Release of the income caps for the conversion of traditional IRA assets to Roth IRA assets has lead to a scurry of conversions. The catch is that if you took a tax deduction for your contributions to the IRA, you must now pay taxes on any monies you now transfer into a Roth IRA. The Roth is very popular and, generally, potentially a great deal because Roth IRA assets grow tax free and are distributed tax free. In addition, if you don’t need the money, you can keep the assets in the Roth for … [Read more...] about Should I Convert to a Roth IRA?
If you have an elderly loved one who is living on a fixed income, and also has regular monthly medical expenses, those expenses may be adding up quickly. If your loved one is lucky enough to have private healthcare coverage, then he or she is better off than many elderly Americans. Unfortunately, many of America’s elderly struggle with both the rising cost of healthcare and the increased need for medical services as a result of the natural aging process. Two government programs--Medicaid (called … [Read more...] about Help with Healthcare Costs — Medicaid (aka Medi-Cal) and Medicare
Grief and loss are things we must deal with as human beings many times throughout our lives. Mourning the loss of a loved one or pet is a universal human experience. The loss of a relationship caused by breakup or divorce, the loss of a family member or friend or the loss of a beloved pet causes all of us to go through the mourning process of dealing with grief and loss. In the late 1960s, Elsabeth Kubler-Ross published the seminal book, “On Death and Dying,” which outlined the five stages of … [Read more...] about The Universal Stages of Grief and Loss
Alzheimer’s disease is a form of dementia that one in eight older adults is predicted to develop. It is a degenerative disease, which means that the symptoms become worse with time. Contrary to popular belief, not all elderly adults develop the disease. According to medical studies, patients can live up to 20 years after symptoms develop, and the average patient lives up to eight years after developing symptoms. There is currently no cure for the disease, but there are several types of … [Read more...] about Understanding Alzheimer’s Disease
If you have taken the time to create a thorough estate plan, you are among the minority and are off to a good start. If you did not already include a funeral plan in your estate planning documents, you should consider doing so now. A death is, understandably, an emotional time for family members and loved ones. Even if you have verbally expressed your desires to them regarding your funeral, they may be too emotionally charged to remember everything. In addition, a written instrument that … [Read more...] about Creating a Funeral Plan