Probate can be a somewhat costly adventure for the estate as an attorney is generally hired to help the executor through the process. The legal costs may range from 2-4% of the value of the probate estate. The probate estate consists of the value of all the assets owned in an individual’s own name as of the date of death. For this and many other reasons, families generally desire to avoid probate and the best way to accomplish this is for individuals to simply die not owning assets in their own name. This can generally be accomplished through the use...
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Barry Armstrong has more than 25 years of experience in the financial services industry and hosts WRKO's Financial Exchange program every weekday from 10 a.m. to noon. Barry also works with the independent financial professionals at Armstrong Advisory Group, which he founded himself, to serve individual investors and small businesses in New England. For the most up to date information on The Financial Exchange, as well as industry news and info, follow Barry on Twitter @BarryGArmstrong.
The Use of Irrevocable Medicaid Income Only Trusts
Question: Who would consider using these Medicaid irrevocable trusts?
Answer: While there is no hard and fast rule as to who can use these trusts, it is generally recommended to folks who have attained 60 years of age or older. In addition, you should consider using these irrevocable trusts if in fact one of your objectives in the estate and elder law planning world is to protect assets from the cost of long term care. In the event this type of asset protection planning is not important to you, then a revocable trust would...
Qualified distributions from Roth IRAs are tax free
A withdrawal from a Roth IRA (including both contributions and investment earnings) is completely tax free (and penalty free) if made at least 5 years after you first establish any Roth IRA, and if one of the following applies:
- You have reached age 59 ½ at the time of the withdrawal
- The withdrawal was made due to qualifying disability
- The withdrawal was made to pay for first-time homebuyer expenses ($10,000 lifetime limit)
- The withdrawal is made by your beneficiary or estate after your death
Tip: The 5-year holding period begins on...
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