Sam, Mary’s son and agent under her power of attorney, didn’t bother to seek legal advice after Mary entered a nursing home. “She only has $70,000. There’s nothing we can do”, he told his sisters. Six months later, with her funds exhausted, Mary sought Medicaid to pay for her nursing home care. To Sam’s shock
A Roth IRA does not have to be used as just a retirement plan; it can also be a way to transfer assets tax-free to the next generation. Unlike a traditional IRA, contributions to a Roth IRA are taxed, which means that the distributions are tax-free. Also, unlike a traditional IRA, you are also not
The story below illustrates the importance of including long-term care considerations as part of your retirement and estate planning. What happened to this unfortunate couple has sadly happened to many others and could happen to you and your loved ones also absent proper planning. Clarence and Elsie were the envy of all who knew them.
