Is it ethical for an Elder Law Attorney to have his fees paid by a client’s daughter, while preparing documents that benefit that daughter?

Today’s Elder Care Matters Q&A discusses ethical behavior of Elder Law Attorneys

Question:  Is it ethical for an Elder Law Attorney to have his fees paid by a client’s daughter, while preparing documents that benefit that daughter: I found out that my sister is paying all of my dad’s legal fees, for an attorney to prepare documents for her to buy property from him at a very discounted amount, and also created an assignment of claims for her to sue another family member on my dad’s behalf, where she would be the one to benefit the most if they win.

My dad is 77 years old, in a rest home, and has signs of dementia. My dad told us she is paying “all” of the lawyers fees. 

Answer: This is a very complex issue that is not uncommon for Attorneys practicing in the area of Elder Law. Frequently a large portion of the interaction about an elderly Client’s matters are handled by a designated child or third party. This is just the reality of dealing with someone who has failed to plan properly and no longer has the energy or physical ability to actively participate in every step of the process. The payment of legal fees for someone else is also not uncommon. Children frequently pay for the planning and documents for their elderly parents because they are the ones who will be left to deal with the problems.

The question implies possible lack of capacity because he is 77 and showing signs of dementia. First capacity is generally a legal determination not a medical one, whether legal capacity exists depends also upon what they are doing, as there are many forms of capacity. Age or a diagnosis of an illness do NOT establish lack of capacity. Each type of legal capacity has set elements which must be met to determine capacity.

The disparity in treatment in types and amounts of bequests is also very common especially with the elderly. Unlike a younger couple who make equal distributions, the elderly frequently change that division. Whether it is because one child has spoken to them in 10 years, one child has been using them as the bank forever, one child loves them but sees them infrequently because they live far away, or one child lives nearby and does their shopping, takes them to all their doctor visits, helps them deal with matters they no longer wish to do; there are many reasons for an unbalanced division.

In my office, in most types of cases we make it clear from day 1 that we represent the senior not the children. As a matter of course, my office takes precautions to prevent actual or the appearance of undue influence or lack of capacity. So if the senior proposes a radical shift from prior plans, has received a diagnosis of dementia or other illness or shows signs of loss of cognitive ability, or if the family relation is volatile, then we provide letters for the senior’s physician to complete where the physician is required to give an opinion on the senior in regard to each of the required elements of capacity. At the time of the first meeting we always spend a good portion of the meeting with just the senior, and the attorney and a third member of the firm’s staff will take down notes and observations. At that point we asks questions designed to find factors suggesting potential undue influence, lack of capacity or a variance or uncertainty in regard to the senior’s distributive plan.

If we are comfortable that the senior has capacity and the plan presented is what the senior desires, then we will go forward with the plan but will also include specific separate written acknowledgements of any actual or appearance of conflict of interest, undue influence or lack of capacity which must be signed by the senior, other relevant family members, and usually a member of my firm.

So while on the face of it your facts appear to suggest some undue influence by your sister, I would talk to her or to your father and discuss your concerns. Perhaps the Attorney is skilled in the area and has taken proper safeguards to make sure the plan is what your father wants and is not being controlled by your sister. If you cannot resolve it directly, then you should immediately retain an experienced Elder Law Attorney to assist you in determining and implementing the appropriate action whether it is an out of Court resolution or to bring an emergency guardianship proceeding to prevent your sister from continuing any undue influence and to have the Court determine any document prepared to be of no effect. If there is evidence indicating that the prior Attorney knowingly assisted your sister in any improper conduct, then file the appropriate complaint before your State Attorney ethics Board.

Today’s Answer was provided by James C. Siebert, Esq., in Arlington Heights, Illinois.  Attorney Siebert is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

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Who may act as an agent under a Power of Attorney?

Today’s Elder Care Matters Q&A discusses the importance of selecting an Agent under Power of Attorney

Question:  Who may act as an agent under a Power of Attorney?

Answer: In general, an agent, or attorney in fact, may be anyone who is legally competent and over the age of majority.  Most individuals select a close family member such as a spouse, sibling or adult child.  However, any person such as a friend or a professional with an outstanding reputation for honesty would be ideal.  You may appoint multiple agents to serve either simultaneously or separately.  Appointing more than one agent to serve simultaneously can be problematic because if any one of the agents is unavailable to sign, action may be delayed.  Confusion and disagreement between simultaneous agents can also lead to inaction.  It is usually more prudent to appoint one individual as the primary agent and nominate additional individuals to serve as alternate agents if your first choice is unwilling or unable to serve.

