Last Updated: 1/17/2009 The Internal Revenue Service (IRS) has issued guidance to financial institutions clarifying the new law that allows seniors to avoid making required withdrawals from depleted retirement accounts in 2009. Taxpayers over 70 1/2 years old generally must begin withdrawing a certain percentage of the balance of retirement accounts like IRAs and Read Full Article
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Last Updated: 10/31/2008 Below is compilation of Medicaid, Medicare, Social Security and other figures for 2009 that are of interest to the elderly and their families. Medicaid Spousal Impoverishment Figures for 2009 In 2009, the spouse of a Medicaid recipient living in a nursing home (called the “community spouse”) may keep as much as Read Full Article
Last Updated: 10/7/2008 Whether it’s an honor or a burden (or both), you have been appointed trustee of a trust. What responsibilities have been thrust upon you? How can you successfully carry them out? Here are nine do’s and one don’t to get you started:Do read the trust document. It sets out the Read Full Article
Last Updated: 6/9/2009 2:19:29 PM Once upon a time, when life was less complicated, the key to a safe deposit box was all loved ones needed to gain access to important documents and accounts following a death. Today, many aspects of our lives — both financial and personal — are lived in places accessible Read Full Article
Last Updated: 4/20/2009 The financial crisis, coupled with possible changes in the estate tax law, make now a good time to review your estate plan. The future of the estate tax will likely be up for debate in Congress soon because one of the priorities of the Obama administration is making the estate tax Read Full Article
Last Updated: 2/3/2009 If for any reason, you become unhappy with the person you have appointed to make decisions for you under a durable power of attorney, you may revoke the power of attorney at any time. There are a few steps you should take to ensure the document is properly revoked. While any Read Full Article
Last Updated: 5/21/2009 11:37:18 AM Did you know you could be responsible for your parents' unpaid bills? Thirty states currently have laws making adult children responsible for their parents if their parents can't afford to take care of themselves. While these laws are rarely enforced, there has been speculation that states may begin dusting Read Full Article
Last Updated: 3/6/2009 The American Recovery and Reinvestment Act of 2009, the $787 billion stimulus package that President Barack Obama signed into law February 17, 2009, includes a number of provisions that help the elderly in need as well as the economy. Here are the highlights: A one-time payment of $250 in the form Read Full Article
Last Updated: 12/2/2008 Roy Williams and Vic Preisser. Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values. Robert D. Reed Publishers, San Francisco, CA. 2003. 182 pages. $19.77 from Amazon (click on book to order) If you have worked hard to accumulate wealth, you probably want to make sure your Read Full Article
Last Updated: 6/23/2009 2:24:07 PM Although you can begin receiving Social Security benefits anytime after age 62, the longer you wait, the higher the benefit you will receive. But many people need money right away and cannot afford to delay. If you are married, there is a strategy that may allow you to claim Read Full Article