An RMD and Tax Waiver Problem (Part 2)
In my blog post last week I laid out Mary’s problem trying to draw out the required minimum distribution for 2018 from her deceased aunt’s IRA. June died in November and had not yet taken the minimum necessary (RMD) to avoid a 50% penalty. The bank holding the IRA,
An RMD and Tax Waiver Problem -Part 1
Although New Jersey no longer has an estate tax we still have an inheritance tax and with it a tax waiver. Last week we received a call from Mary who had been appointed executrix of her Aunt June’s estate. June had not taken her required minimum distribution
Possible Long Term Care Insurance Legislation on the Horizon? (Part 2)
In my post last week, I talked about new legislation that is still in the drafting phase but that may be the next government attempt to provide a long term care benefit to Americans. The last attempt, known as the CLASS Act, was a voluntary program. This new program
Possible Long Term Care Legislation on the Horizon?
Just the other day I had someone ask me about the possibility of the government extending the Medicaid lookback from 5 years to 10 years. Since the last change in 2005 when the lookback went from 3 to 5 years (which change became effective in February, 2006)
More Numbers of 2019
In my blog post last week, I disclosed some of the important numbers that change year to year with respect to the Medicaid and VA Aid and Attendance programs that we work to obtain for many of our clients. Here are the rest of the important numbers
New Medicaid and VA Figures for 2019
The cost of living adjustment for 2019 for many of the government programs that affect our clients’ lives has been announced so here they are. For 2019, the Social Security Administration announced that Social Security recipients will receive an increase of 2.8%, which is greater
Raising a Grandchild (Part 2)
In last week's post I focused on an increasingly common family arrangement in which -for several different reasons - grandparents who expected to retire and live a more leisurely lifestyle instead find themselves caring for their grandchildren. This often starts as a temporary solution but
Raising a Grandchild (Part 1)
It is estimated that 2.7 million grandparents are raising their minor grandchildren in their homes. The reasons for this are varied. The birth parents may be unable to care for their children because of physical or mental illness, substance abuse, incarceration, homelessness, poverty, or unemployment. In many
The Hidden Costs of Transferring Your Home (Part 2)
In my post last week I told you about Joe’s call concerning the sale of his mother’s home. A few years ago she went to an attorney to prepare a deed transferring the home to Joe and his sister, but keeping a life estate for herself. A life estate
The Hidden Cost of Transferring Your Home (Part 1)
Joe sounded upset when he called us. His mother wanted to protect her home from the cost of long term care so a few years ago she transferred the house to Joe and his sister, keeping a life estate for herself. Now they want to sell the