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Home » Elder Law » Federal Cost Cutting Can Impact Your Plan For Aging

Federal Cost Cutting Can Impact Your Plan For Aging

November 19, 2011 by John Potter

One of the things that you should keep in mind when you are planning for the future is that everything is connected. Estate planning is by its very nature connected to retirement planning because your legacy is going to be impacted by your expenses and the overall financial decisions that you make after you retire. With this in mind, you have to get a handle on the expenses that you anticipate, evaluate your projected income, and create an intelligent, holistic plan for the future.

To this end it is a good idea to be aware of the goings-on in Washington that may have an impact on senior citizens. Right now there is a congressional super committee in place that is hatching a plan for reducing the federal debt by $1.5 trillion over the next 10 years.

A lot of people are not aware of the fact that over a third of federal spending goes toward funding Social Security, Medicare, and Medicaid. All of these programs are relied upon by senior citizens. So if the super committee has to make cuts, these programs may be in the cross hairs.

Another thing to consider with regard to austerity measures is the future of the estate tax. As the laws stand at the present time the estate tax exclusion is going to be reduced to $1 million in 2013, and the rate of the tax is set to rise to 55%. Because of the fact that we are indeed in debt, it may be difficult for people who are in favor of a reduction in the estate tax to make their case, especially when they may be pushing for cuts to these popular programs for seniors at the same time.

These are indeed interesting times in the estate planning community and there is a good bit of uncertainty regarding the future of the estate tax and entitlement programs for seniors. The best way to proceed is to work with an estate planning attorney to devise an intelligent and informed plan and be prepared to make adjustments as relevant changes come down the pike.

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Filed Under: Elder Law, Estate Planning, Long Term Care, Taxes Tagged With: Elder Law, Estate Planning, Estate Tax, Medicaid

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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