What a year it has been!
We all know that it’s been a crazy year navigating a global pandemic and keeping our family safe, but it’s also been an extraordinary year when it comes to estate tax, estate planning and changes in the law.Read More
By: Scott Maibor, CFE
This week, here at Family Estate Planning Law Group we are excited to have Scott Maibor, of Senior Benefits Boston, guest blogging for us. We know many of our families have questions about Medicare coverage, and we think Scott has some great experience and expertise to share with you.
After 12 years in the Insurance Industry Scott founded Senior Benefits Boston to help clients with their Medicare health insurance needs. He enjoys simplifying an overly complex system with the goal of maximizing coverage and reducing costs.
In 2017 Scott decided to focus exclusively on Medicare and on helping clients approaching eligibility age. He is a Certified Financial Educator and Medicare (AHiP) Certified for 2021. As an independent Advisor he works with multiple carriers to enable him to serve as a fiduciary for his clients.Read More
It’s no surprise that many seniors would much prefer living in their own homes as opposed to facility care. Family members who fully understand the benefits associated with aging in place—a sense of independence, better health outcomes, and the comfort home can provide—may consider an in-home caregiver for their elderly loved one. Check out our recent infographic and see some tips on how to choose the right caregiver for your loved one.Read More
We recently blogged about how the CARES Act waived required minimum distributions (RMDs) for 2020 and even allows for an IRA owner or a beneficiary under an inherited IRA who had taken an RMD from their IRA to put it back. But here’s the catch: it has to be returned before August 31, 2020, which is approaching very quickly.
We highly recommend checking out the full blog here, but here are the highlights:
- The CARES Act waived RMDs for 2020 for both IRA owners and beneficiaries under inherited IRAs.
- For inherited IRAs: This only applies to beneficiaries of inherited IRAs from people who died prior to January 1, 2020. For those inheriting money under the new SECURE Act, you still have to liquidate the IRA within 10 years.
- If you already took an RMD for 2020 and do not actually need or want to use the money, you can put it back (but only the RMD amount, not any additional distributions you may have taken).
- You only have until August 31, 2020, to return the money, or you will have to keep it, so if you want to return any RMDs, please contact your accountant and/or financial advisor right away to figure out the best way to return this money.
As always, our team here at Family Estate Planning Law Group would love to help you think holistically about estate planning, from how to set up a plan to make sure your assets are aligned and your whole team of financial professionals and/or caregivers or loved ones are involved. To learn more about how we can help you take care of your loved ones, visit our website, check out our blog, or schedule your complimentary consultation today!Read More
On March 27, 2020 the president signed the CARES Act as part of an effort to ease the adverse financial consequences of the COVID-19 pandemic. While a lot of attention has been paid to the unemployment benefits, the payroll protection plan (PPP), and other portions of the CARES Act, the relief Congress provided to those who must take required minimum distributions from their qualified retirement plans (which we’ll call IRAs), and beneficiary or inherited IRAs (which we’ll call inherited IRAs) received very little attention. The CARES Act provides that required minimum distributions have been suspended for the year 2020.Read More