Whichever way you pass on your retirement account assets, leaving an IRA can provide a grandchild with a significant financial foundation.
Think of an IRA as a potentially powerful estate planning tool. Properly structured, an IRA may transfer wealth to younger generations. In fact, the younger, the better.
Kiplinger raised this point in its January edition with an article titled “Pass an IRA to Young Grandkids With Care.”
You were so helpful to me in September, clarifying the IRA charitable contribution. Do you know if the government is instituting that same contribution this year?
We are well into tax season and planning for the upcoming year. Are you keeping up with the tax laws? As many retirees and their advisors review changes in the tax laws and begin their planning, they have one important question in common: “Will Congress revive the IRA charity rollover?”
Coincidentally, these taxpayers and advisors will be interested in a recent article in The Wall Street Journal titled “Will Congress Revive the IRA Charity Rollover?”
[Pacemakers] prolong lives, but “all those people will face decisions down the road,” Dr. Mueller said. “’Do I keep it going? Do I turn it off?’” Physicians have similar questions, including what kinds of patients confront these choices and who usually winds up making these decisions.
Do you or a loved one live with a pacemaker or implanted defibrillator? These devices keep the clock ticking, so to speak. But when you are making end-of-life plans, when is the right time to turn the pacemaker off? This scenario is all too common and is presenting challenges in geriatric medicine and palliative care.
Recently, The New Old Age Blog took a look at this perplexing issue in an article titled “A Decision Deferred: Turning Off the Pacemaker.”
Completing the following four tasks can help you meet any last obligations to your loved ones, ensure your final days are spent as you want, and reconcile your dreams with the realities of your life.
Is a goal without a plan just a wish? Regardless of the goals you have for your estate, loved ones or retirement, if you don't have a plan in place you may never reach your goals. There are some very real decisions to be made against the very real timeline of your life.
So, why do you need to plan? This may be a perfect time to step back and get a little perspective.
To avoid a crisis in your family, be sure your parent has the following documents.
Some of the most important end-of-life planning should include making sure your loved ones have the legal right to take care of you later in life. Accordingly, there are some essential legal documents you really must have in place to make this happen.
End-of-life planning has much to do with medical planning. Doctors can only do what you ask of them. But what if you cannot communicate your own wishes to them? What then?
The fear that the government could one day seize their homes is deterring some people from signing up for Medicaid.
Medicaid comes with a lot of give and take. It is a safety net for those who need it, but it does come with its drawbacks. One drawback many are now discovering is “Medicaid Asset Recovery.”
So, what is “Medicaid Asset Recovery”? In layman’s terms: after you pass away the government can recoup the benefits you received from Medicaid by taking from your remaining assets, which usually means your house.
You should prepare a will so your heirs will be taken care of in an organized, legal and efficient manner, according to your wishes.
Preparing your will is not exactly a "fun" thing to do, as most people don't want to think about the end of their own lives. Even Baby Boomers that are reaching that stage of life procrastinate on this arduous task.
Whether you tell yourself there is still time or “I do not have enough assets to have an estate worthy of planning,” the excuses likely run much deeper. Perhaps you are intimidated by the process, by the concept of facing mortality, or the fact that you really need to involve (and pay) an attorney to help you.
Emotionally, it's hard to let go of a home filled with memories. Moving is a hassle, and downsizing to a smaller home isn't always the cash bonanza some might expect.
When entering your golden years of retirement, what is the ideal living arrangement for your new stage of life? Do you stay in your home where you've made life-long memories? Or do you downsize to something else in hopes of saving on expenses and maintenance?
Even if you have yet to confront these fundamental retirement questions, you ought to consult a recent article in The Wall Street Journal titled “When Should Retirees Downsize Homes?” The Journal asks, “when” not “if,” but that does not mean there is not another side of the story. Enter the DailyFinance with an article providing yet additional reasons to stay put. In fact, that article is aptly titled “7 Reasons Not to Move in Retirement.”
The law created a chance for wealthy families to move assets out of their estates and let their heirs benefit from any appreciation in value, said Lisa Featherngill, a managing director at Abbot Downing, a wealth-management unit of Wells Fargo & Co.
According to official numbers recently released by the IRS, U.S. taxpayers transferred $122 billion in non-taxable gifts in 2012. To put that number in perspective, it is quadruple the tax-free gift giving of 2011 and 2012 combined.
This wealth transfer tsunami was the subject of a recent Bloomberg article titled “Tax-Free Gifts Quadrupled in U.S. After IRS Limit Lifted.”
If you or a family member land in the hospital as an observation patient and think you should be admitted, it’s better to act sooner than later.
When it comes to whether or not care is covered by Medicare, the distinction between being "admitted" or just "under observation" is critical. This is especially important when it comes to whether your elderly loved one will have nursing home coverage after discharge from the hospital.
Understanding the meaning of observation status is essential. Once you do, then you will need to learn all the administrative tricks, twists and turns – and, yes, even to know how to fight it.
