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Proposed Transfer Tax Changes | Pabian & Russell, LLC

Proposed Transfer Tax Changes | Pabian & Russell, LLC | pabianrussell | Scoop.it

The Obama Administration’s recent budget proposal puts forth a number of legislative changes that, if passed, could have significant tax ramifications to current estate planning strategies.

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Hospital Observation Days and Skilled Nursing Facility Coverage

Hospital Observation Days and Skilled Nursing Facility Coverage | pabianrussell | Scoop.it

You may be wondering what the difference is or why it matters? The reality is that this distinction can mean the difference between Medicare covering thousands of dollars of hospital and skilled nursing facility costs, versus your family paying these significant expenses out of pocket.

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Seniors and Driving: A Common Dilemma

Seniors and Driving: A Common Dilemma | pabianrussell | Scoop.it

Age-related declines in vision, hearing, cognition, response time, and physical capacity all affect one’s driving ability. Despite its importance, addressing a loved one’s driving skills can be a challenging and emotionally charged experience.

 

Stopping driving can symbolize the senior’s mortality and be a precursor to loneliness and isolation. However, when done in a respectful and careful manner, these conversations can lead to increased safety for your loved one and for all those who share their roads.

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What to consider when writing my will?

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While one can quite conveniently draft their own will and Estate Planning document, most would suggest against it. And the wise lot would rather not. The reason is simple. A will is a very important document that can have a significant effect on several lives around you, during the time when you are around, and beyond.

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