A recent case decided by Mississippi's Court of Appeals illustrates the standard of review for overturning the validity of a deed. In that case, the elderly owner of a funeral home moved in with her daughter in 2001 after being diagnosed with dementia and other infirmities. Over the next two years, the mother showed signs [...]
The following was posed in Crescendo eNotes January 18, 2010, and I though it would be of interest to readers of this blog:As the first decedents pass away in 2010, executors and their advisors are now faced with great uncertainty. IRS Form 706 Estate Tax Returns will be due in nine months, although nearly all [...]
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News & Updates
The Dow Jones Newswire here is quoting Rep. Rangel, Chair of the House Ways and Means Committee, as saying that he does not favor retroactive estate tax legislation. The same article quotes his Senate counterpart, Sen. Baucus, Chairman of the Senate Finance Committee, saying he wants retroactivity.
A San Juan Capistrano man convicted last year of bilking 124 elderly investors of more than $11 million in a Ponzi scheme was sentenced to 90 years and eight months in prison today. Jeffrey Gordon Butler, 51, was convicted in June of 694 felony counts of stealing from elderly investors through the illegal sale of [...]
Minnesota’s Attorney General and Great American Financial Resources announced a settlement over disputed sales of deferred annuities to seniors in the state by Great American subsidiaries. The agreement covers 2,000 policies placed by Great American Life Insurance Company and its affiliates, Annuities Investors Life and Loyal American Life, with an estimated value of about $50 [...]
60 Minutes recently produced a story exposing the delays that Veterans are experiencing in claiming VA benefits. The story suggests that one of the VA's motives in such delay in awarding benefits is the fact that if the applicant dies prior to an award, no benefits are awarded retroactively. The claim just ends. "Deny, delay [...]
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News & Updates
Long-term care represents 32.1 percent of total Medicaid spending according to a recent report. As costs rise, the program is raising serious budget problems for numerous states, including Mississippi. Total Medicaid expenditures for long-term care increased 3.8 percent in 2008 reaching a total of $106.4 billion. Medicaid is a federal/state partnership to provide health care [...]
Sid Salter has an excellent editorial and summary of the Medicaid funding issues facing our legislature this session in today's Clarion Ledger. The bottom line is that the healthcare reform that is most likely to pass in the next several weeks will insure a large number of the currently uninsured by expanding Medicaid eligibility. It [...]
From its inception, the 2001 tax act was scheduled to repeal the federal estate tax and generation skipping transfer tax (GSTT) for one year beginning January 1, 2010. This should come as no surprise. What is surprising, however, is the fact that the 2001 tax act has now played out and repeal, at least temporarily [...]
At the stroke of midnight tonight, the estate tax will expire. While the House of Representatives passed a stop-gap measure in early December extending the current 45% rate and $3.5 exemption to 2010, Senate Republicans and Democrats have been unable to agree on a temporary "fix" keeping the tax in place. As a result, [...]
