By H. Amos Goodall, Jr., CELA
Procrastination is always a problem. Thinking about dying often makes us anxious. Still, there are six things to consider so that your estate is properly handled.
Your will controls only property in your estate. Certain property transfers automatically: most jointly owned property (called joint tenants with right of survivorship or tenants by the entirety), “payable on death” accounts, insurance proceeds, annuities and IRAs all usually go directly to the named beneficiary rather than passing through probate. These forms of ownership are generally less flexible than a will, and most are still taxable. More important, they are often outdated and inconsistent with your estate plan, and often less property gets held back to carry out your plan.
By Landon Hodges, Esq.
As part of the spending bill passed by Congress and signed by the President in December 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) is now law and is effective beginning January 1, 2020. This law makes major changes in the way required minimum distributions in IRAs and Roth IRAs are treated as you age and when they are inherited by your beneficiaries. Prior to the SECURE Act, all owners of an IRA were required to begin taking required minimum distributions (RMDs) from their IRAs once they attain age 70½. Once the account holder passed away, the RMDs a non-spouse beneficiary must take were determined based on the life expectance of the beneficiary. For example, if you designated a 40-year old child as a beneficiary of your IRA, he or she may stretch those RMDs across his or her life expectancy, which allowed beneficiaries to stagger the income taxes across a larger period of time while taking advantage of tax-free growth on the funds remaining in the IRA.
By: Tammy Zilske, Long-Term Care Planner, Certified Medicaid Planner™
“I’m going to burn down this house” my grandmother screamed at 1:00 a.m. after getting up for the third time that night.
Providing a week of much needed respite for my parents, my aunt and uncle were terrified, exhausted, and unprepared for how to help my grandmother. After years of caring for my grandmother, my step-grandfather brought her to Pennsylvania from Florida. In deteriorating health, he finally admitted he could no longer do the job. My family, as many families are when caring for someone with Alzheimer’s disease, was suddenly faced with a variety of challenges and unknowns.
Personality changes, anger, and aggression are all typical for someone suffering from Alzheimer’s disease. Caring for a loved one with Alzheimer’s disease or a related dementia can be very challenging and should not be underestimated. A caregiver can be equipped but must take some important steps.