Most folks know that an IRA can provide you with a financial underpinning during your retirement years. However, did you know that you can also use an individual retirement account as part of your estate plan. Let's start by looking at the two types of IRAs - traditional and Roth. A traditional individual retirement account is funded with pretax earnings. One can begin taking penalty-free distributions from the account when you are 59.5 years of age. Because you didn’t pay taxes on the funds … [Read more...] about Estate Planning with IRAs: Traditional v. Roth
Retirement Planning
How to Protect IRAs Left to Your Beneficiairies
A recent U.S. Supreme Court decision, Clark v. Rameker, will have big implications for clients. In the Clark case, the Supreme Court held that, while a person’s own IRA can be protected in the case of bankruptcy, the court has determined that an inherited IRA cannot, at least when it is inherited by someone other than a spouse. While that is big news for those who have already inherited an IRA, it is a call to action for those planning to leave one behind. Being aware of the consequences of … [Read more...] about How to Protect IRAs Left to Your Beneficiairies
Don’t Count on Medi-Cal For Long-Term Care
The growing number of baby boomers reaching retirement age has caused many people to re-examine their retirement plans in light of long-term care costs. As people age and their needs change, many of them have to go into a nursing home or assisted living environment to receive necessary care and assistance. What many people don’t realize is that the costs associated with such long-term care are usually something they have to pay for out of their own pocket. Unless you are able to qualify for … [Read more...] about Don’t Count on Medi-Cal For Long-Term Care
Some Simple Preparations Can Help You Choose the Right Retirement Home
If you have decided it’s time to move to a retirement home or you are just thinking about it, there are some practical steps you can take to help make choosing the right home a lot easier. Investigating each elder care facility you are thinking about does not take a lot of effort, but you will want to have a plan in place. Here are several tips you can use to help get you started. Make several visits. Start by creating a list of all the retirement homes you think match your needs and budget. … [Read more...] about Some Simple Preparations Can Help You Choose the Right Retirement Home
Choosing an Elder Care Facility: The Next Step
Following up on our recent blog post about nursing homes, assisted living facilities, and independent living centers and the differences between them, let’s take some time to look at the next step you should take when investigating eldercare facilities in your area. Once you’ve decided on the level of care you need and know what you can afford, you should then begin investigating potential facilities that meet your needs. Here is what you can do. Visit in Person You definitely want to visit … [Read more...] about Choosing an Elder Care Facility: The Next Step
Boomers Leaving, and Selling, Their Businesses
While many baby boomers have chosen to stay in the workforce longer, often because they don’t have the money to retire yet, others are choosing to get out while the economy is doing reasonably well. This is especially true of baby boomers with small businesses. A new survey from Pepperdine University shows that retirement was the number one reason why the sale of businesses increased dramatically from 2012 to 2013. One study shows that there was a 56% rise in the sale of businesses during the … [Read more...] about Boomers Leaving, and Selling, Their Businesses
Estate Planning for Single Retirees
Despite the prevalence of commercials featuring frolicking senior couples enjoying their golden years together, either on a beach or at an assisted-living facility – which, in the commercials, appears as though it is a fantastic resort where the fun never stops – without a care in the world, the reality is much different. Many retirees are newly single, due to divorce or death, and many have never married, yet these people still needed to have a plan for retirement. With an average lifespan … [Read more...] about Estate Planning for Single Retirees
