Alzheimer’s disease typically strikes adults age 65 and over. Cognitive decline currently affects 5.2 million Americans and 30 million individuals all over the world. The future is especially bleak, with 16 million Americans over 65 projected to experience cognitive decline by 2050. In the absence of new developments that offer a cure or at the […]
Will my beneficiaries owe taxes on the retirement accounts I pass down to them? Most retirement accounts, including so-called “traditional” IRAs and employer sponsored 401(k) accounts, are funded with the pre-tax contributions of the plan participant (“Participant”). When withdrawals are made from that account, whether by you or by your beneficiaries, the withdrawals will be […]
Yes, in that the state furnishes everyone with a plan to settle their affairs and distribute their assets when they die. That plan is called the laws of intestacy. However, that is a far cry from having your own plan to provide for who is to be in charge (the Executor) and who is to […]
What is a reverse mortgage? Similar to a conventional mortgage (“Conventional Mortgage”), the borrower in a reverse mortgage (“Reverse Mortgage”) will continue to own the home. The lender does not take title to the home, but rather will have a lien on the property. The term “reverse” is essentially referring to a chronological difference compared […]
The treatment of the home residence under the Medicaid rules can be somewhat confusing. Here is a brief rundown of the some of the major points to understand. So long as the property (“Home”) is used as the principal residence by the individual who applies for Medicaid benefits (“Applicant”) and/or the Applicant’s spouse, the Home […]
When a person dies leaving assets owned individually in the decedent’s name only, those assets will need to pass through a court-supervised process known as “probate.” The primary probate for a decedent is conducted under the jurisdiction of the appropriate probate court in the state where the decedent lived. An “ancillary probate” is an additional […]
A prepaid funeral is when a person and/or that person’s family pay for funeral services and related costs while the person is alive. For many individuals, dealing with the financial aspects of the funeral and burial process is simply one more element of comprehensive estate planning. When someone passes away, there is an exhaustive list […]
One of the benefits of proper estate planning is to ensure that you, and your assets, will be taken care of even if you are no longer able to do so yourself. You may become disabled, for instance, and be unable to make important health care decisions for yourself and/or be unable to manage your […]
The plan includes a trust and a pour-over will to ensure that any assets not transferred to the client’s trust during her lifetime will end up in her trust after her death. Her trust includes numerous provisions to ensure the assets left in trust for her children are well protected. Sound like a solid plan? Yes, but…
Last month, in its unanimous decision in Clark v. Rameker, the United States Supreme Court decided that an inherited IRA does not have the same bankruptcy protection as a non-inherited IRA.