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7th
Annual Professional Update Scheduled
in
Williamsport
and
Wilkes-Barre
The
Elder Law Firm of Marshall, Parker & Associates will soon be presenting its 7th
Annual Elder Law Update. This
year our topic is: Caring
For the Elderly, A Crisis in
America
.
Among this year's speakers will be Robert
Rosenberger, President of the Greater Pennsylvania Alzheimer's
Association and Ron D. Hill,
head of the Pennsylvania Department of Public Welfare's Estate Recovery
Program. In addition,
attendees will get an update of important new legal developments by
Certified Elder Law Attorney Jeff
Marshall. And you can get
those confusing Medicaid questions answered at our popular Question and
Answer Session.
The
professional update is FREE
and open to social workers,
financial
planners, and other elder care network professionals.
Make
your reservation today!
Call
1-800-401-4552
Dates
& Times of the 2003 Update
Tuesday,
April 22nd
7:30 AM to 12:00 PM
The
Radisson Hotel, Williamsport
or
Thursday,
May 8th,
7:30 AM to 12:00 PM
The
Woodlands, Wilkes-Barre
Administration
Proposes Major Changes to Rules for Savings Plans
Written
By: Attorney
Jeffrey
A. Marshall
Undistracted
by War in the
Middle East
, the Bush Administration continues
to propose fundamental changes in tax rules and benefit programs that, if
enacted, will dramatically affect all Americans.
In addition to
recent proposals regarding significant changes to the Medicaid and
Medicare programs, the President has come up with a plan to overhaul the
tools for savings and retirement planning.
The Administration is recommending several new kinds of savings
plans - the Lifetime Savings
Account (LSA), the Retirement
Savings Account (RSA), and the Employer
Retirement Savings Account (ERSA).
Lifetime
Savings Accounts (LSA).
Under the President's proposal, everyone, regardless of income
level, would be entitled to place up to $7,500 per year into a tax free
LSA. The money could be
invested however desired, including savings accounts, mutual funds,
stocks, bonds, etc. The
taxpayer would not be able to deduct contributions to an LSA, but the
earnings on the account would be totally tax free.
The investor could take money out whenever desired, without paying
any tax. All of the
investment income would be tax free.
The savings
potential for LSAs is enormous. A
couple could put $15,000 a year in twin LSAs.
A husband and wife and two children could place $300,000 in four
LSAs over a 10 year period. Imagine
the compounding results if a grandparent funds a LSA for a grandchild at
birth.
If the
President's plan is approved by Congress, LSAs will provide heavy
competition for tax advantaged investments like deferred annuities and tax
free municipal bonds, and even permanent life insurance.
For this reason, it can be expected that there will be serious
opposition mounted in Congress before passing any legislation that will
create LSAs.
Retirement
Savings Accounts (RSA) The Administration also wants Congress
to authorize the RSAs which would replace all IRAs- traditional,
nondeductible and Roth. The new accounts would be similar to Roth IRAs in
that contributions would not be deductible, but all withdrawals in
retirement would be tax-free. However, contribution limits would be raised
to $7,500 per year (vs. $3,000 currently for Roth IRAs).
In addition, the rule that prevents high income individuals (income
over $160,000) from setting up a Roth would end.
The RSA would
be a retirement savings account, so, unlike LSAs, there would be a
penalty if you draw from the account before age 58.
Existing Roth IRAs would simply be renamed as RSAs.
Individuals with existing traditional IRAs could keep them, or
convert them to RSAs (by paying the income tax on the money that has built
up). In addition, individuals
with company-based retirement plans would still retain the option to roll
them over into a traditional IRA.
Employer
Retirement Savings Account (ERSA) The
President has also recommended creation of a new simplified
employer-sponsored retirement account, called an Employer Retirement
Savings Account (ERSA).
The ERSA would replace a number of the currently existing types of
retirement accounts such as 401(k)s, 403(b)s, SARSEPs and Simple IRAs.