Today’s Answer was provided by Nancy Burner, Esq., in East Setauket, New York.  Attorney Burner is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

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If a veteran is well can the spouse get VA Aid and Attendance benefits to help with home or assisted living care?

Today’s Elder Care Matters Q&A discusses VA benefits

Question: If a veteran is well can the spouse get VA Aid and Attendance benefits to help with home or assisted living care?

Answer:  The short answer is no. While the Veteran is living the claim is technically his and based on his health. However there is a very narrow sort of exception that can help a lot of families.

If the Veteran is over 65 he is considered “disabled” by definition and he might qualify for the base pension amount if the combined income of the husband and wife is below $1380 per month. With SS benefits and a small pension few couple’s combined monthly incomes are that low. Here’s where the Aid and Attendance application comes into play because the couple’s income is computed AFTER all unreimbursed reoccurring medical expenses. So say a couple has a monthly income of $3500 with private-in-home care costs of $2500 per month. Medicare premiums costs the couple $190 per month and other non-reimbursed medical expenses are $310 per month. What is left over for the Veteran and Spouse to live on is only $500 per month. If their non-exempt assets are low enough the couple will qualify for VA assistance. A home, one car and household goods are exempt assets. Technically the assistance would come from the Low Income Pension program and could be over $12,000 per year in this example. In 2010 the max allowed by the Low Income Pension program was $1291 per month or $15,493 per year for a veteran with a dependent spouse. These amounts change slightly from time to time.

In order for the Spouse’s assisted living or care expenses to be approved medical expenses, the Spouse must be examined by a doctor and Form 21-2680 must be filled out by the doctor and turned in with the Examination for Housebound Status or Permanent Need for Regular Aid and Attendance application Form 21-2680 with supporting documentation on the unreimbursed medical expenses.

If you call the VA about potential benefits you will be asked about the amount of your combined household income and if your combined income is above the maximum limit the VA will likely tell you that you are not eligible for any benefits. However because of the above referenced deductions you and your spouse are eligible!

A couple where one spouse is highly likely to enter a nursing home might be better served meeting with an elder law attorney to determine if they can qualify for Medicaid.

Working with a certified VA attorney is a good idea.

Today’s Answer was provided by Linda Farron Knapp, Esq., in Barnwell, South Carolina.  Attorney Knapp is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

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What can health care providers charge me to get copies of my medical records?

Today’s Elder Care Matters Q&A discusses what health care providers can charge you for copies of your medical records

Question: Are there limits to how much I can be charged by health care providers to get copies of my medical records?

Answer: In Virginia when a patient requests a copy of his or her own records, a “reasonable cost-based fee, which shall include only the cost of supplies for and labor of copying the requested information, and postage” shall be charged. Code of Virginia § 32.1-127.1:03 subsection J.

If your Attorney or others request your medical records, costs for copying and mailing are limited to 50¢ per page for each page up to 50 pages and 25¢ per page for the remainder, plus all postage and shipping costs and a search and handling fee not to exceed $10. Copies shall be provided within 15 days of such request. Code of Virginia § 8.01-413.

Today’s Answer was provided by Sheri R. Abrams, Esq., in Oakton, Virginia.  Attorney Abrams is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

#eldercarematters, #eldercare, #eldercareanswers, #seniorcareanswers,  #eldercaredirectories, #seniorcaredirectories, #findseniorcareprofessionals, #findseniorcareexperts, #elderlawanswers, #seniorcare, #seniorcarematters, #findeldercareprofessionals, #findelderlawattorneys, #findestateplanningattorneys


What are the Formal Requirements for a Will?

Today’s Elder Care Matters Q&A discusses the formal requirements for a Will

Question: What are the Formal Requirements for a Will?

Answer: A will is a legal written declaration of a person’s intention for the disposition of his or her property after his or her death. The requirements to make a will are different in each state. In Georgia, you need the following: – You, the maker of the will, must be at least 14 years old. – You must be of sufficient mind and memory to realize you are making a will disposing of your property. – You must know what property you own and who your beneficiaries are. – The will must be in writing. – The will must be signed by the maker of the will and witnesses by at least two witnesses in the special manner provided by law. These witnesses should not be persons who will receive property under your will. – The signing of the will must obey certain technical formalities. – You cannot write your will out on a piece of paper and sign it. This is called a hollographic will and it is not recognized in Georgia. If you try to take short cuts like this one, the probate court may treat you as having died without a will.

