Beginning Oct 15th Medicare’s Annual Enrollment Period (“AEP”) will begin. It runs through Dec 7th for coverage effective Jan 1st. AEP allows Medicare recipients to reevaluate coverage for Part C (Advantage) and Part D (Prescription Drug). Studies show most people overpay. Why? They base purchase decisions on premium instead of individual health care needs. The [...]
It’s a common question from clients. “I live in _____ so why do you want me to set up a trust in Alaska?” Financial planners, estate attorneys, wealth managers, CPAs and insurance folks alike have long favored states like Alaska, Delaware, Nevada and South Dakota for trust situs due to their trust-friendly laws enforced by [...]
Much confusion exists in the minds of consumers about who in the financial services world is a fiduciary. Currently the product-pushers are lavishing ungodly sums of money upon Washington as their army of lobbyists seeks to water down or eliminate a uniform fiduciary standard. And these are the people who claim to be looking out [...]
Surely this comes as a shock given how well government programs are administered (insert eye roll here!) but this report by the Treasury Inspector General for Tax Administration spells out among other things that taxpayers received $572 million of excess tax credits as part of the Affordable Care Act.
W. Scott Simon often serves in litigation and arbitrations as an expert witness on fiduciary issues. Similarly he frequently writes about the Uniform Prudent Investor Act. Consider the following from a recent article he authored about the problem with disclosing conflicts of interest: “Disclosures of conflicts made by many financial services providers tell you just [...]
Much has been (and will continue to be) made over who or what is a fiduciary and why it matters. Similarly how an advisor is compensated remains contentious. Need proof? Consider the lengths some financial 'professionals' will go through to obfuscate how they make their money.
It’s a catchy title but we’re guilty as charged. We shamelessly ripped off the brand. Sue us! Self-deprecating humor aside we’ve put together a quick and dirty summary of the major components of an HO policy to help decipher the oftentimes cryptic declaration pages (which we all read, right?). PART A (Dwelling) protects the physical [...]
New data suggests the cost of LTC remains on the rise. Below are the median averages and their respective growth rates. Home Health Aide $20/hr representing a 1.27% increase from prior year 1.03% annualized growth over prior 5 years Adult Day Care $69/day representing a 5.94% increase from prior year 2.79% annualized growth over prior [...]
In Revenue Procedure 2015-30 the IRS has announced the inflation-adjusted deduction limits for annual contributions to health savings accounts in 2016. Individuals with self-only coverage through a high deductible health plan may contribute up to $3,350. A family covered through a high deductible health plan may contribute up to $6,750. HSA rules define a high [...]
You're in good hands with Allstate....unless they've set up a captive! Even worse - we're subsidizing this risk with our tax dollars. Whether it's home, auto, life, etc. the insurance industry is putting at risk the very risks we pay them to assume.