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Copyright © 2005 Integrity Marketing
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His, Hers & Theirs
 Here are two trivia questions for you movie and television buffs. First, what big name Hollywood stars played on-screen spouses in the 1968 film Yours, Mine
& Ours? The basic storyline of the movie paired a widow and her eight children with a widower and his ten children. Second, a year later Sherwood Schwartz (creator of Gilligan's
Island) took the same basic storyline and rolled out a hit television series that ran for 117 episodes. Can you name that show? [The answers are at the end of this article.]
One reason commonly given for the popularity of these two classics is that they gave traditional nuclear families a lighthearted glimpse into the lives of blended
families. Times have changed. In the new millennium, blended families now outnumber traditional nuclear families. And the number is likely to grow, based on current statistics and
trends.
Unlike the movies or 30-minute sitcoms, real life is not always so lighthearted for blended families, whether due to widowhood or divorce. Many face unique social,
psychological and economic challenges.
The Challenges
More than 60 percent of second marriages end in divorce. Certainly some blame for that sad statistic lies in the difficulty of successfully blending formerly
separate families. Fortunately, there are numerous organizations and support groups dedicated to helping blended families with these challenges. Unfortunately, little attention has been
paid to the critical Life & Estate Planning challenges confronting blended families. These challenges include disinheriting your ex-spouse, protecting your own children, providing
for your new spouse and minimizing your estate taxes.
Click here to finish ...
Estate Equalization
 Quick. If your family is a blended family,
would you rather disinherit your new spouse or your own children? Without proper planning it likely will be one or the other. Either way it is a lose-lose proposition.
Alternatively, what if you could create a plan that actually may increase your overall estate value, without increasing your estate value for death tax purposes,
and may allow you to equalize the inheritance left to your new spouse and to your own children?
First Things First
Before continuing, however, you should know that your insurability for life insurance is the financial planning key to making this win-win inheritance arrangement work. It is an age-old
financial planning maxim that your health actually buys your life insurance and your wealth merely pays the premiums. Assuming you are insurable, we now turn to the legal planning.
Click here to finish ...
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Maryland Governor Pushes Long Term Care Bill
Managers of nursing homes and assisted-living communities say increases in Medicaid rates and a $9 million boost in nurse training proposed by Gov. Martin O’Malley (D) may help a little to
retain and train workers for their growing senior populations.
Because Medicaid is the primary source of nursing home revenues and many facilities offer both assisted living and nursing care, state Medicaid reimbursement policies have a major impact on
the long-term care industry. O’Malley’s budget proposal calls for ‘‘full funding for medical assistance rate increases for nursing homes, assisted living facilities, and other community
providers helping seniors in need of long-term care services to stay in their own homes.” The only pending bills in the General Assembly — HB130 and SB 101 — call for more Medicaid
funding, to be matched by federal funds, but does not address salaries and training of the workforce that cares for the elderly. The Maryland Department of Aging has wanted the legislature to
pass such a provision since 2002, said the agency’s spokesman Michael Lachance, but budget restraints from an economic recession have caused the state to postpone even Medicaid increases.
Source: Gazette.net (16 Feb 2007)
Full story: http://www.gazette.net/stories/021607/businew191555_32320.shtml
Maryland General Assembly's Website: http://mlis.state.md.us/
 Ethical
Wills: Passing Your Values
In a recent article from washingtonpost.com, Writing
Down a Recipe For a Life Worth Living, by Caryle Murphy, James C. Haight offers his view on ethical wills. This article offers insight to the purpose and meaning that an ethical will can
convey to your loved ones by putting your values and life experiences on paper.
Read
the full article ... (registration is required)
Did You Know?
Did you know that:
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While three in ten Americans DO have an estate plan, the average age of a will coming into a law
office for update or probate is nearly 20 years?
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A Power of Attorney of similar vintage may be rejected by banks and other third parties?
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In three out of four cases, a Living Will is unavailable when needed?
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Nine out of ten Americans MISTAKENLY believe that life insurance proceeds are automatically exempted from Federal
Estate Tax?
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The Wills of most married couples control ONLY personal effects?
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There are legitimate means of leveraging the $11,000 annual gifting exclusion, of avoiding capital gains tax on
super-appreciated low-yield assets, and of ensuring that 99% of assets flow to the next generation in a thoughtful, protected manner?
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QUICK TIP
Stepfamily Resources
Family life can be stressful in any family these days, whether yours is a traditional nuclear family or a blended family. The latter, however, often face some unique
social, psychological and economic challenges.
Fortunately, there are many organizations available specifically for blended families. Here are just a few resources to get you started:
The American Association for Marriage and Family Therapy can be reached at (703) 838-9808 or online at aamft.org.
The Stepfamily Foundation, Inc. can be reached at (212) 877-3244 or online at stepfamily.org; and
Blended-Families.com, LLC can be reached at (360) 991-9558 or online at blended-families.com.
Many excellent books are available on the subject of blended families. Find them in your local library, bookstore or online at amazon.com,
barnesandnoble.com or borders.com.
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Ask Yourself These Important Questions About