10 Million Boomers Will Develop Alzheimer’s, Report Predicts

HNW Elder Law

Alzheimer’s disease will strike one in eight U.S. baby boomers, meaning that 10 million boomers will develop the mind-wasting disease, according to a new report by the Alzheimer’s Association, the 2008 Alzheimer’s Disease Facts and Figures. The report predicts by 2010, there will be almost a half million new cases of Alzheimer’s disease each year, and that by 2050, almost a million new cases will surface each year. Whereas today someone in America develops Alzheimer’s disease every 71 seconds, by mid-century someone will develop Alzheimer’s every 33 seconds. Women are nearly twice as likely as men to develop Alzheimer’s disease (17 percent vs. 9 percent). The likelihood of developing Alzheimer’s doubles every five years after age 65. “Unchecked, this disease …

Use of Nursing Home Restraints Has Declined

HNW Elder Law

A report by the federal Agency for Healthcare Research and Quality shows that the use of restraints in nursing homes has declined 40 percent in recent years. Use of restraints was common in many nursing homes until a 1987 federal law made it illegal to use restraints to discipline or as a matter of convenience. In 2006, 5.9 percent of patients were repeatedly physically restrained compared to 9.7 in 2002. The findings are part of a report comparing states on health issues. The states with the highest percentage of restraint use were California, Arkansas, and Oklahoma while Nebraska, and Iowa, Kansas, and Maine had the lowest. Under the law, restraints can be used for a medical reason, such as preventing …

New Tax Break Helps Surviving Spouses

HNW Elder Law, Estate Administration and Probate

Widows and widowers who don’t want to sell their house right away will get a tax break under a new law. The law gives surviving spouses two years to sell their house and receive the full $500,000 capital gains exclusion that married couples are entitled to. Couples who are married and file taxes jointly can sell their main residence and exclude up to $500,000 of the gain from the sale from their gross income. Single individuals can exclude only $250,000. Under the previous law, if a spouse died, the surviving spouse could file jointly — and therefore get the full $500,000 exclusion — only for the year in which the spouse died. The new law allows surviving spouses to get …

Keeping Track of Your Will

HNW Elder Law, Estate Administration and Probate

Once you’ve taken the step to create a will and get your estate plan in order, you need to figure out what to do with the will itself. It is important to keep track of the location of your current will as well as any old wills. Where to keep a will The safest place to keep the original copy of your will is in a bank safe deposit box. If you keep the will at home, even if it is in a safe–you run the risk of it being stolen or being destroyed in a fire. Some attorneys may keep the original copy of the will. But if you leave the will with your attorney, make sure the attorney …

Hanlon Niemann Attorney Named to 2008 NJ Super Lawyers List

HNW Firm News

On November 6, 2007, Christopher J. Hanlon, Esq. of Hanlon Niemann was named to the 2008 New Jersey Super Lawyers List.  Only five percent of New Jersey attorneys are chosen each year based on the multiphase selection process. For more information, contact Christopher J. Hanlon, Esq. at CHanlon@hnwlaw.com/.

Estate and Gift Tax Returns and Record-Keeping Requirements

HNW Elder Law, Estate Administration and Probate

Gift Tax Returns – The same general rules applicable to income tax returns apply to annual gift tax returns. That is, a 3-year statute of limitations applies to the initiation of an audit. The IRS has issued regulations describing substantiation requirements to ensure the protection of the statute of limitations for gift tax purposes. At this time, we have no cases or rulings on these new requirements. It is possible that the IRS could challenge the substantiation or appraisal information on gift tax returns many years after the expiration of the statute of limitations. The challenge will be based on the adequacy of the substantiation provided with the initial return and will most likely occur when the donor’s estate is …

College 529 plan could make a great gift for children and grandchildren

HNW Additional Practice Areas

Looking for something you can give your children and grandchildren that can’t be swallowed, won’t be recalled and doesn’t contain excessive amounts of lead? Consider contributing to your children’s and grandchildren’s 529 college savings plan. The gift of a 529 plan probably won’t make your children and grandchildren squeal with joy but years from now, when they graduate from college debt-free, they’ll thank you. Every state offers at least one 529 college savings plan, and you don’t have to invest in your own state’s plan. Your contributions aren’t deductible on your federal tax return, but more than 30 states allow residents who contribute to their own state’s plan to deduct some or all of their contributions from their state taxes. …

Recent News

HNW Firm News

November 30, 2007 – Fredrick P. Niemann participated in a seminar hosted by the Mercer County Bar Association entitled “Utilizing Special Needs Trusts in Personal Injury and Matrimonial Settlement”, and successful mediation in Probate Litigation and Family Disputes.

Press Release

HNW Firm News

Freehold, NJ – The National Academy of Elder Law Attorneys (NAELA) has announced that Fredrick P. Niemann, Esq. of Hanlon Niemann, P.C. in Freehold has attended its annual Advanced Elder Law Institute held in Memphis, Tennessee, November 2-4 2007. Some of the highlights of the 2007 NAELA Advanced Elder Law Institute, “It’s Now or Never!” included: Changing issues in Veteran’s benefits facing our aging veterans. Guardianship and elder abuse issues and ways the “system” can be improved to help our elders retain their dignity and remain safe. Cases involving patients who have suffered traumatic brain injury. About NAELA Established in 1987, the National Academy of Elder Law Attorneys (NAELA) is a non-profit association that assists lawyers, bar organizations and others. …

Report Says That VA’s Disability Benefit System Needs Major Overhaul

HNW Elder Law, Veterans Benefits to Pay for Long Term Care

The Department of Veterans Affairs should overhaul its outdated system of compensating former military personnel for disabling injuries they suffered during their service, the Institute of Medicine recommended yesterday. The current system dates, in part, to the World War II era. It is out of step with modern medical advances in diagnosing, understanding and treating conditions such as traumatic brain injury, the institute said in a report requested by the federal Veterans’ Disability Benefits Commission. The institute is a branch of the National Academies, an organization chartered by Congress to advise the government on scientific and technical issues. The disability benefits commission, created by Congress in 2003 to study the VA compensation system, is expected to issue a report this …