Choosing beneficiaries for your retirement accounts is different from selecting beneficiaries for your other assets like life insurance. With retirement benefits, you must know the influence of estate tax and income tax laws in order to choose the suitable beneficiaries. Though, taxes should not be the only determining factor in naming your beneficiaries, as ignoring the influence of taxes could result in making a wrong choice.
Additionally, if you are married, designation of beneficiary might affect the size of required...
Read More
Blog
16 Mar
Off
How can an Elder Law Attorney assist in Medicaid Planning?
We work our entire life to experience life and at the same time save for our retirement and beyond. What happens when we realize we may outlive those assets? It is time to plan for housing and care in the context of Medicaid Law. I work alongside a Life Care Planning agency to plan for best care and lifestyle and help you understand how to use your assets wisely and how to apply for available benefits without becoming impoverished.
Who...
Read More
Read More
14 Mar
Off
2018 Reference Guide
IRAs & Qualified Plans
Contribution Limits
IRA or Roth IRA contribution limit$5,500
IRA or Roth IRA catch-up (age 50 or older)$1,000
Traditional IRA deduction phaseout
Participants in a retirement plan
Single$63,000 - $73,000
Married filing jointly$101,000 - $121,000
Married filing separately$0 - $10,000
Spousal IRA$189,000 - $199,000
Roth IRA phaseout
Single$120,000 - $135,000
Married filing jointly$189,000 - $199,000
Qualified Plans
Elective deferrals to
401(k), 403(b), 457, and SARSEPs$18,500
Catch-up contribution (age 50 or older)$6,000
Defined contribution plan limit
(Section 415(c)(1)(A))$55,000
Defined benefit plan limit
(Section 415(b)(1)(A))$220,000
Simple IRA & SEP IRA
SEP IRA contribution limitLesser of $55,000 or 25% of compensation
SIMPLE...
Read More
Read More
05 Mar
Off
2018 Social Security Reference Guide
Social Security encompasses retirement benefits, disability
benefits, and is intertwined with Medicare benefits. This guide
focuses on Social Security retirement benefits, the most common
association of the term Social Security. There are currently
more than 50 million people receiving Social Security retirement
benefits (i.e., Old Age and Survivor Insurance or OASI).
Social Security Employment Tax
While you are working, you and your employer each pay 6.2%
(7.65% each including Medicare). Social Security taxes are paid
on the first $128,400 of income (2018).
Minimum Eligibility Requirements
In order to qualify for...
Read More
Read More
26 Feb
Off
2018 Medicare Reference Guide
Medicare is a government-run health insurance system for Americans over 65 years old or disabled. The system is funded through employee and employer payroll contributions and provides coverage for portions of certain health care costs, depending on level of coverage selected.
While Medicare Part B premiums are unchanged from 2017, and Part D premiums have been lowered from 2017, changes under the Medicare Access and CHIP Reauthorization Act of 2015 has meaningfully lowered the income brackets determining Medicare Part B and Part...
Read More
Read More
19 Feb
Off
2018 Long-Term Care Reference Guide
Long-term care (LTC) planning is a significant concern for many
people across a broad range of demographics. The personal
nature of health care, the inability to predict how much care will be
needed in the future or how the care will be delivered, and longer
life expectancies can make for a challenging and sometimes
uncomfortable planning topic. Furthermore, costs for custodial
care are not covered by Medicare or traditional health care
insurance. As such, early planning and an effort to coordinate the
issue with other important financial...
Read More
Read More
13 Feb
Off
Potential Advantages and Disadvantages of Guardianship Proceedings
Guardianship is essential for adults who are unable to make decisions on their own behalf and do not have Powers of Attorney to avoid guardianship, and for some minors. Individuals under guardianship are called “wards”. The court will name a guardian for making decisions on the behalf of a ward and/or managing the finances of the ward. For children, a guardian is generally, but not always, a parent. For adults, a guardian might be a parent, spouse, child, friend...
Read More
Read More
05 Feb
Off
The Importance of Using an Irrevocable Trust in Medicaid Planning
People often wonder about the importance of utilizing an Irrevocable Trust in Medicaid Planning. Undoubtedly, the gifting of assets can be done outright. So, why confuse things with a trust? The answer is that the gift transaction costs are only a portion of what needs to be considered. Many significant advantages that can result from gifting in trust are forfeited by the outright gifting. These advantages show the importance in utilizing Irrevocable Trusts in Medicaid and asset protection planning.
The...
Read More
Read More
02 Feb
Off
Consult An Attorney If You Want to Modify Your Will
An attorney can help you to make a legally binding Will so you have control over who receives your assets when you pass away. Life happens and in some situations, you may wish to change beneficiaries, distribution amounts, or more. You are able to create as many Wills as you choose, but only the most recent Will prior to your death is valid. One must make sure they have identified the person whom you want to control the distribution...
Read More
Read More
29 Jan
Off
The Importance of an Attorney to Protect Your Assets
Asset protection is a strategy to keep your property safe from being taken by someone who it was not intended for to receive the assets. In order to successfully protect your assets, asset protection planning is essential even before a lawsuit initiates. A comprehensive asset protection plan integrates the goals of protecting both your short-term and long-term financial goals plus your estate planning goals.
Actually, asset protection plans are a helpful forerunner for making a comprehensive estate plan. With my...
Read More
Read More
