The Benefits of Immediate Annuities An immediate fixed annuity may be the answer for those seeking a steady stream of income in retirement. When you purchase an immediate fixed annuity, you give a lump sum to an insurance company. The insurance company then pays you a set amount each month for the rest of your life… read more →
An executor may block a surviving spouse’s attempts to withdraw assets from a decedent’s estate where the couple was in the midst of a divorce at the time of his death and the transfers would result in unjust enrichment, a New Jersey appeals court recently ruled. The ruling in kay-vs-kay, A-1594-07 (App. Div. January 28,.. read more →
As I reported here and here, federal district and appellate courts in Pennsylvania have ruled that an annuity purchased with a couple’s excess resources and payable to the community spouse is not countable in determining the institutionalized spouse’s eligibility for nursing home Medicaid benefits. Recently, an administrative court, for the first time, reached the same.. read more →
Every year the Internal Revenue Service publishes new rates and tables for a variety of tax exemptions. Here are the 2009 annual estate and gift tax exclusions, effective as of January 1, 2009. 1) The Annual Gift Tax Exclusion is $13,000 in 2009. As a result of the 2009 annual gift tax exclusion, any person.. read more →
The long-term budget plan developed by the Department of Veterans Affairs (VA) for rehabilitating veterans in nursing homes, hospices and community centers is flawed and underestimates costs by millions of dollars, according to a Government Accountability Office report released recently, the AP/Philadelphia Inquirer reported. The report comes two years after VA announced a “politically embarrassing.. read more →
(I previously blogged about life settlements here, but there’s much more to say about the subject. Thus, I asked my colleague, Joel Kastin, an insurance broker, to contribute an article discussing life settlements, and he agreed to participate. Joel is, therefore, my first guest blogger of 2009. Joel Kastin has been a New Jersey licensed.. read more →
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