Protecting Senior Finances

Protect Senior Savings

To many the American Dream is to retire with a mortgage-free home and $500,000.00 in savings. Hopefully the parents leave something to their heirs after health care and long term care expenses.

However the Democrats want to tax the inheritance by eliminating the step-up basis on homes and stock portfolios.

“President Obama’s proposal to impose capital-gains tax on many inherited assets would curtail a valuable tax benefit known as the “step up” in basis.

Here’s how the Journal explained the step-up benefit in a recent Weekend Investor cover story:

The federal code has long had a provision, known as the “step up,” that cancels the long-term capital-gains tax on assets that a taxpayer holds until death. The step-up automatically raises the owner’s cost basis for such assets—the starting point for measuring a taxable gain—to its full market value as of the date of death.

For example, say an investor bought a piece of land or stock shares many years ago for $20,000, and the value has grown to $200,000. If the investor sells the asset before his death, he will owe capital-gains tax on the $180,000 profit, at a rate as high as 23.8%—the 20% top rate on long-term gains, plus a surtax of 3.8% levied on higher-income taxpayers.”

Protecting Grandma’s home during Long Term Care or assisting living.

Stays in Long Term Care to recover form overprescribing drugs should exempt $750,000.00 in assets.

Senior homes should be exempt from seizure when a senior needs assisting living. We are in an era of over prescribing drugs by doctors to seniors. Over prescribing leads to symptoms of dementia, which leads to stays in long term care. Such stays should exclude the resident’s home and $500,000.00 in savings.

Transparency of Public Finances

Millions in Local, State, & Federal Funds go missing or are wasted on bad projects.

Former Mayor Mitch Landrieu received $35 Million in Federal Funds claiming he had matching funds in New Orleans to convert the former U S Navy Base at Poland Avenue into an Emergency Operations Center and evacuation facility for hospitality workers during a hurricane.

The facility could have also been used during the Corona Virus epidemic of 2020.

The $70 million in funds were transferred to New Orleans Sewerage & Water Board, which is broke and has never accounted for them.

Moving the airport terminal in Kenner from the South side to the North Side is an example of government waste. $300 million will be spent building the flyover, that will destroy the Veterans Heights neighborhood. Another $500 million is needed to connect the north side back to the southside which has the Amtrack Station, employee parking, and car rentals. Massive no bid contracts were awarded.

32-acres of wetlands were covered with concrete. A large amount by Landrieu Concrete, who owns the lime-green trucks.

Rather than use reserves and seek funding matches of 3 to 1 grants for recreational and environmental projects, the MYHMC is awarding confidential contracts totaling over $400,000.00 to Mitch Landrieu’s former Deputy Mayor to find developers for West End Lakeshore Park, which is state owned.

State Acts form 1906 and 1910 seem to prohibit the planned development of bars, residential, commercial, hotel, and video poker. Four studies by the Regional Planning Commission have shown the area to be “saturated” with bars and restaurants. Will Federal Money be obtained to build a Jazzland, Plaza Shopping Center, Uptown Village, or Lazy Jack project that fails and leaves blight?

Environmental Stewardship

Impacts of Mississippi River Fertilizer & Algae Blooms in Lake Pontchartrain

Caring for Lake Pontchartrian

Fertilizer Runoff

Fertilizer Runoff from upriver, especially Iowa has created a Dead Zone in the Gulf of Mexico that exceeds 9,000 square miles.

Low oxygen is referred to as a Dead Zone and kills fish.
The Dead Zone is studied from Cocodrie Louisiana
Unfunded Financial Liabilities

New Orleans Unfunded Pension Liabilities exceed 40%

Over the last ten years funding for New Orleans Municipal Employees’ Retirement System or NOMERS has dropped from over 100% to less than 60%.

Several factors contributed to this drop. One factor is that under former Mayor Mitch Landrieu the city reduced qualifications to part-time and only five years needed to qualify for a NOMERS pension.

Charles Marsala has spoken to the New Orleans City Council several times to inform this of this issue to be addressed.