Today’s Answer was provided by Michelle Wilson, Esq., Founding Partner of  Wilson Legal in Cumming, Georgia.  Attorney Wilson is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

#eldercarematters, #eldercare, #eldercareanswers, #seniorcareanswers,  #eldercaredirectories, #seniorcaredirectories, #findseniorcareprofessionals, #findseniorcareexperts, #elderlawanswers, #seniorcare, #seniorcarematters, #findeldercareprofessionals, #findelderlawattorneys, #findestateplanningattorneys


“SNF” Doesn’t Stand for “Sunday Night Football” When Talking About Medicare and Medicaid

Today’s Elder Care Matters Q&A discusses an issue that may financially impact what you pay for long term care

Question: What does the acronym “SNF” stand for when talking about Medicare and Medicaid?

Answer: Can you believe that the average cost for a one-bedroom unit in an assisted living facility is nearly $42,000 a year in our country?

These long-term-care costs could knock even Rocky out of the ring.

With many Americans hitting retirement age, they may be concerned about how to plan for future financial needs. While there’s a lot of literature available about retirement saving, many seniors don’t accurately measure the significant cost of post-retirement medical care. They simply expect Medicare to cover the costs. However, Medicare is very strict as to the types of long-term care it covers. The program only covers stays in skilled nursing facilities and hospice care under certain strict circumstances.

The Deseret News recently published the article, “How to cover the cost of long-term care,” which reported that for skilled nursing facility (“SNF”) coverage a beneficiary is required to be admitted to a hospital for at least three days, then discharged with a condition that requires skilled nursing level care.

Medicare will cover all of the expense for the first 20 days of the stay. The program then charges a $161 co-pay for every day up to 100 days. Once a patient reaches 100 days, he or she must cover the entire cost after the initially covered 100 days. But if he or she is out of an SNF for more than 60 days, the coverage resets and they can be admitted for another 100 days after a three-day hospital admission. Simple, right?

Medicare covers most types of hospice coverage when a patient has received a terminal illness diagnosis and is not projected to live more than six months. This will encompass the patient’s medication, support services, and services such as grief counseling. Medicare will also pay for short-term hospital stays and inpatient care for caregiver respite. In addition to Medicare, the federal government also provides some coverage through Veterans Affairs (VA). But unlike Medicare and the VA, Medicaid can assist those seniors who qualify with most types of long-term care.

Medicaid is administered by the states, so the benefits and eligibility will vary. However, most of these programs are given incentives for administering alternative programs that let seniors stay at home or with a family member. If the beneficiary qualifies, family members providing their care may be certified as providers and reimbursed for their efforts by Medicaid.

One option for the proactive is purchasing long-term care insurance to cover the costs. However, if that coverage is too expensive because you’re late in buying a policy or you have pre-existing health issues, you should look at other options like Medicaid. If you go that route, you may need to transfer assets and income to trusts or family members. Speak with a competent elder law attorney before you make any moves.

Without a doubt, long-term medical care costs may be an issue for many in retirement. Start to plan early so you’re prepared.

Today’s Answer was provided by Patrick C. Smith, Jr., Esq., CELA, Founding Partner of  The Smith Law Firm P.C. in Augusta, Georgia.  Attorney Smith is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

#eldercarematters, #eldercare, #eldercareanswers, #seniorcareanswers,  #eldercaredirectories, #seniorcaredirectories, #findseniorcareprofessionals, #findseniorcareexperts, #elderlawanswers, #seniorcare, #seniorcarematters, #findeldercareprofessionals, #findelderlawattorneys, #findmedicaidattorneys


Am I Eligible for Medicare?

Today’s Elder Care Matters Q&A provides information about Medicare Eligibility

Question: When will I be eligible for Medicare?

Answer: At age 65, most individuals are eligible for Medicare coverage. The Medicare program is funded by taxes withdrawn from workers’ paychecks so most individuals receive Part A coverage free of charge. As of 2015, 84% of Medicare beneficiaries were 65 and older, and the rest were covered as a result of a disability. If you have a disability, you may be eligible for Medicare benefits even if you are younger than 65. The following is a breakdown of eligibility guidelines as outlined by Investopedia:

Eligibility at Age 65

• You receive full benefits at retirement age if you (or your spouse) have earned at least 40 credits.
• Each $1,260 earned = one credit. You can only earn a maximum of 4 credits per year. To receive the 40 credits, you need at least 10 years of work in which you earned at least $5,040 each year.
• If you are considering working past 65, it is advised to speak with a Medicare expert about the different choices available to you.

