Heirs and IRS Reach Agreement on Unsaleable Artwork Valued at $65 Million
How much is something worth if it can never be sold? When the children of art dealer Ileana Sonnabend inherited her valuable collection of artwork in 2007, among the pieces was a ground-breaking “combine” by Robert Rauschenberg titled “Canyon.” The children paid $471 million in federal and state estate taxes on their mother’s estimated $1 billion collection, but they did not think they had to...
Read MoreWhat Do the Election Results Mean for Seniors?
Now that the votes are counted (almost all of them, anyway) and President Obama has a second term, what does it mean for seniors? While President Obama’s re-election means Medicare and Medicaid as we know them will likely be preserved at least for the next four years, many challenges are still ahead. One of the biggest outcomes of the election is that the Affordable Care Act (ACA – a.k.a....
Read MoreNursing Home Patient under Custodial Care Not Entitled to Coverage from Insurance
A U.S. court of appeals holds that a nursing home patient was not entitled to coverage from her health insurance plan for her nursing home stay because she received primarily custodial care, not skilled nursing services. Becker v. Chrysler LLC Health Care Benefits Plan (7th Cir., No. 11-2624, Aug. 20, 2012). Evelyn Jeranek had health insurance through her husband’s employer. The plan...
Read MoreIs It Better to Remarry or Just Live Together?
Finding love later in life may be unexpected and exciting, but should it lead to marriage? The considerations are much different for an older couple with adult children and retirement plans than for a young couple just starting out. Before deciding whether to get married or just live together, you need to look at your estate plan, your Social Security benefits, and your potential long-term care...
Read MoreLong-Term Care Insurance Future Questionable
The future of long-term care insurance is uncertain and the viability of the market is in question, according to a new report by Moody’s Investors Service. Limited claims experience, long policy horizons, rising premiums and extreme market consolidation are all contributing to the indefinite outlook, writes Laura Bazer, Moody’s vice president and author of the report, “Long-Term Care Insurance:...
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