THIS ARTICLE DESCRIBES THE RULES THAT APPLY TO IRA OWNER’S WHO DIED BEFORE JANAURY 1, 2020. FOR THE RULES THAT APPLY TO DEATHS AFTER 2019, CHECK THIS POST: THE SECURE ACT Initially, it is important to realize that IRA accounts are similar to life insurance policies in that you do get to designate a beneficiary … Read more
More than three years ago, I wrote about a class action lawsuit called Jimmo v. Sebelius, where the government agreed that the “failure to improve” standard should not be the deciding factor in terminating an individual’s Medicare skilled nursing benefit. When the case was settled in 2012, the Centers for Medicare and Medicaid Services (“CMS”) … Read more
When it comes to estate planning there is never a “one-size-fits-all” solution. There are many tools and the estate planner’s job is to determine which one makes sense for each person’s particular circumstances. When that person’s estate plan includes a beneficiary who is disabled, quite often the right tool is a “special needs” trust. Otherwise, … Read more
When President Clinton inked the Taxpayer Relief Act of 1997 on August 5, 1997, he dramatically changed the way home sales are taxed. Prior to the change, homesellers could delay paying tax on a home sale if they “rolled-over” the gain and purchased a more expensive home within 2 years of the sale. A separate … Read more
It used to be that only those with vast fortunes to protect considered a premarital agreement as part of their wedding plans. Now, however, it’s not just the Michael Jacksons and Lisa Presleys that are ironing out their financial obligations in the event of a divorce before they even take their marriage vows. Such steps … Read more