Transferring an ERISA account, like a 401(k), from one spouse to another can have substantial tax benefits, by delaying Required Minimum Distributions or avoiding early withdrawal penalties. However, one cannot simply transfer an account from one spouse to another under most circumstances without triggering adverse tax consequences. A Qualified Domestic Relations Order or “QDRO” avoids those adverse consequences. While a QDRO is most commonly used in a divorce context, divorce is not a … [Read more...] about QDRO: Not Just for Divorce Anymore
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Tax Reform and the Estate Tax
There’s a Republican blueprint for tax reform. Learn the general provisions of the plan and the uncertainties in it. Read on to learn more. … [Read more...] about Tax Reform and the Estate Tax
How Much Do Seniors Need to Have Saved for Healthcare?
Rochester Medicaid lawyers assist seniors in taking steps to make certain they can obtain healthcare services they need. Many older people have a mistaken belief that Medicare will cover all of the care that they require throughout the course of their retirement. Unfortunately, this is simply not true. Medicare has coverage exclusions for important services seniors may require. It also has co-insurance costs and premiums that can sometimes be difficult for retirees on a tight budget to … [Read more...] about How Much Do Seniors Need to Have Saved for Healthcare?
What is an Asset Protection Trust?
The term asset protection trust is generally used to describe a type of trust that is created for the purpose of providing protection for money, personal property, and/or real property. A trust of any type is created through the use of a legal document that follows formalities established under state law. The trust becomes the legal owner of property that is transferred into it. That property is managed by a trustee and used to provide for beneficiaries. Ownership and possession is bifurcated, … [Read more...] about What is an Asset Protection Trust?
What Do I Need to Apply for Medicaid?
What do I need to apply for Medicaid? This is a very important question, as you want to be prepared to submit your Medicaid application and you want to ensure your application is comprehensive so you can maximize your chances of approval. Medicaid can be one of the only options for getting medical services if you have low income, and Medicaid can be your only option for getting nursing home care covered if you need routine care, rather than specialized medical help. You don't want to have … [Read more...] about What Do I Need to Apply for Medicaid?