Eligibility for Spouses

• If your spouse had the required 40 credits and you’ve been married at least one year, you qualify for benefits.
• Same-sex couples qualify for spousal benefits if they live in the state where they were married or in another state that recognizes same-sex marriages, or if they are a civilian or military employees of the federal government. Investopedia advises that all same-sex couples should apply regardless, as the exact guidelines are vague.
• If you are divorced you may be eligible for spousal benefits if you were married for at least 10 years and are currently single.

Eligibility for Disability Benefits

• There are no published list of qualified disabilities and caseworkers evaluate each case individually.
• There is no difference in coverage between disability benefits and retiree benefits.
• You must first receive Social Security Disability for at least 24 months in order to qualify for Medicare.
• End stage renal disease (ESRD) and amyotrophic lateral sclerosis (ALS) are exceptions to the 24 month wait period rule. For individuals with ESRD, they can usually begin receiving benefits three months after a course of regular dialysis or a kidney transplant. For individuals with ALS, they can enroll in Part A and Part B Medicare as soon as they begin collecting Social Security Disability benefits.
• For those receiving Medicare disability benefits and returning to work, there is a nine-month trial work period. Beneficiaries can work and still receive full benefits during this time. The nine months do not have to be consecutive, and the trial period continues until you have worked for nine months within a 60-month period.
• When the nine month trial period ends, there is an extended period of eligibility. You qualify for the extended period for the next 36 months if you are not earning “substantial” benefits (over $1,130 per month or $1,820 if you are blind).
• Expenses such as transportation to work, mental health counseling, prescription drugs, and other expenses may qualify to be deducted from your monthly income, which may allow you to continue to qualify for benefits while earning more money.
• If you still qualify as disabled after the nine month trial, you can still receive free Medicare Part A benefits and pay the premium for Part B for at least 93 months after the trial period ends.

Medicare.gov has a eligibility and premium calculator that can help you see if you qualify for benefits.

Today’s Answer was provided by Brian Andrew Tully, JD, CELA, CSA, CLTC, Founding Partner of Tully Law, PC in Melville, New York.  Attorney Tully is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

#eldercarematters, #eldercare, #eldercareanswers, #seniorcareanswers,  #eldercaredirectories, #seniorcaredirectories, #findseniorcareprofessionals, #findseniorcareexperts, #elderlawanswers, #seniorcare, #seniorcarematters, #findeldercareprofessionals, #findelderlawattorneys


What is the purpose of a Special Needs Trust and when should a Special Needs Trust be established?

Today’s Elder Care Matters Q&A provides information about Special Needs Planning

Question: What is the purpose of a Special Needs Trust and when should a Special Needs Trust be established?

Answer: While you can certainly bequest money and assets to those with special needs, such a bequest may prevent them from qualifying for essential benefits under the Supplemental Security Income (SSI) and Medicaid programs.  However, public monetary benefits provide only for the bare necessities such as food, housing and clothing.  As you can imagine, these limited benefits will not provide those loved ones with the resources that would allow them to enjoy a richer quality of life.  But if parents leave any assets to their child who is receiving public benefits, they run the risk of disqualifying the child from receiving them. Fortunately, the government has established rules allowing assets to be held in trust, called a “Special Needs” or “Supplemental Needs”  Trust  for the benefit of a recipient of SSI and Medicaid, as long as certain requirements are met.

Generally, a Special Needs Trust should be established no later than the beneficiary’s 65th birthday. If you have a disabled or chronically ill beneficiary, you may want to consider establishing the Special Needs Trust at an early age.  One benefit of having the Trust in place is that if the disabled beneficiary become the recipient of funds such as gifts, bequests or a settlement from a lawsuit they can immediately be transferred to the Special Needs Trust without affecting that individual’s eligibility for government benefits.

Today’s Answer was provided by Jeffrey M. Janeiro, Attorney at Law, with The Law Office of Jeffrey M. Janeiro, P.L. in Naples, Florida.  Attorney Janeiro is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

#eldercarematters, #eldercare, #eldercareanswers, #seniorcareanswers,  #eldercaredirectories, #seniorcaredirectories, #findseniorcareprofessionals, #findseniorcareexperts, #elderlawanswers, #seniorcare, #seniorcarematters, #findeldercareprofessionals, #findelderlawattorneys, #findspecialneedsattorneys


How Often Should You Update Your Will or Estate Plan?

