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If you have clients with old tax-deferred annuities that have substantial appreciation, the time for those clients to convert is now!
As a result of certain provisions within the Pension Protection Act of 2006, which went into effect this year, clients who convert old tax-deferred annuities into new tax-deferred annuities which contain riders for long-term care benefits can avoid paying income taxes on any of the gains - if the new tax-deferred annuity is used to pay long-term care expenses.& ...
As we all know, the Worker, Retiree, and Employment Recovery Act of 2008 ("WRERA") temporarily suspended required minimum distributions ("RMDs") in 2009. Thus, many taxpayers chose not to take a RMD in 2009. However, in 2010, the RMD is back, and taxpayers required to take a distribution for 2010 must take it by the end of the year.
Assuming that a taxpayer did not take a RMD in 2009 as a result of WRERA, does the taxpayer have to calculate the 2010 RMD in a different manner? ...
When trying to pre-plan with tax-qualified funds, whether the planning is for Medicaid or VA benefits, we all know that the primary goals are to get rid of excess assets, while minimizing tax liabilities. A balance must be created between program eligibility and tax consequences, a task with which very little text and guidance is provided in order to accomplish. In a handful of states, retirement funds owned by an ineligible spouse or even an institutionalized individual are simply ...
According to a recent article in the New York Times, as a result of a Congressional lapse, the descendants of the 74th wealthiest person in the world were able to receive his entire estate, free of any federal estate tax.
Dan L. Duncan, a Texas natural gas tycoon, died in March of 2010. Had his life ended in 2009, his estate, estimated a $9 billion, would have been subject to a federal estate tax of at least 45%. In 2011, the rate would be even higher - 55%. Instead, b ...
My prior post, Determining the Maximum Allowable Pension Rate: Part I, outlined the maximum monthly benefit amount for a veteran with a spouse, a single veteran, or a single surviving spouse of a veteran; and the rating of the particular claimant. As most VA practitioners know, the VA pension benefit will range from zero dollars up to the category's maximum allowable pension rate ("MAPR"). However, I did not go into detail as to the calculations used to determine the anticipated pe ...
Several of the most popular inquiries I typically receive in the Ask Dale section of this web site revolves around the community spouse Medicaid Compliant Annuity planning process. When is the right time to make the investment? How much should the community spouse invest? What benefit period should the community spouse opt for?
In that community spouse are typically not required to adhere to as strict income and resource requirements as their institutionalized counterparts, ...
In my practice of advising elder law attorneys regarding their clients' Medicaid and VA needs, if a case involves a trust and the need to accumulate income - no annual distributions, I typically recommend using a non-qualified fixed annuity as the investment vehicle.
The primary reasons why I make such a recommendation are that a fixed annuity offers safety of principal, a guaranteed return over a guaranteed period, and income tax deferral. Unlike a variable annuity which is s ...
Most taxpayers will never need private letter ruling from the Internal Revenue Service ("IRS"). However, for those taxpayers who have a tax issue that is unclear and might involve a significant amount of tax, before the taxpayer takes the intended action, it makes perfect sense for him or her to request an IRS private letter ruling.
For those not familiar with an IRS private letter ruling, it is a request to the IRS to rule on a particular tax issue for a particular set of facts.& ...
If you represent the super-wealthy, who have long-standing family businesses that may never be sold, a death in 2010 could bring unprecedented tax relief. Why is that? When the Economic Growth and Tax Relief Reconciliation Act was passed in 2001, it contained a provision that eliminated estate taxes for 2010, and only 2010. No one thought that Congress would just forget about it. But, they did!
Thus, if Robert Smith, the sole owner of a $50 Million national food chain, ...
When assisting a VA claimant with a nonservice-connected pension claim, determining the maximum benefit amount the claimant is entitled to can become perplexing.
The Veterans Administration ("VA") offers nine maximum benefit amounts based on whether the award is for a veteran with a spouse, a single veteran, or a single surviving spouse of a veteran; and the rating of the particular claimant. The calculation for the respective category of pension income will provide a VA pension benefit ...
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