Blog Archives

An RMD and Tax Waiver Problem (Part 2)

                In my blog post last week I laid out Mary’s problem trying to draw out the required minimum distribution for 2018 from her deceased aunt’s IRA.  June died in November and had not yet taken the minimum necessary (RMD) to avoid a 50% penalty.  The bank holding the IRA, however, has refused to allow […]

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An RMD and Tax Waiver Problem -Part 1

       Although New Jersey no longer has an estate tax we still have an inheritance tax and with it a tax waiver. Last week we received a call from Mary who had been appointed executrix of her Aunt June’s estate. June had not taken her required minimum distribution (RMD) amount for 2018 from […]

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The Problem with IRAs – The Solution

            So, what is the solution to Bill’s IRA problem from last week?  He has $1.2 million in IRA money and doesn’t want to risk losing it all to long term care if he gets sick.  But protecting it by moving it to a trust will cause him to pay a lot in income taxes.  […]

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The Problem with IRAs – Part 2)

            Last week I was explaining the problem with IRAs and long term care.  If you need care at $125,000 per year or more but want to protect your IRA, what are your options?  It’s always easiest to illustrate by way of an example.             Bill has an IRA worth $1.2 million and he doesn’t […]

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Some Long Term Care Insurance Options You Probably Never Heard Of (Part 2)

                Last week I told you about Jim and Judy who had passed on the opportunity to buy long term care insurance years ago and are now too old to get it.   I told Jim that there are some options available to him and Judy, even now while in their late 70’s.                 Jim told […]

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