The National Council on Aging reports that more than 16.5 million adults 65 and older experience economic insecurity. Rising housing and health care bills can also burden seniors on fixed, limited incomes.
The Tax Cuts and Jobs Act (TCJA) took effect on Jan. 1, 2018, and impacted personal income taxes, estate tax rules, capital gains rules, and much more. The TCJA is scheduled to sunset at the end of 2025. This will lead to significant changes for taxpayers.
The SECURE Act changed how beneficiaries of inherited retirement accounts must withdraw these funds. Its passage made it more difficult for individuals to pass their retirement savings on to their heirs without tax liability.
Although in many situations the advantages outweigh the disadvantages when selecting beneficiaries, there are always exceptions.
If you are a property holder, you may use a Lady Bird Deed to transfer real property to a specific beneficiary while retaining certain rights to the property.
Creating a spendthrift trust for your loved one can limit their spending and your protect wealth.
Many individuals are concerned when they hear the term “irrevocable” trust, as they equate the permanency of the term “irrevocable” with the idea that such a trust can never be changed.
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) is a federal law that protects patients’ privacy.
Seniors, as well as their caregivers, should be aware of the risks posed by Medicare scams and how to avoid falling victim to this type of fraud.
Trusts are legal arrangements used in estate planning, alongside wills and advance directives.
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