Vol 5  Issue Five May 2011
In This Issue
Cashing In Big IRAs Can Cause Later Medicare Headaches
Online Estate Planning Forms?
Put Yourself In Charge!

 

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102 - Powers of Attorney

105 - Medicaid

107 - Putting It Together: Strategies
Greetings!

Read this issue and you might save a few bucks!

A couple of recent client issues generated this month's articles.

Cashing In A BIG IRA

Occasionally dumping a large IRA becomes a necessity in RAM Standingsome planning situations. Most folks know that the distributions are taxable as ordinary income. But did you know that it can also have an impact on Medicare premiums a couple of years later? Read below to find out more. It may not change your plans, but it is better to know and not be surprised.

LegalZoom and Online Forms

Who doesn't like to save money? But sometimes trying to save a few bucks can be one of the most expensive options. The old English caution not to be "penny wise and pound foolish" comes to mind. As you will soon find out, I am not a fan of online estate planning forms.

Before you think "of course Bob is not a fan, it must hurt his business" . . . think again. I haven't seen any drop in client activity as a result of online "competition." In fact, I usually end up with more work cleaning up a mess. I don't like them because there is great potential for harm.

Below, I take a look at some things you may want to think through before jumping into an online form.

Help My Friend

 

My friend Anthony Cirillo is a well-known seniors blogger. Who Moved My Dentures is really worth reading. Anthony is quite the entrepreneur, and he is in the process of developing a caregiver's application for iPads, iPhones and Androids. The idea is to give caregivers a wealth of useful information at their fingertips.

 

Anthony is in the development stage only and needs your input. If you are a caregiver who might be inclined to use such an application, please go take his survey . . . he wants your input on what you think would be useful . . . or not. It'll take but a moment.  Click HERE.

 

Thanks for reading!   

 

Bob sig


Bob Mason
Certified Elder Law Attorney
NC Board Certified Specialist - Elder Law
  

Certified by the National Elder Law Foundation, recognized by the American Bar Association as the certifying entity for specialization in  Elder Law.

Also certified in Elder Law by the North Carolina State Bar Board of Legal Specialization. 

BIG IRAs CAN MEAN BIG MEDICARE PREMIUMS 

 

WHAT?! 

 

What does cashing in an IRA, or perhaps converting to a Roth IRA, have to do with Medicare premiums? Maybe a lot . . . a lot of your money.

 

Occasionally a person going into a nursing home may have to cash in an IRA. In other situations converting a traditional IRA into a Roth IRA may make financial sense. At the right time and with the right advice these may be smart moves. But there can be a hidden cost that many advisors never think of.


 

 

   To read the rest of this article and to watch the video, please click HERE.

ONLINE ESTATE PLANNING: A BAD DIY MOVE 

 

Robert (he's the guy who defended OJ!) Shapiro's LegalZoom, an active seller of Wolf in sheep's clothingdo-it-yourself wills and other estate planning documents, is the target of a class action lawsuit in California charging that the company engages in deceptive business practices and is practicing law without a license. The lawsuit arose after an estate plan using LegalZoom documents fell apart.

 

Also, LegalZoom has been under orders not to sell any documents in North Carolina since 2008. The Cease and Desist letter advises LegalZoom that it is subject to prosecution if it continues to sell legal documents within the state.

 


 

 To read the rest of this article, please click HERE.  

 

What Can Mason Law Do For You?

 

You've worked hard all your life for what you have.  You're concerned about being left destitute by long term care costs.  You'd like to leave something of your hard work to your children.  You're tired of worrying about it all.

 

Maybe we've just described a parent. If so, you're concerned about your mother's or father's health care needs, you are busy and don't know where to start, your prime concern is making sure your parent's assets are used in the best way possible for their care.


We can help you.  Using state of the art mastery of complex trust, tax, testamentary, Medicaid, and VA law we can save you thousands, give you a sense of security and ease your troubled mind.

The Usual Disclaimer: This newsletter is for general information only. Please do not rely on anything you read in this email as definitive legal advice applicable to you. All situations are different, including yours. Nothing you read in this newsletter is a suitable substitute for professional advice you may receive from your attorney, your accountant, or your tax advisor.    All contents copyrighted 2011 by Mason Law, PC. Contents may be republished with written permission of Mason Law, PC (which permission will usually be given!).