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Every now and then go away, have a little relaxation, for when you come back to your work your judgment will be surer.
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Indulge Yourself...You Deserve It!
Whether it's time at the beach, hikes in the mountains, taking time to chill at home or to complete personal projects, summer is a great time for each of us to indulge in a little "all about me" time. I hope you are able to carve out some time this summer to enjoy things that energize you and make you smile.
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IRA Distributed to Beneficiaries is Not Protected
On June 12, 2014, the U.S. Supreme Court--in a unanimous decision--ruled that Individual Retirement Accounts (IRAs) inherited by anyone other than a spouse are not retirement funds and therefore are not protected from the beneficiary's creditors in bankruptcy.
The reasoning is, because the beneficiary cannot make additional contributions or delay distributions until retirement, it is not a retirement account. There is, in fact, nothing to prevent a beneficiary from withdrawing funds, or even clearing out the account, at any time. As a result, these funds must also be available to satisfy the beneficiary's creditors during bankruptcy.
Following the same logic, an inherited IRA is also subject to divorce proceedings.
This is not great news for parents who have planned to leave large IRA accounts to their children or grandchildren, with the desire to continue the tax-deferred earnings for many more years over their lives.
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Questions to Ask Before Making a Gift
for Long Term Care Planning
Many seniors consider transferring assets for estate and long-term care planning purposes, or just to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions of love and caring.
But some gifts can cause problems, for both the generous donor and the recipient. Following are a few questions to ask yourself before writing the check:
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Five Tips on Deciding Whether to
Buy Long Term Care Insurance
One of the most difficult decisions in long-term care planning is whether to purchase long-term care insurance (LTCI) and which of the wide variety of products to purchase.
On the one hand LTCI premiums are high, they may be raised in the future, and if you are purchasing policies in your 50s and 60s, the need is probably many decades in the future. On the other, many are saved by their LTCI, able to choose their own care setting rather than rely on what is covered by Medicaid in their state, more comfortable hiring necessary help if doing so doesn't mean dipping in to their savings, and able to protect an inheritance for their children and grandchildren.
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 Is It Time to Take Action?
Contact us and find out how easy it is to set your estate plan up. You'll sleep better at night knowing things are taken care of the way you want.
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Welcome!
Elizabeth Schmitz practices estate planning, probate and elder law. She guides families and individuals as they provide for themselves and their loved ones during all states of life.
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| Contact Information |
Elizabeth Schmitz, Attorney At Law
1900 Polaris Parkway, Suite 450
Columbus, OH 43240
614-785-4980
eschmitz@eschmitzlaw.com
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