Window of Opportunity: Convert Traditional IRA to a Roth IRA During 2010

Richard M. Morgan, JD, LLMRichard M. Morgan, JD, LLM
Morgan and DiSalvo, P.C.
Alpharetta, GA  30022
678-720-0750

Member of the national ElderCare Matters Alliance, Georgia chapter

Executive SummaryConverting your investments in traditional IRAs to a Roth IRA during 2010 can be an important planning opportunity for many tax payers.  This conversion allows you to move from a tax deferred environment into a tax free environment.  While this opportunity is normally open to those with income below a certain cap amount, during 2010 no such income cap exists.  Further, while such conversion is an income taxable event (but without any penalties), conversions during 2010 give you the option to defer the taxable income by recognizing 1/2 in 2011 and 1/2 in 2012.  (more…)


Tips to Make Downsizing Easier

Sally AllenSally Allen
A Place for Everything, LLC
Golden, Colorado
303-526-5357

Member of the national ElderCare Matters Alliance, Colorado chapter

If you or your parents are at the stage of life to consider downsizing, you’ve got a lot of company.  Nearly 40 million people in the United States, or 13 percent of the total population, were 65 or older in 2007, according to the U.S. Census Bureau.

As individuals live longer and families are often geographically dispersed, more elderly adults are faced with the trauma of relocating, often from a place they’ve called home for decades.  Every nook and cranny holds special memories.  The thought of leaving them behind can be overwhelming. (more…)


What to take when moving into assisted living

Marilyn EllisMarilyn Ellis
Lighthouse Organizers, LLC
Walnut Creek, California
1-866-379-6440

Member of the national ElderCare Matters Alliance, California chapter

Moving into an assisted living community isn’t the end of the road – it’s a new beginning.

While seniors might desire to stay in their homes, practicalities often dominate: hard to walk up stairs, inadequate bathroom, or the home is in disrepair or is too big or too costly to keep up.  Perhaps they have suffered an unexpected and permanent loss in function.  Moving in with you or having someone live with them may not be an option.

If you’ve neither visited an assisted living community nor done so in several years, you are in for a happy surprise.  They are nothing like the early 20th century horrors of a nursing home. (more…)


Answers to frequently asked questions about revocable living trusts

Scott Makuakane, JD, CFPScott Makuakane, JD, CFP
Est8Planning Counsel LLLC
Honolulu, HI  96813
808-587-8227

Member of the national ElderCare Matters Alliance, Hawaii chapter

What is a trust?

A trust is the legal relationship that is created when a person transfers property to a trustee with the understanding that the trustee will manage the property for the benefit of one or more beneficiaries.

The term “property” is used here in its broadest sense to include both real property – such as land and buildings – and personal property – such as bank accounts, stocks and bonds, and personal effects.

The person who transfers the property to the trustee is called a trustmaker.  This person is also known as a settlor, grantor, or trustor. (more…)


Who Pays for Long-Term Care?

Allen Kampf, RFCAllen Kampf, RFC
Wealth Advocacy Partners
Sparks, Maryland
410-527-1171

Member of the national ElderCare Matters Alliance, Maryland chapter

As a result of medical technology, we are definitely living longer.  When we continue living, we age; when we age, we need care.  It isn’t a question of who will care for you.  The question is, “What impact will that care have on your family – physically, emotionally and financially?” (more…)


Special considerations for seniors facing bankruptcy

Jonathan Ginsberg, JDJonathan Ginsberg, Esq.
Ginsberg Law Offices
Atlanta, Georgia
770-393-4985

Member of the national ElderCare Matters Alliance,
Georgia chapter


The recession of 2008-2009 has especially affected retirees whose fixed income investments no longer provide enough money to live.

For many retirees, credit card balances have increased the past several years and they can’t even afford the minimum payments.  Others make mortgage payments on homes that are now worth less than the total mortgage debt.  Selling and downsizing is no longer viable.

As an option to help retirees out of their financial troubles, bankruptcy is often met with ambivalence.  Moreover, and not surprisingly, to hardworking, industrious men and women, bankruptcy represents both a financial and a personal failure.

