Q. I just heard about a new IRS rule that gives favored treatment to the purchase of an annuity inside an IRA. Do you know anything about that? A. Yes. You refer to the new IRS rule that allows an owner of a Traditional IRA to use a portion of his or her IRA or 401K… Read More »
Blog Posts Page 24
Alert: Reverse Mortgage Rules About to Tighten
Q. I hear that qualifying for a reverse mortgage will soon become more difficult. Do you know anything about this? A. Yes, beginning March 2, 2015, all persons applying for a reverse mortgage under the Home Equity Conversion Mortgage (HECM) program will need to pass a Financial Assessment. This is new! No longer will reverse… Read More »
New Law Will Enhance the Life of the Disabled By Enabling Creation of Savings Accounts
Q. I hear that President Obama signed a new law that will make life easier for persons with a disability. Do you know anything about this? We would like to set up something for our grandchild who has a disability and is on SSI and Medi-Cal. A. Yes. It is called “Achieving a Better… Read More »
Family Caregiver Agreements: A Creative Solution To The Elder Care Dilemma
Q. My husband has become quite frail and needs care on a daily basis. To enable us to continue to live in our home together, our daughter has been assisting with his care on a daily basis and has switched to part-time at her own job in order to help. Our other children live out… Read More »
Tax Savvy Year-End Gifts
Q. My wife and I are considering making large gifts to our two children and four grandchildren, and we would like to do so in a way that is “tax wise”. Do you have any advice for us? A. Yes. Many people mistakenly believe that you cannot gift more than $14,000 per year without… Read More »
Medi-Cal May Reduce Its Claim for a Child Caregiver
Q. When Dad became unable to care for himself, I moved in with him and cared for him for as long as I could. When his care needs increased, we had to place him in a nursing home. He lived there about a year, on a Medi-Cal subsidy, before he passed. Recently, I received a… Read More »
Plan Now for Trustee Succession
Q. I have a Living Trust. I am the original trustee and my children are the successor trustees. Do you have any thoughts about easing the transition of trustee duties from me to my children when the management of my finances has become too much for me? A. Yes. It is important for that transition… Read More »
Thinking Of Disinheriting A Child? Some Do’s and Don’ts
Q. Regretfully, our son has been a ne’er-do-well for some time. He has been only sporadically employed and would likely squander any inheritance on drugs. My wife and I are thinking of taking him out of our will and leaving everything to our other two children. Any thoughts about how we should go about doing… Read More »
Does My Trust Contain A ‘Poison Pill’ ?
Q. In previous articles you have written about the option of seeking a Medi-Cal subsidy to help pay for the cost of nursing home care if that need arises. I have a Living Trust. Are there provisions that I should include, or some that I should avoid, in order to facilitate Medi-Cal qualification down the… Read More »
The Reading of the Will
Q. My brother-in-law just died, and I expected the entire family to be invited to a formal reading of his will. So far, nothing has been set up. Does that sound right? A. Actually, yes it does. You have probably seen a number of old movies where, after a person’s death, his next of kin… Read More »