Perhaps the product was doomed from the start. As critics pointed out, people who needed long-term-care insurance couldn’t afford it; people rich enough to afford it didn’t need it. And those were the good old days. Most holders of LTC policies have seen their premiums soar; in an era of low interest rates, insurance companies have…
Month: September 2016
When is a transfer a gift?
Cohen got along famously with his son-in-law Raymond, who went to work in his father-in-law’s scrap metal company. Raymond became one of Cohen’s most valuable assistants. In 2006 Cohen sold the company. He and Raymond each received three-year employment contracts. However, they were not very happy working for the successor, and began to seek other…
Fear of identity theft
A recent survey of high-net-worth investors, reported on wealthmanagement.com, probed for respondents’ greatest fears. Major illness came in third, at 56%. Terrorism concerned 65%. The top worry, for 72% of respondents, was identity theft. The concern is not misplaced. Reportedly, in 2015 alone there were 13.1 million victims of identity theft, at a cost of…
Companion animal planning
Dear Garden State Trust Company: Can I provide something for my pets in my will? —THOUGHTFUL ANIMAL LOVER Dear Thoughtful: More and more states are changing their laws to permit pet owners to provide lifetime financial support for their companion animals. About 40 states provide for simple “statutory pet trusts” as a method for implementing such…