KeatsConnelly Cross-Border Weekly Best of the Web 2013-5-31

web-search-greyEvery week we share news stories, blog articles and other interesting stuff from around the web that received the most views, shares, comments and overall interest on various KeatsConnelly social media outlets.

This week we offer a mix of articles discussing long-term care issues, investment fees, potential US tax reform and a further look at potential US immigration changes. 

Am I on the hook for my spouse’s long-term care? (www.financialpost.com) – Jennifer asks: If a spouse, due to health reasons, needs to move to a “care facility,” will the government consider my income as well as his when determining the cost? Jason Heath responds: Jennifer asks a question that has to be on a lot of seniors’ minds these days. The current state of government support for those requiring long-term care ranges from good to bad depending upon whom you ask. Health care is regulated at the provincial level in Canada, so every province has different rules and regulations. The federal government plays a role by distributing funds to the provinces based in part upon the actual health cost experience of each…

The Heavy Toll of Investment Fees (www.forbes.com) -The thought of giving up 40% per year in investment return to pay for portfolio management and advice would cause most people to walk away. Yet, this is the price many people pay when they hire an investment adviser to manage a mutual fund portfolio or exchange-traded fund (ETF) portfolio. Cutting this cost by as much as two-thirds is easily done and highly recommended. The 40% annual cost is simple math. Take the average expense ratio charged by mutual funds and add it to the average advisor fee, then divide this number by the expected portfolio return before fees. The result is your investment cost. I’ll walk you through an example…

IRS controversy could spur US tax reform (www.advisor.ca) –  Baucus’ counterpart in the House, Ways and Means Committee Chairman Dave Camp, said he, too, thinks the scandal could boost efforts to simplify the tax code. “The complexity of the law didn’t require the IRS to target people for their political beliefs,” said Camp, a Michigan Republican. But, he added, “I think giving the IRS less discretion is going to be important, and that’s what a simplified code would do.” Camp and Baucus have been working for months on the herculean task of simplifying a tax code that has undergone about 5,000 changes since 2001. At nearly 4 million words, Camp likes to say the code is “10 times the size of the Bible with none of the good news…”

Foreign Retirees Could Benefit From Immigration Bill (www.fronterasdesk.org) – PHOENIX — Let’s call it the snowbird provision. Buried in more than 800 pages of the immigration reform legislation currently under debate is a proposal that would allow Canadians to visit second homes in the U.S. for up to eight months at a time. It’s one of two proposals in the bill aimed at boosting foreign retirements here. Canadian snowbirds and real estate investors have already made their mark in Phoenix. They flocked to Phoenix in recent years when home prices plummeted and there was a glut of homes on the market. Canadians lead the pack of foreign buyers here, by far…

Come back next week for more interesting news and articles. Enjoy your weekend!

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