Depending on what kind of asset you inherit, you may have no taxes, a whopping tax bill, or something in-between. If you inherit a retirement account like an IRA or a 401(k), you’ll want to be especially careful, says U.S.…
Let’s start by defining a 529 plan. A 529 College Savings Plan is a special type of investment account created pursuant to Section 529 of the Internal Revenue Code and state law. At first, 529 plans were a popular way…
Buying a house on the beach, that can be rented out during the season to cover costs or even turn a profit, is a popular move for those with discretionary income and a flair for real estate. Investopedia’s recent article,…
The special needs trust, sometimes referred to as a supplemental needs trust, is a legal structure that manages the assets and may receive contributions from a variety of sources during the lifetime of the beneficiary, according to WTOP’s recent article,…
Medicaid was designed to allow people who are disabled or 65 and over with little or no assets, to obtain long-term care. For many middle-income families, Medicaid is a frightening concept. If the family does not have long-term care insurance…
While the age it begins is different for everyone, at some point during the senior years we start to lose some of our cognitive capacity. The problem is, that’s when our portfolios likely reach their peak: just when we’re not…
It is possible that a spouse may be responsible for the outstanding medical bills, depending upon what papers were signed when the person entered the hospital or other care facility. Generally, there are some items that a spouse might be…
Boomers are today confronting their own mortality, and that includes preparing to transfer their wealth to children and grandchildren. According to an article in Kiplinger, “Estate Planning Answers for 'Hard' Assets Like Art, Heirlooms,” this will be one of the…
The last thing anyone wants to think about when they are coping with the loss of a loved one is the complex and potentially disastrous tax situation that an inherited IRA presents. A recent article from U.S. News & World…
The typical picture of an Alzheimer’s patient, or someone suffering from any form of dementia, is of an older, fragile person who doesn’t seem to understand who they are or where they are. Recent research has uncovered several different health…