Patti's Blog - Advocate for Elders, People with Disabilities and Their Families

Poll: Many Sick Americans Experience Significant Financial Problems And Report Their Care Is Not Well-Managed

Excerpt from Harvard School of Public Health: (click for entire article)

Many Americans who have experienced a serious illness or injury within the past 12 months are concerned about the financial costs of medical care, and struggle to ensure that their care is appropriate,  according to a new poll released today by the Robert Wood Johnson Foundation (RWJF), NPR and Harvard School of Public Health. RWJF commissioned the poll to better understand Americans’ experiences and attitudes related to cost and quality of U.S. medical care.

A large majority of the general public (87%) thinks the cost of care is a serious problem for the country. In addition, about two-thirds of the general public (65%) believes the cost of care has gotten worse over the last five years.

In addition to surveying the general public, this poll also examined sick Americans’ experiences with and perceptions of the costs and quality of medical care over the last year. “Sick Americans” (27% of adults surveyed) are defined as those who said they had a serious illness, medical condition, injury, or disability requiring a lot of medical care or who had been hospitalized overnight in the past 12 months.

The Tax Consequences of Mark Zuckerberg's Marriage

Excerpt from TaxProf Blog: (click for entire article)

    Forbes:  How Mark Zuckerberg's Taxes Change Now That He's Married, by Robert W. Wood (Wood LLP, San Francisco):

    What a week! First an unprecedented IPO, then marriage. Yes, Facebook’s Zuckerberg Marries His Longtime Girlfriend Priscilla Chan. ... [W]hat does this latest one-two development mean for the Zuckerberg family tax return?

        Joint v. Separate?
        Separate v. Community?
        Business and Investment Management?
        Gifts During Marriage?
        Divorce Rules

Social Media and Investing-Tips for Seniors

Excerpt from SEC: (click for entire article)

More and more older Americans are using social media every day, including to help guide investment decisions. Whether it is to research particular stocks, to find background information on financial professionals, to gather up-to-date news, or to discuss the markets with others, social media – web-based platforms that allow interactive communication, such as Facebook, YouTube, Twitter, LinkedIn, bulletin boards, and chat rooms – has become an important investing tool. While social media can provide many benefits, it also presents opportunities for fraudsters targeting older Americans. As a result, seniors need to proceed with caution when using social media as part of their investment process. The following tips can help.

Aging parents add to retirement planning challenge

Excerpt from Boston.com: (click for entire article)

Joanne and Everett Parhiala had a plan.

They would move from the Lexington house where they had raised their three children to a smaller Boston condo. Then, Joanne, 53, and Everett, 57, would work for a few more years before settling into retirement in the city.

But now, instead of downsizing in Boston, the Parhialas are searching for an even bigger place in the suburbs to accommodate Joanne’s aging father and developmentally disabled brother.

The informed majority

Excerpt from The Economist: (click for entire article)

IN MOST opinion polls, Americans appear reluctant to cut defence spending. Of course, in most opinion polls Americans appear reluctant to cut everything apart from foreign aid. Despite all of the hand-wringing over the federal budget, the truth is most people don't have a firm grasp of how their money is spent. So the Program for Public Consultation (PPC), in collaboration with the Stimson Center and the Center for Public Integrity (CPI), tried to educate a group of Americans on one aspect of the budget. Last month they showed a representative sample of Americans the size of the defence budget from different viewpoints and presented them with arguments for and against cutting funds. The idea was to simulate a congressional debate; to put participants in the shoes of those actually voting on the budget.

Half of All Americans Are Not Saving for Retirement

Excerpt from Consumerism Commentary: (click for entire article)

In April, LIMRA, a think-tank for the financial industry, completed a survey intended to focus on the savings and investment preferences of those living and working in the United States. After receiving responses from 2,697 Americans, a representative sample of the country, LIMRA was able to determine that 49 percent of the country is not saving for retirement. Additionally, more than half of Americans between the ages of 18 and 34, at 56 percent, are not saving for retirement.