Complicating the issue, many retirees hide debt problems from their adult children, or they make ill-advised decisions, such as liquidating retirement plans, long before they meet with their legal or financial advisors.

But before you dismiss the idea of bankruptcy, let’s learn a little more about it. (more…)


The Probate Process – Connecticut's 6 steps can help you understand your state's procedures

Paul T. Czepiga, J.D.Paul T. Czepiga, J.D.
Czepiga Daly Dillman, LLC
Newington & Wethersfield , Connecticut
860-563-4070

Member of the national ElderCare Matters Alliance,
Connecticut chapter

 Editor’s note:  The following article about the probate process is a case study of the system in Connecticut.  Although not nati0nal in scope, the steps examined in this article may be useful when doing estate planning in whatever state you live in and for generating questions for your financial and legal advisors.

Many people believe it is important is avoid probate.  Some have heard that using a “living trust” avoids probate.  Others may have had a particularly bad experience with a probate court.

To understand why one might want to use or avoid probate, let’s first understand what the probate court’s role is in processing estates of decedents, sometimes called the estate administration process. (more…)


Estate Planning Tools to Transfer Assets After Death

Ben A. Neiburger, JD, CPABen A. Neiburger, JD, CPA
Neiburger Law, Ltd.
Elmhurst, Illinois
630-782-1766

Member of the national ElderCare Matters Alliance, Illinois chapter

Estate planning helps ensure your assets go to your desired beneficiaries after you pass away.  This article describes the tools, such as gifts, wills, beneficiary designations, trusts, and strategies that elder law attorneys use to create an estate plan. (more…)


Understanding Elder Law

Sanford J. Mall, JD, CELA

By Sanford J. Mall, JD, CELA
Mall Malisow & Cooney, P.C.
Farmington Hills, Michigan
248-538-1800

Member of the national ElderCare Matters Alliance, Michigan chapter

Elder law is a specialized area of law that focuses on assisting older individuals and those with disabilities preserve their dignity, protect their assets, and make good decisions despite increasingly complicated laws.  This specialty encompasses such areas as planning and paying for long-term care, asset preservation, housing options, disability planning, estate planning (including the use of financial and health care durable powers of attorney), and when necessary, the involvement of the probate court.

(more…)


Value of estate planning is lost to half the population

John StewartBy John Stewart
Director of Estate and Asset Services
American Cancer Society
1-877-227-1598

Member of the national ElderCare Matters Alliance, Georgia chapter

An estate plan aims to preserve the maximum wealth possible for the intended beneficiaries, while providing financial flexibility for the plan’s owners throughout their lives. 

Most Americans can benefit from estate plans, but more than half don’t have one in place.

(more…)


Recent Posts

Stay in Touch with Elder Care Matters

 Facebook  Twitter  Google Plus  Linked  Blogger

eNewsletter Sign Up

ElderCare Answers

If you need answers to your elder care questions, send your questions to us at:

Answers@ElderCareMatters.com

Answers are provided by our ElderCare Matters Partners, some of America's TOP Elder Care Professionals who have years of experience in helping families plan for and deal with a wide range of Elder Care / Senior Care Services.

All Q&A's are posted on the homepage of ElderCareMatters.com

ElderCare Matters Articles

ElderCare Matters Articles are useful and up-to-date Elder Care / Senior Care articles that are provided by our ElderCare Matters Partners to help you plan for and deal with your family's elder care matters.

If you help familes plan for or deal with elder care matters, then you owe it to yourself and to families across America to become a professional member of the National ElderCare Matters Alliance and to be listed on the many Elder Care / Senior Care Directories that are sponsored by this National Alliance of Elder Care Professionals.

ElderCareDirectories.com

For additional information about professional membership in the National ElderCare Matters Alliance, (including the many benefits of becoming one of our ElderCare Matters Partners) and to download an Application for your Basic, Premium or Partner Membership in the National ElderCare Matters Alliance, visit: ElderCare Matters Alliance.