Retirement Account Update for 2022
Elder Law Issues Podcast
by Elder Law Issues Podcast
11M ago
The last two years have certainly been disruptive. One thing you might not have expected to change, though, was your retirement plan. Turns out that a retirement account update for 2022 is very much in order. You probably realize that the SECURE Act of 2019 changed many retirement rules. The best-publicized change: most beneficiaries (other than spouses) have just ten years after the owner’s death to withdraw all of the funds from an inherited IRA, 401(k), 403b or even Roth account. That’s clearly bad news for most retirement account owners. But less discussed: there’s also some good news to s ..read more
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Going Into 2022
Elder Law Issues Podcast
by Elder Law Issues Podcast
11M ago
Here we are, going into 2022. We’re also creeping up on the second full year of pandemic restrictions. What’s in our future? Who knows? But we have some observations to share about the new year, and the next chapter. Not, of course, about the course of the pandemic itself. We’re not qualified to make medical predictions. But join us for our podcast discussion of the effects of our past two years’ experience and the coming year ..read more
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Beneficiary Deeds – Explanation and Discussion
Elder Law Issues Podcast
by Elder Law Issues Podcast
1y ago
Beneficiary deeds are very popular in Arizona. A property owner who signs such a deed can avoid probate and simplify administration of their estate. It’s pretty easy to create and sign a beneficiary deed — many people do it without involving a lawyer. We want to shed a little light on how the process works. We discuss who should consider taking such a step — and who should not. To be clear, we discuss only Arizona law. Other states may have a similar kind of document available. In fact, one source reports that something similar is available in 29 states (and the District of Columbia). We aren ..read more
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Christmas Gifts for Seniors
Elder Law Issues Podcast
by Elder Law Issues Podcast
1y ago
We have some ideas for last-minute Christmas gifts for seniors. Here’s the thing: we think your mother/father/grandparent would mostly like to hear from you. A regular message is better than candy — even better than flowers. We’ve made recommendations for gifts in the past. Some of those have come from our own experience with family members. Others are reports from clients about what has worked well. But our best ideas are more about regular contact than new stuff. Not that stuff won’t be appreciated. We also have some ideas about the best ways to visit with your aging family member. Consider ..read more
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Feel Strongly About Burial and Cremation?
Elder Law Issues Podcast
by Elder Law Issues Podcast
1y ago
Many of our clients feel strongly about burial and cremation. Over two-thirds of Arizonans, in fact, prefer cremation over burial. In this podcast episode we discuss some steps you should take to help assure your wishes are carried out. We often include burial and cremation directions in our estate planning documents. But, as we explain here, that’s not really the best way to direct your funeral/burial arrangements. What should you do? Several things: Discuss your preferences with your family. Include any family members you think might not agree with your choices. Make arrangements with a fun ..read more
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Household Payroll for Home Care Workers
Elder Law Issues Podcast
by Elder Law Issues Podcast
1y ago
One common concern for fiduciaries who oversee home care: how should they handle household payroll? Are in-home caregivers independent contractors? Or must the fiduciary withhold Social Security and taxes from their paychecks? As we explain in this week’s podcast, in-home caregivers are almost always employees. They simply do not meet the standards set out by the Internal Revenue Service for treatment as independent contractors. Join us as we review some of the considerations facing fiduciaries who hire caregivers, including: How complicated it actually is to manage a household payroll W ..read more
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Reimbursement to Fiduciary — A Practice to Avoid
Elder Law Issues Podcast
by Elder Law Issues Podcast
1y ago
We see this practice when we represent trustees, conservators and other fiduciaries, and we always counsel against it. A trustee, for instance, might pay trust bills from their own funds and then make a reimbursement to themselves as fiduciary. It can seem simple and unobjectionable. The person handling another’s financial affairs pays for something themselves, or puts it on their own personal credit card. Then they make reimbursement to themselves as fiduciary, and make a note documenting the transaction. Yes, it’s permissible. Even if you file the accounting with a court, they are likely to ..read more
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Gifts to Grandkids — and Other Young People
Elder Law Issues Podcast
by Elder Law Issues Podcast
1y ago
The end of the year is upon us. So is the holiday season. You might be considering making gifts to your grandkids. Or perhaps to other people who are minors (or just young). First a bit of good news. For the past four years, the federal gift tax exclusion amount has been $15,000. That has meant that a gift to virtually anyone — minor or not — under that figure meant no tax filings, no taxes and no liability. As of January 1, 2022, that exclusion figure will increase — all the way up to $16,000. But that begs the real question: how do you make a gift to a minor? They can’t have their own bank a ..read more
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Record Keeping in Estate and Trust Administration
Elder Law Issues Podcast
by Elder Law Issues Podcast
1y ago
When you administer a trust or estate, you need to pay particular attention to record keeping. That may seem like an obvious statement, but too often books and records are kept poorly — or not at all. In this podcast episode, we discuss record keeping for trustees and other fiduciaries. We talk about the importance of contemporaneous records. And we urge fiduciaries of all kinds to carefully document what they do. Fiduciaries need to understand the tax effect of decisions they make — particularly the income tax consequences. They need to be aware of what documents the IRS and state taxing auth ..read more
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Living Expenses in Trusts and Conservatorships
Elder Law Issues Podcast
by Elder Law Issues Podcast
1y ago
Imagine that you are conservator (of the estate) for a person who needs protection. Or, perhaps you are trustee of a trust for someone who has difficulty handling money. How do you handle regular living expenses? You might think that your obligation is to be as protective as possible. In that case, you would never make cash directly available to the person whose funds you are handling. You would also not let them handle a checking account, a debit or credit card., Even prepaid or gift cards would be problematic. As we explain in this podcast episode, that’s not the right way to think about you ..read more
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