SECURE Act Forces Updates to Stretch IRA Trusts
In a previous post, we explored the SECURE Act and how it affects inherited retirement accounts. Before the SECURE Act, retirement beneficiaries could spread out taxable distributions from the account over their lifetime. In fact, the government, at a minimum, [...]
Medicaid Penalty for Transfers Less than Fair Market Value
For Louisiana families who cannot offset long-term care costs with their income, Medicaid often becomes necessary. Once a family depletes assets below a certain level, the person needing long-term care becomes eligible for Medicaid. Typically, families deplete their resources by [...]
2020 Louisiana Long-Term Care Medicaid Asset Eligibility Limits
Medicaid Planning helps many Louisiana families achieve asset protection against long-term care costs. This strategy often utilizes Trusts which hold assets in excess of preset Medicaid eligibility Limits. When the Trust owns assets, those assets don't count against the planner's [...]
With the SECURE Act, Paying Tax on IRAs Early May be a Sensible Approach
In a previous post, I examined how the SECURE Act potentially creates greater taxes for retirement beneficiaries. Acknowledging this, is there any strategy that minimizes the tax your family ultimately pays on pre-tax retirement accounts? While we cannot eliminate the [...]
Naming Alternate Beneficiaries for Children Without Descendants
As Louisiana residents enter their twilight years, it’s no surprise that many begin to think about planning for their legacy. When determining how their estate should be divided upon their demise, the decision is fairly straight forward for most. Divide [...]
How the SECURE Act Increases Taxes for Many IRA Inheritors
With Congress passing the SECURE Act, my Louisiana Estate Planning clients worry how this affects their family's retirement. Specifically they worry how it will impact their taxes. In short, the SECURE Act creates a climate where individuals who inherit pre-tax [...]
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