IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Retirement Planning
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
Medicare Eligibility Age May Go Down
Elder law attorneys pay close attention to potential legislative changes that impact senior citizens, and there is something major brewing at the present time. If this proposed change becomes a reality, many older Americans will celebrate. Medicare Eligibility The Medicare program was originally established in 1966, and the eligibility age has been 65 every step of the way. We should point out the fact that you do not automatically qualify for Medicare when you reach this age. When you work … [Read more...] about Medicare Eligibility Age May Go Down
Secure Act 2.0: More Potential IRA Changes
An individual retirement account can give you some additional resources to draw from during your senior years, and if you don’t need the money, it would be part of your estate plan. There were some changes to the IRA guidelines implemented for 2020 due to provisions contained within the SECURE Act. In October of 2020, a new piece of legislation with bipartisan support was introduced that is being called SECURE Act 2.0. This measure would make additional changes to IRAs and 401(k)s. We will … [Read more...] about Secure Act 2.0: More Potential IRA Changes
A Look At 2021 Medicare Cost Increases
In a recent post, we shared information about the Social Security cost-of-living increase and some other updated parameters for that program. We stated that we would pass along the new Medicare numbers when they became available, and that time is upon us. Four Part Program Medicare is broken up into four distinct parts, and they correspond to the first four letters of the alphabet. Part A is the hospitalization coverage, and Part B pays 80 percent of costs associated with covered treatments … [Read more...] about A Look At 2021 Medicare Cost Increases
2021 Social Security Updates Have Been Released
We help seniors prepare for the eventualities of aging, and for most people, Social Security is a very important piece of the retirement puzzle. Each year, relevant dollar amounts are reassessed in light of the current Consumer Price Index that is maintained by the United States Department of Labor. The figures for 2021 have been released, and we are going to take a look at them in this post. Medicare and Medicaid have not made their updates available yet, but we will share that information … [Read more...] about 2021 Social Security Updates Have Been Released
Social Security Retirement Benefits
The days of counting on Social Security Retirement benefits to fund the majority of your retirement are long gone. Nevertheless, most people are still counting on those benefits as part of their retirement income. If that includes you, a Rochester retirement planning attorney at the Law Office of Michael Robinson, P.C. wants to make sure you know what to expect from the Social Security Retirement System. The Birth of the Social Security Retirement System Social Security was established in 1935 … [Read more...] about Social Security Retirement Benefits
For Boomers, Retirement Statistics May Come as a Surprise
The first members of the baby boomer generation have already reached retirement age, and millions of them will get there over the coming decades. As more people grow older and the number of senior citizens balloons, many retiring boomers are unprepared for the reality of retired life. Here are some numbers that may prompt you to think about issues you might have put aside for too long. Your income will decrease. Retirement means a life of leisure and enjoyment, but it also means a time … [Read more...] about For Boomers, Retirement Statistics May Come as a Surprise
Have a Plan When You Look at Nursing Homes
After deciding that transitioning to a nursing home or elder care facility is the right choice for you, you need to take a little time to plan how you want to select the appropriate facility. While matching the right type of facility to your needs is paramount, you’ll also want to make sure that you get to know the facilities closely enough so that you can make an informed decision. Here are a couple of tips to help you do that. Tip 1: Make a list of questions. Start your process by … [Read more...] about Have a Plan When You Look at Nursing Homes
Retirement Home Basics: The 4 Main Types of Elder Care Facilities
The time may come when you decide it’s best to transition to a retirement home environment. But before you begin looking at individual homes, it’s a good idea to gain a basic understanding of the types of elder care facilities that are available. Each different type will offer specific amenities and services, and you will want to match your needs and desires with those offered by the appropriate type of facility. Independent Living These retirement homes give seniors the opportunity to live as … [Read more...] about Retirement Home Basics: The 4 Main Types of Elder Care Facilities