The ERSA would be similar to a 401(k) plan, but without the
top-heavy rules.
The
President's proposals would dramatically change the investment landscape
for most Americans. But, they may not be taking effect very soon.
The proposals need to be approved by both houses of Congress and
many powerful special interest groups will likely be opposed to their
enactment. Even if
Congressional approval is obtained, the final versions may bear little
resemblance to the President's initial suggestions.
Do-Not-Resuscitate
Law Goes into Effect for
Non-Hospitalized
Patients
Written
By: Attorney
Jeffrey
A. Marshall
Pennsylvania
's Out-of-Hospital Do-Not
Resuscitate Act went into effect on
March 1, 2003
.
This new law should help non-hospitalized but terminally ill
patients ensure that their choices regarding end of life care are honored
by Emergency Medical Services (EMS) personnel.
A
Do-Not-Resuscitate (DNR) Order is a medical order written by a doctor that
directs medical personnel to forgo CPR if the patient's heart or
breathing stops. CPR can be
particularly inappropriate for terminally ill patients who have made a
decision to die in peace and dignity.
But, a patient's desire not to have CPR has been hard to enforce
when the patient is not residing in a hospital.
Well meaning family members and other caregivers tend to call 911,
drawing the response of an
EMS
team which, unaware of the
patient's status, is trained to provide CPR.
Now, in
Pennsylvania
, a terminally ill patient who
chooses to forgo CPR can obtain an approved order, bracelet or necklace to
alert
EMS
personnel that CPR should be
withheld in the event of cardiac or respiratory arrest.
An
out-of-hospital DNR order can only be issued by the person's attending
physician who has determined that a terminal condition exits.
Even a patient who already has an advance health care directive
that declines CPR may wish to take the added step of requesting an
out-of-hospital DNR order, bracelet, or necklace.
EMS
personnel will be looking for the
bracelet or other approved DNR direction.
Indeed, if a conflict exists between an out-of-hospital DNR and an
advance directive,
EMS
providers are required to follow the
DNR.
The law (and
proposed regulations quickly issued by the Department of Health) struggle
with the issue of when a substitute decision maker has the authority to
request an out-of-hospital DNR for a patient.
The regulations vacuously define a "surrogate" as an individual
who has legal authority to request an order, rather than specifying
exactly how a person becomes imbued with the legal authority to do so.
Fortunately, this decision will be made by attending physicians
who, by employing a combination of medical ethics and common sense, should
be less likely than lawyers to stumble over this thorny issue.
For more
information about the new law, visit the PA Department of Health Website
at http://webserver.health.state.pa.us/health
and click on "Do-Not-Resuscitate (DNR) Orders."
Also
From Marshall, Parker & Associates .
Upcoming
Seminars
"Understanding the Rules: How to Qualify for Medicaid
Payment for Home and Nursing Facility Care"
-Wednesday,
April 23rd at
6:30
PM
,
The
Front
Street
Station,
Sunbury
-Thursday,
April 24th at
6:30
PM
,
The Woodlands,
Wilkes-Barre
-Saturday,
April 26th at
10:00
AM
,
The Radisson,
Williamsport
-Wednesday,
April 30th at
6:30
PM
,
Evan
Community
Health
Building
,
Staples
Plaza
,
Lewisburg
-Saturday,
May 3rd at
10:00
AM
,
The Woodlands,
Wilkes-Barre
Reservations
are suggested, but not required. SIGN
UP ONLINE
or call 1-800-401-4552 for more information or to reserve your spot for
one of these free seminars!
Do
you have a friend or colleague who would enjoy reading the
Elder Care Law Alert? If
so, please feel free to forward it to them. Simply use the "Forward"
button on your e-mail program.
To
subscribe or unsubscribe to the Elder Care Law Alert,
simply
send a request to:
webmail@paelderlaw.com
*Attorney
Marshall
is
certified as an Elder Law Attorney by the National Elder Law Foundation
under authorization from the Pennsylvania Supreme Court
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