Retirement Watch Weekly
Knowing What to Review Your Estate Planning Strategy
Congress still is dithering and debating what the estate tax will be after 2010. That’s no reason for you to procrastinate and delay starting a plan if you don’t have one or taking a look at your existing plan. There could be many dangers and pitfalls other than taxes lurking in your plan, and with […]
Charitable Gifts from IRAs
Senior IRA owners had a special tax rule for charitable contributions the last few years. A transfer directly to a charity from an IRA owned by someone 70½ or older wasn’t included in the owner’s gross income. There was no deduction, either. The provision expired at the end of 2009. Congress plans to extend this […]
Avoiding the Latest Medicare Scams
The Medicare open season, officially called the Annual Coordinated Election Period, is coming up. From Nov. 15 – Dec. 31 those eligible for Medicare can enroll, disenroll, and switch Medicare plans. Following that is the General Enrollment Period from Jan. 1 – March 31 when anyone eligible for Medicare can enroll. Medicare fraud is around […]
Paying for the Roth IRA Conversion
The obstacle for many people who are thinking of converting their traditional IRAs to Roth IRAs is the cost of the conversion. You have to include the converted amount in gross income as though it were distributed to you. The amount, after deductions, will be taxed at your ordinary income tax rate. As we discussed […]
An Alternative to an IRA Conversion
There’s an alternative to the IRA conversion. It works well for people who are using the IRA mostly for estate planning, don’t plan to take contributions during their lifetimes, and want to give substantial amounts to both charity and their families. When those are your goals, consider a charitable remainder trust instead of an IRA […]
Knowing When to Revise Your Estate Planning Strategy
What do Gary Coleman and Dennis Hopper have in common, other than being recently-deceased actors? Each left behind messy estate problems because he didn’t update his plan. It looks like attorneys will receive a nice piece of each estate and of the bank accounts of the contending heirs. You can find details in mainstream media, […]
Finding the Best Long Term Care Insurance Policy
Many people in or near their silver years know they should own long-term care insurance, but there are several hurdles the policies haven’t cleared with them. Fortunately, there is a short cut solution to clearing most of these hurdles. There are several common reasons people don’t buy LTCI: Policies have a history of sharp premium […]
Preparing for Medicare Advantage Changes
Medicare Advantage members soon will feel direct effects from the new health care law. This fall they may need to shift their coverage, and they should begin preparing now. Medicare Advantage plans are run by private insurers. The insurers receive a fixed amount per member from Medicare, and the payment is higher than the cost […]