Today’s Elder Care Matters Q&A provides guidance regarding how often you should update your Will or Estate Plan

Question: How Often Should I Be Updating My Will or Estate Plan?

Answer: You should update your estate plan every 3-5 years on average. This should take place sooner if you experience significant life-changing events such as:

  • Marriage: If you marry someone, this is invariably going to affect your estate plan. A marriage is one of the most important life events, and you want to make sure your spouse is properly accounted for according to your wishes.
  • Divorce: Like marriage, this is one of the most significant life events, albeit a more unpleasant one. You want to make sure you adjust your plan so that your ex does not end up receiving more than you intended
  • Bearing children: If you have more children or even if you end up welcoming stepchildren into your life, you you may want to set up trusts or other arrangements to make sure they are provided for.
  • Dealing with family deaths: If a family member dies before your estate plan would kick in, then you should revisit your plan and remove the deceased person.
  • Acquiring significant property: If you buy a house, inherit property, or encounter some kind of windfall, then you would want to add this to your plan, deciding who it would go to.
  • Starting or dissolving a business: Your estate plan should specify what happens to the business if you are unable to make business decisions, are incapacitated, or die. This can avoid a lot of chaos down the line.
  • Moving between states: Anytime you move, chances are high that your assets and financial arrangements may change or shift. In addition different treatment of assets in different states can complicate matters. It is best to speak with an attorney if you move to a different state or acquire property in other states.

These are just some of the most common reasons to more frequently revisit your estate plan. If you maintain regular communication with your estate planning attorney, he will alert you when you should sit down and look at it again.

Today’s Answer was provided by Don L. Rosenberg, Attorney and Counselor, with Barron, Rosenberg, Mayoras & Mayoras, P.C. in Troy, Michigan.  Attorney Rosenberg is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

#eldercarematters, #eldercare, #eldercareanswers, #seniorcareanswers,  #eldercaredirectories, #seniorcaredirectories, #findseniorcareprofessionals, #findseniorcareexperts, #elderlawanswers, #seniorcare, #seniorcarematters, #findeldercareprofessionals, #findelderlawattorneys, #findestateplanningattorneys


IRS Now Allows IRA Distribution Deferrals

Today’s Elder Care Matters Q&A is about the IRS’s recent decision to permit Seniors to defer taking Minimum Required Distributions

Question: Has the Internal Revenue Service changed its policy about annual minimum required distributions from retirement accounts such as IRAs and 401Ks?

Answer: Required minimum distributions from retirement accounts such as IRAs and 401Ks have been problematic for many seniors who do not necessarily need to take money out of their accounts to meet their expenses. The rules have required seniors to withdraw minimum amounts from their retirement accounts beginning at age 70½ based on their life expectancies as determined each year by complicated IRS charts.

However, as Smoke Signals reports in “A new, liberating IRA option is available,” seniors now have the choice to take lower amounts out of their retirement accounts.

The new policy allows account holders to defer up to $125,000 or 25% of the total amount in their accounts, whichever is lower. The amount deferred does not factor into the required minimum distribution calculation.

The deferment can be taken until age 85, but the money must be placed in a qualified longevity annuity contract as the only premium payment of that annuity. The money placed into the annuity will continue to grow and payments will be made on the annuity when the deferment age is reached.

For seniors who do not need to take money out of their retirement accounts, this new option allows them to continue to increase their income if they wish to preserve those accounts as part of their estates or if they anticipate living longer and might need the money later.

Today’s Answer was provided by Scott A. Makuakane, Esq., CFP, Founder of  Est8Planning Counsel LLLC in Honolulu, Hawaii.  Attorney Makuakane is a Partner Member in the National ElderCare Matters Alliance.

21 “Mobile Friendly” Elder Care / Senior Care Directories

If you need help in planning for and/or dealing with this issue or with any Elder Care / Senior Care matter, you can find the professional help you need in one of the following 21Mobile Friendly” Elder Care / Senior Care Directories. These Elder Care / Senior Care – specific Directories are sponsored by the National ElderCare Matters Alliance, an organization of thousands of America’s TOP Elder Care / Senior Care Professsionals who help families plan for and deal with a wide range of Elder Care Matters.

#eldercarematters, #eldercare, #eldercareanswers, #seniorcareanswers,  #eldercaredirectories, #seniorcaredirectories, #findseniorcareprofessionals, #findseniorcareexperts, #elderlawanswers, #seniorcare, #seniorcarematters, #findeldercareprofessionals, #findelderlawattorneys, #findestateplanningattorneys


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