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Law Offices of James L. Moore, PC

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We have all heard the statistics, Americans are living longer, and because of it are requiring more and more long-term care services, including assisted living.  Who can afford to pay for such care?  Not many!  Unless a person has a long-term care policy, the costs of assisted living can be overwhelming.

Additionally, we all know the Medicare and Medicaid will provide little or no assistance for assisted living costs.  Are we missing something?  Is there another way to pay?  The answer is “yes”, and it applies to veterans.

For those who qualify, the Veterans Program offers a monthly pension benefit known as  “Aid & Attendance (“A&A”).  The A&A benefit can be used to pay for assisted living.  So, which veterans qualify?  To qualify, the veteran must pass three tests.  The first test relates to military service.  To pass this test the veteran must have served at least 90 days of active duty, with one day during an active war time, and must have received a discharge which is other than dishonorable.

Assuming the veteran is military qualified the veteran and/or his or her spouse (“the claimant”) must pass a medical necessities test.  To pass this test, the claimant must need assistance to perform daily tasks, such as dressing, undressing, bathing, and toileting.  Being blind or residing in an assisted living facility and having a physical incapacity also qualifies.

Assuming the veteran is military qualified, and the claimant passes the medical necessities test, the claimant must also pass an asset and an income test.  To pass this test, the claimant must have assets valued at less than $80,000.00, and monthly income that is not excessive.  Of the three tests, the last test is the easiest to pass, in that crisis planning strategies can be utilized to immediately qualify the claimant for benefits.

Unlike Medicaid, there are no “look-backs” for penalties or transfers.  At the Law Offices of James L. Moore, P.C.  we are accredited to assist in qualifying veterans and their spouses for the  Veterans A&A Program, without compromising their future ability to get Medicaid benefits.  To learn more about this unique planning technique please contact the law office by email;; or by phone to our Client Services Coordinator Ms. Tamara Beel 616-929-0177. 
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The Law Offices of James L. Moore, P.C. invites you and a guest to an exclusive opening weekend showing of THE ULTIMATE LIFE—both a sequel and a prequel to the beloved movie The Ultimate Gift.

Saturday, September 07, 2013
LOEKS Celebration Cinema North 17
2121 Celebration Ave
Grand Rapids, MI 49525
Showtime At: 5:00 PM

Limit one person per RSVP, no group RSVPs - This is a Free event.

RSVP now on line at:

Questions about this event should be directed to: 
After August 26th, questions about this event can be directed to: 616-514-3830  
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Exit Planning helps business owners set, sort through, and achieve their exit objectives. It enables owners to leave their companies when they want, to the successors they want, and with the amount of cash they need.

Without exception, every owner leaves his or her company. Whether you do it in style depends on the specific exit planning actions you take before you leave.

If you see ownership change in your future, we can help you plan a successful business exit. We can help you answer the seven planning questions located on this page and identify qualified advisors to help you through the process.

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Handing Over the Family Business

Many entrepreneurs intend to pass the family business on to future generations of the family. In considering this goal, they must understand two important realities. 

Despite all the political discussions to the contrary, there is not much chance that the estate tax will be permanently eliminated. Under the 2001 tax bill, the estate tax will be eliminated only in the year 2010. Unless the elimination of the estate tax is re-enacted before 2011, on Jan. 1, 2011, the current law will be automatically reinstated. A dwindling surplus, the cost of the war on terrorism and the opposition of States, charities as well as many Democrats, make it extremely unlikely that Congress will vote to continue the elimination.

Instead, clients should anticipate a unified credit somewhere between 1 million to 3 million per tax-payer, depending on who wins the political arguments and how much the surplus can fund. Congress may also provide for a reduction of estate taxes on Family Farms and Businesses, which is more workable than the present day estate-tax business deduction which expires in 2004.

When an entrepreneur wants to pass his or her business to family members, there is no true equity value in the business because the equity provides no current benefit to the business owner. The equity creates a current benefit only if the business is sold, (i.e., as would occur in a third-party buy-out). In fact, the equity value of the business is a liability waiting to happen because of the potential transfer tax liability on the passage of that wealth.

When the issue is properly addressed, the owner is interested in control of the business and the income and benefits that control generates. Using readily available planning approaches, such as deferred compensation, Family Limited Partnerships, and Trusts, the income and control of the business can be separated from its equity. The equity can be passed on at a reduced tax cost to family members by using various valuation-adjustment techniques.

The retention of the equity value of the business may create transfer-tax liability that could have been reduced or even eliminated. By retaining ownership, the owner not only loses the ability to discount the present value of the business, he also causes the family to pay estate taxes on the appreciation of the business.

Essentially, the federal transfer tax is a voluntary confiscation tax. With proper planning, however, this confiscation can be minimized or eliminated The key is recognizing that "equity" is not the same thing as "control"---and "control" allows the owner to benefit from the income that the business generates.

For more information on how all of this might work, please see the next article on the publications section of this website entitled; "Succession Planning: Seven Steps to Continuing Success".
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