Q. Our grandson is graduating college and we would like to get him a gift which recognizes the beginning of his adult life and career. We thought of something of a “legal” nature and wondered if you have any ideas? A. Great thought and indeed I do. Why not arrange through your attorney to provide… Read More »
Posts Categorized: Retirement Planning
The ‘CARES ACT’ Allows You To Skip IRA MRD’s This Year
Q. What options would I have this year regarding my IRA Minimum Required Distributions, which I would normally take by year end? A. Good question. Here are three. While not intended as an exclusive list, they are top of mind for me: Option #1: Skip MRD’s Altogether This Year. This is a new option for… Read More »
Under the CARES Act, You May Be Eligible To Withdraw Up to $100k From Your IRA Without Penalty and “Maybe” Without Tax
Q. I hear that under the CARES Act, my wife and I may each be able to withdraw up to $100K from our IRA’s without penalty and without tax. Is that true? A. Well, not quite. Here’s the deal: Under the recently passed Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), Congress did recently… Read More »
Moving & Over Age 55 or Disabled? You May Be Able to Transfer Your Low Property Tax Rate
Q. My wife and I are considering selling our home and purchasing a replacement home in California to be closer to our children? I hear there may be some way to transfer our very low property tax to our replacement home. Do you know anything about this? A. Yes. If at least one of you… Read More »
Considerations When Setting Up & Managing Your IRA
Q. My IRA is a significant part of my assets, and I wonder if there are any special considerations when planning my affairs? A. Yes. Consider the following: Name Beneficiaries: Remember to name both primary and contingent beneficiaries. If you are married, the primary beneficiary would typically be your spouse, but name back-up beneficiaries as… Read More »
New Protections For Widowed Homeowners Facing Foreclosure
Q. I hear there is a new law which protects widows from losing their homes in foreclosure when a spouse dies. Do you know anything about that? A. Yes. I believe you refer to the new California law referred to as the “Survivor Bill Of Rights” (SB 1150), effective January 1, 2017. SB 1150 now… Read More »
Property Tax Loan Program Helps Seniors and Disabled Remain In Their Homes
Q. Our property taxes are due soon and we worry that we may not be able to pay them, as my wife and I had large care expenses this year. Are there any programs that we might turn to for help? A. Yes. California lawmakers have reinstated a program called the “Senior Citizens and Disabled Citizens… Read More »
IRS Now Endorses Annuity Inside Traditional IRA
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 »
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 Reverse Mortgage Rule Protects Younger Surviving Spouses From Foreclosure
Q. I hear that there is a new reverse mortgage rule that protects younger surviving spouses from being forced out of their home when the older spouse dies. Do you know anything about this? A. Yes, a new HUD reverse mortgage rule went into effect on August 04, 2014, and seeks to protect certain surviving… Read More »