For most people, thinking about estate planning means focusing on what will happen to their money after they pass away. But that misses one pretty significant consideration: the need to plan for long-term care.
The last thing any of us want to contend with when a health issue arises later in life is having to throw together a hasty estate planning solution in the face of mounting medical costs. Your best defense is careful planning with the help of a trusted expert.
Your home is where you should feel the most comfortable. It’s where you and your loved ones have made the most memories, and where you likely envisioned spending the rest of your life. As we get older, however, it can become more difficult to live independently. Our senses, our minds and our bodies aren’t what they used to be — making even the simplest household tasks more strenuous and dangerous. Because we value our independence and want to continue living in the homes we’ve known for so long, it’s imperative for seniors to understand how to continue living safely on their own.
The IRA charitable rollover provisions provide an important giving opportunity for retirees who are charitably inclined. This is particularly following the recently passed Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Because the Tax Act will significantly reduce the number of taxpayers who itemize, and so fewer taxpayers will benefit from a charitable deduction for annual giving. However, the IRA charitable rollover provisions allow some retirees to receive a tax benefit for their generosity, regardless of whether they itemize deductions or not.
“The Tax Cuts and Jobs Act makes sweeping changes to the tax code, but few directly impacting retirement benefits.”
Now that the new tax law has passed, it is time to consider how it will affect your retirement benefits. The new law eliminates Roth recharacterizations and may make qualified charitable distributions even more popular, according to Natalie Choate in “What the Tax Cuts and Jobs Act Means for Retirement Benefits.”
