The New Tax Law and You

The following links provide insight into the new tax law signed by the President in December of 2010.

• The following bulletin comes from the Partnership for Philanthropic Planning:
  Legislative Bulletin
  December 20, 2010
  
  President Signs into Law IRA Charitable Rollover Extension
  
  President Obama has now signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, which provides a two-year retroactive extension of the IRA Charitable Rollover. Specifically, the new law reinstates the Rollover for 2010 and allows any eligible gifts made by January 31, 2011 to be treated as a 2010 donation and be used to satisfy the taxpayer's minimum distribution requirement for 2010. The new expiration date for the Charitable Rollover is December 31, 2011.
  
  In addition to the Rollover extension, the new law contains a number of significant provisions that will impact the work of charitable gift planners. These include:
  • Two-year extension of all the 2001 and 2003 tax cuts.
  • Two-year adjustment of the estate tax with a $5 million individual exemption and 35 percent rate.
  • Two-year extension of the alternative minimum tax "patch"
  • Two-year extension of various charitable giving provisions such as enhanced deductions for contributions of food inventory, increased limits for contributions of capital gain real property for conservation purposes, and special rules for contributions of property by S corporations.
  For a detailed summary of the new law, click here. For background information and helpful articles on the specifics of IRA Charitable Rollover gifts, click here.
  
  
• New York Times article:
  “Estate Tax Will Return Next Year, but Few Will Pay It”
  
  
• IRS
  FAQs about the New Tax Rules for Executors for 2010

UMKC Communiversity Class

Samantha L. Shepherd will be teaching a class about Long-term Care Planning through the University of Missouri - Kansas City's Communiversity.

Course #5305 A
Estate and Long-term Care Planning for Seniors
Join us for a seminar to help you understand the basics of estate and long-term care planning.

CONVENER: Samantha Shepherd
CLASS FEE: $9
Sec. A: 1 session; Wednesday, February 9; 12:00 PM - 1:30 PM;
Plaza Library, Small Meeting Room, 48th & Main, KCMO;
LIMIT: 30
Register by phone at 816-235-1407.

Good News for Seniors in Jackson County, Missouri

Jackson County Real Estate Tax Bills can now be spread over four payments. It's called the Senior Citizen Quad Payment Program. If you were previously registered in the half payment program, you will be automatically registered in the new quad payment program. This is great news for seniors who are managing their budgets based on fixed incomes.

Quad Payment Deadlines For 2010 Tax Bills:
December 31, 2010
February 28, 2011
May 31, 2011
August 31, 2011

For more information about the Quad Payment Program or to download the application form, please click on the link below.

http://www.jacksongov.org/content/3971/4605.aspx

If you know of similar programs in other parts of the country, please let us know.

Missouri NAELA Elections 2011

Samantha L. Shepherd has been nominated for the position of Treasurer of the Missouri Chapter of NAELA, the National Academy of Elder Law Attorneys. Ms. Shepherd currently serves as a Director on the Board of Directors for Missouri NAELA and is the Chair of the Membership Committee.

New Leadership Position for Samantha L. Shepherd

Ms. Shepherd has been appointed as a Vice-Chair of the Elder Law Committee for the Missouri Bar and will serve during the 2010-2011 bar year.

Scam Alert: Taking Aim at Old Soldiers; Seminars Target Vets With Unwise Investments - AARP Bulletin

AARP published this brief, excellent article that explains how veterans are being exploited by unscrupulous investment advisors. This is a serious problem in Missouri, Kansas, and the rest of the United States. If you have questions about how to qualify for veterans benefits, contact your state's veterans affairs agency (nasdva.net) or contact an elder law attorney who has been accredited by the Office of Veterans Affairs.

Scam Alert: Taking Aim at Old Soldiers; Seminars Target Vets With Unwise Investments - AARP Bulletin

Elder Care Costs Surge - Life and Health Insurance News

"Nursing home and assisted living rates rose significantly from 2009 to 2010, the MetLife Mature Market Institute (MMMI) reports.
A market survey of long term care costs by MMMI, Westport, Conn., found private room nursing home rates rose 4.6% to $229 per day, or $83,585 per year. Assisted living facilities rose 5.2% on average to $3,293 per month, or $39,516 per year.
In contrast, the 2010 inflation rate reported by the Bureau of Labor Statistics was 1.1%."

Elder Care Costs Surge - Core Protection Products - Life and Health Insurance News