Planning for Life

Beware Rolling Over Too Many IRAs

Posted by Harry S. Margolis on August 11, 2014

In the recent case of Bobrow v. Commissioner, the U.S. Tax Court overturned a longstanding IRA rule permitting taxpayers to "roll over" multiple IRAs in a single year. The IRS had interpreted a limitation on one roll over a year to apply separately to each IRA a taxpayer may own. So the taxpayer could roll over IRA A in February, IRA B in May and IRA C in October.

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Topics: Retirement Planning

Is an Inherited IRA Protected from Creditors? No!

Posted by Harry S. Margolis on July 15, 2014

In general under the 2005 Bankruptcy Code, IRAs and other retirement accounts, such as 401(k)s and SEP plans, are protected in the event of bankruptcy by the owner -- one more reason to fund your retirement plan with as much as possible. But what about an inherited IRA? The U.S. Supreme Court recently decided in Clark v. Rameker that they do not enjoy any  bankruptcy protection.

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Topics: Retirement Planning, asset protection, Probate Estate Administration

Beware Beneficiary Designations - Massachusetts Estate Planning

Posted by Harry S. Margolis on March 25, 2014

By Harry S. Margolis

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Topics: trusts, Retirement Planning, Estate Planning

9 (Potential) Problems with Your Trust - Massachusetts

Posted by Harry S. Margolis on December 3, 2013

By Harry S. Margolis

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Topics: asset protection, trusts, Retirement Planning, Estate Planning

How Much Do You Need to Retire? -- Massachusetts

Posted by Harry S. Margolis on October 15, 2013

By Harry S. Margolis

How much money you need "in the bank" when you retire depends on many factors, including the following:

  • Living standards. How much money will you need each month to live the way you want to live? Does that include travel? A second home? Gifts or support to children and grandchildren? Create a budget as a starting point, and then assume that it will increase at least 3 percent per year to account for likely inflation.

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Topics: long-term care insurance, Estate Planning, Retirement Planning, MassHealth planning

"Special" or "Supplemental" Needs Trusts? - Massachusetts

Posted by Harry S. Margolis on September 10, 2013

By Harry S. Margolis

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Topics: Retirement Planning, special needs planning

Support the Special Needs Trust Fairness Act

Posted by Harry S. Margolis on August 19, 2013

By Harry S. Margolis

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Topics: Retirement Planning, special needs planning

Beware Hidden Costs of Mutual Funds - Massachusetts

Posted by Harry S. Margolis on May 14, 2013

By Harry S. Margolis

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Topics: Retirement Planning

What's the Difference Between "Supplemental" and "Special" Needs Trusts? - Massachusetts

Posted by Harry S. Margolis on October 9, 2012

By Harry S. Margolis

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Topics: Retirement Planning, special needs planning, long-term care planning, MassHealth

Do You Live in a NORC?

Posted by Harry S. Margolis on October 3, 2011

By Harry S. Margolis

I recently met with a new client who commented that she lives in a NORC.

"A what?" I asked.iStock-474949592.jpg

"A Naturally Occurring Retirement Community," she responded.

She explained that she and her neighbors in the apartment complex where she lives are all getting older.  Without a lot of people moving in and out, the facility is taking on the demographics of a retirement community.

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Topics: seniors, Retirement Planning, long-term care planning, nursing homes

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