The $2 trillion stimulus plan includes a temporary waiver of required minimum distribution rules for certain defined contribution plans and IRAs for calendar year 2020.
When a loved one is experiencing cognitive decline, emotional and medical considerations often overshadow the financial planning that needs to happen. This is a potentially costly mistake.
With the economy slowly reopening and stay-at-home orders expiring, what do those at increased risk need to know to stay safer?
How much you will pay in taxes on an individual retirement account (IRA) withdrawal, depends on the type of IRA, your age and the purpose of the withdrawal. Sometimes the answer is zero—you owe no taxes. In other cases, you owe income tax on the money you withdraw and sometimes an additional penalty if you withdraw funds before age 59½. On the other hand, after a certain age, you may be required to withdraw money and pay taxes on it.
If you have a child with special needs, a trust may be a financial priority. There are many crucial goods and services that Medicaid and Supplemental Security Income might not pay for, and a special needs trust may be used to address those financial challenges. Most importantly, a special needs trust may help provide for your disabled child, in case you’re no longer able to care for them.
The most common misconception estate planning attorneys hear, is that someone doesn’t need an estate plan because their client isn’t elderly or on death’s door.
Lawyers are being bombarded with requests to write wills, update estate plans and prepare health surrogate or “pull the plug” documents, as people are confronted by the realization that they could be diagnosed with COVID-19 and dead within days.
For obvious reasons, including control, privacy, asset protection, etc., many clients are interested in putting assets into a trust. For many retirees, their IRA is among their biggest assets. It’s only natural to want to put the IRA into a trust.
States can differ dramatically when it comes to long term care regarding availability, quality, government benefits, retirement communities and cost.
You may have a friend, or two, who has blown a large inheritance. Some of you may have also seen a news story about a lottery winner who went bankrupt (or worse) just a few years after receiving a life-altering sum of money. If you don’t want this to be you, keep reading as we share five tips to make the most of an inheritance or windfall.
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