Adamsky Law Offices Blog

The demutualization of several major insurance companies has created headaches for many elders, their families, and most of all the executors of their estates. Most older life insurance companies were “Mutual Insurance” companies. That means that there were no stockholders of the company, as it was owned by everyone who owned a policy. The policy holders shared in the profits of the company in the form of dividends. But, this form of business hampered the ability of the insurance companies to grow and to obtain capital for growth and acquisitions. With changes in the laws that allowed insurance companies to offer other services (and banks to offer insurance), many companies realized that they needed more capital to compete and a surge of demutualization began. Prudential, MetLife, John Hancock, Sun Life, and many others demutualized. Other companies, such as Northwestern Mutual, Massachusetts Mutual, New York Life, and Pacific Life, decided to remain as Mutual Insurance Companies. Ther...

The New Hampshire Chapter of the National Academy of Elder Law Attorneys (NAELA) is meeting today. It's kind of a sad day for me as this will be my last function as President of the Chapter. Today we vote on a new board for the upcoming year (we run on a "school year" calendar.) I have really enjoyed being President of the Chapter, but the time went swiftly and I couldn't accomplish as much as I had hoped I would. I am looking forward to the future though, and plan to work on some committees where I can help accomplish the goals I didn't meet as President. For those lawyers who practice Elder Law and are not part of NAELA, I highly suggest that you join. But, more than that, you have to participate. You must join committees and task forces and put some effort into helping the organization. That way your goals and the goals of the organization can combine and both be met by your own efforts. You will meet some great people, get to know them well, and pro...