Press release from American Bar Association

WASHINGTON, D.C., Dec. 18, 2009 -- The onset of a serious illness or injury can affect much more than a person’s health. Knowing what steps to take to get one’s financial and legal affairs in order is often vitally important not only to the affected individual, but to his or her loved ones as well.

The "Legal Guide for the Seriously Ill" -- a project by the American Bar Association Commission on Law and Aging commissioned by the National Hospice and Palliative Care Organization -- was designed for both the seriously ill individual and those caring for someone who is seriously ill. The guide explains “Seven Key Steps” in a brief, clear way while offering additional tips and resources for readers looking for more detailed information and guidance.

RIA Checkpoint reports that on January 21, the Senate by voice vote approved H.R. 4462, a bill that would allow donors to accelerate the income tax benefits of charitable cash contributions for the relief of victims of the earthquake in Haiti. The bill had previously been passed by the House on January 20 by voice. The bill is now cleared for signature by the President, which is expected to occur this week.

When signed the bill will allow individuals who make charitable contributions to aid Haitian earthquake victims to elect to claim an itemized charitable deduction on their 2009 tax return (instead of having to wait until next year to claim the deductions on their 2010 tax return). The election would apply only to Haitian relief contributions made in cash after Jan. 11, 2010, and before Mar. 1, 2010. If the election is made, Haiti relief donations would be deductible on the 2009 return, not the 2010 return.

More than 10 million households have 'underwater mortgages,' in which the property is worth less than the outstanding balance on the mortgage. These homeowners cannot take advantage of lower rates or refinancing deals, and their homes are likely to go into foreclosure. An interesting discussion regarding foreclosures, Deeds in Lieu of Foreclosure and "short sales" was broadcast on NPR's "Talk of the Nation" radio program on January 14, 2009.