Saving for retirement — and receiving the associated tax benefits through typical investment types like 401(k) plans and IRAs — requires a public trust in the financial industry. On one side, financial planners, investment salespeople and brokers, columnists, and bloggers are encouraging the use of financial products that, through both apparent and hidden fees, enriches the industry, while on the other side, investment firms are the beneficiaries of massive taxpayer bailouts and frequently in the news for using taxpayer money for paying their executives bonuses that defy the laws of gravity.

78-Year-Old Woman Forced To Leave House She & Her Husband Built In 1956

Excerpt from The Consumerist: (click for entire article)

After the story of a 78-year-old grandmother being evicted from the home she and her husband built in 1956 hit the news, public outcry over the story has granted her a bit of a reprieve. The tricky part of all of this? Her daughter says her mental faculties are making it hard to figure out who exactly holds the mortgage.

The News Sentinel in Knoxville reports that after an earlier story ran about Mary Cate and her family's plight, the family said they've gotten an extension to stay a few weeks longer, until June 15. Mary Cate lives with her two teen grandchildren, who will be able to finish the school year, as well as her son, who is wheelchair-bound.

Mary Cate and her husband built the home in 1956 themselves, and until 2007, owned the home outright. She then took out a $60,000 mortgage on the house to make repairs, and fell behind on payments after undergoing open-heart surgery three years ago.

$85 Million Given by HUD to Aid Those with Low Incomes and Disabilities

Excerpt from Loan Safe: (click for entire article)

Today, the U.S. Department of Housing and Urban Development makes $85 million available to state housing agencies to provide affordable supportive housing for extremely low-income persons with disabilities. This is the first time in the history of HUD’s Section 811 Supportive Housing for Persons with Disabilities Program that funding will be offered to state housing agencies that meet new eligibility criteria, including having a partnership with a state health and human services and Medicaid agency to provide essential support and services. The Notice of Funding for the Section 811 Project Rental Assistance was posted on Grants.gov today here.

Entities have until July 31, 2012 to apply for funding, which is expected to provide housing for 2,800 extremely low-income persons with disabilities.

Schuette Announces Charges for Northern Michigan Foreclosure-Rescue Fraud

Excerpt from Attorney General Bill Schuette: (click for entire article)

Attorney General Bill Schuette today announced charges against a Holly woman for her role in a foreclosure-rescue fraud operation that scammed at least 60 victims across the state out of $250,000.  Tashia Winstanley, 38, of Holly, and her company, TLW Mortgage Solutions, face criminal charges for collecting upfront fees and impersonating a mortgage modification company.

             "Foreclosure rescue scam artists attack Michigan homeowners who are struggling financially and fighting to stay in their homes," said Schuette.  "Instead of helping families stay above water, these criminals push them back under.  We are working hard to dismantle these predatory operations and connect victims with free foreclosure assistance."

                The criminal charges come as the result of an investigation by the Attorney General after complaints against the company were filed with Attorney General Schuette's Consumer Protection Division.  The investigation revealed that from September 2009 through January 2012 Winstanley allegedly operated TLW Mortgage Solutions as a mortgage modification business.

New Md. law aims to halt financial abuse of the elderly

Excerpt from The Baltimore Sun: (click for entire article)

Maryland banks and credit unions are likely to be among the first to notice that an elderly customer is being financially exploited by a con artist or an unscrupulous relative.

So it makes sense that these institutions take part in an effort to protect older Marylanders from being ripped off. Thanks to a new state law, they will.

Starting in October, banks and credit unions here will be required to report suspected financial exploitation of Marylanders age 65 and up. They must convey their suspicions within 24 hours by phone to Adult Protective Services — part of the state's Department of Human Resources — or law enforcement and must follow up in writing. Financial institutions that fail to do so will face a penalty of as much as $5,000.