Richard M. Morgan, JD, LLM
Morgan and DiSalvo, P.C.
Alpharetta, GA 30022
Executive Summary: Converting 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…)
A Place for Everything, LLC
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…)
Lighthouse Organizers, LLC
Walnut Creek, California
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…)
Scott Makuakane, JD, CFP
Est8Planning Counsel LLLC
Honolulu, HI 96813
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…)
Allen Kampf, RFC
Wealth Advocacy Partners
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…)
Jonathan Ginsberg, Esq.
Ginsberg Law Offices
Member of the national ElderCare Matters Alliance,
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…)
Paul T. Czepiga, J.D.
Czepiga Daly Dillman, LLC
Newington & Wethersfield , Connecticut
Member of the national ElderCare Matters Alliance,
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…)
Ben A. Neiburger, JD, CPA
Neiburger Law, Ltd.
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…)
By Sanford J. Mall, JD, CELA
Mall Malisow & Cooney, P.C.
Farmington Hills, Michigan
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.
By John Stewart
Director of Estate and Asset Services
American Cancer Society
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.
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