What happens to your Individual Retirement Account when you die, and how will that impact your heirs? Distributions from an IRA are taxable to the recipient just as they would have been to the original owner. However, it’s important that IRAs are properly titled to allow beneficiaries to “stretch” payout – thus reducing or delaying
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“I am in great health,” my client said. “Why should I worry about long-term care?” “I don’t want you to worry about it,” I answered. “I want you to plan for it so that you don’t end up in a crisis situation some time in the future.” Here are five good reasons to plan for
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“How are we going to pay for long-term medical care?” We hear that question frequently these days. For veterans who served during wartime and their surviving spouses, an underused Veterans Affairs (VA) benefit may help. Its formal name is Improved Pension but it is more commonly known as the Aid and Attendance Pension. As with
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As more seniors struggle with dementia, their loved ones are left scrambling to organize and handle health care and financial matters. The stress of dealing with the disease and related personality changes is compounded by the pressures of assuming control of the minutiae of daily living. While it is impossible to eliminate these difficulties, steps
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One of the most important, and sometimes difficult, decisions you will make in estate planning is choosing a trustee. Your trustee handles your estate if you become disabled or after you die. Here is what to look for in selecting this important person: Nearby: Ideally, your trustee should live close to you, so he or
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You may have put the rest of your affairs in order, but have you made plans for your pets? Hopefully, by now you have created a basic estate plan by doing the following: Signing Durable Powers of Attorney to make sure that someone you trust will be able to handle your finances, and/or make medical
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By Jim Gianelli Probate is a court process set up to assure that upon one’s death, assets get distributed to the people in one’s will (or in absence of a will, to one’s legal heirs), creditors get paid, and disputes are settled. Probate requires the estate to pay set statutory attorney and executor fees based
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Estate planning is more than just transferring assets to your loved ones upon your death. Perhaps more importantly, good estate planning includes choosing the right people to manage your financial affairs in the event you cannot do so. Most estate plans include both a “living trust” and a “power of attorney.” While each document plays
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It’s that time of year again, when homeowners pay their annual property taxes … Happy holidays! This year we are faced with two things we don’t want to think about in these tough economic times: taxes and reduced property values. However, in the hope of spreading some holiday cheer, here’s a little good news that
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When it comes to planning your estate, it’s best to start the process with an estate planning attorney, preferably a state-certified specialist. But other advisors may play a vital role: your accountant, banker, insurance agent, financial advisor or broker. You may also wish to involve your family, your doctor and, if applicable, your spiritual advisor.
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