Many people with disability income owe student loans. Although deferring repayment or working out a repayment plan based on the individual’s income are possible options, there’s also a process for discharging student loans completely – and it’s cost-free. It’s called a total and permanent disability (TPD) discharge. This U.S. Department of Education website explains the process: https://www.disabilitydischarge.com/Application-Process
Read MoreSome Suggestions to Start “The Conversation” with Aging Parents
If you are lucky enough to have your parents still living, that’s wonderful. But as they age, and particularly if one passes and the other is on their own, be watchful of their ability to perform the tasks of daily living. If they refuse any help, you need to start talking about safety and making a plan for their care.
nj.com’s recent article, “When your older parent refuses help,” says that as parents live longer, a tension can develop between the kids who want to be sure that mom and dad are safe, and the parents who want their independence.
Read MoreYou Might Live in Two States, but Only One is a Legal Residence
It’s that time of year where many of our clients fly south for the winter. If you live in more than one state, an experienced estate planning attorney can help you determine which state will be best for you to claim residency for estate planning purposes, and what that state’s residency requirements are.
CBS Boston’s recent article, “Snow Birds: Protecting Your Estate While Living in Two States,” explains that it’s the laws of the state where you are legally a resident, which will determine your estate planning.
Read MoreTax Benefits from a Tax-Free Transfer from an IRA to a Charity
Once you hit the mark at 70 ½, it’s time to start taking the RMDs from retirement accounts. This can send you into a higher income level. One way to manage this: make a tax-free transfer from an IRA to charity and have that count as the RMD. We know what your first question is going to be: why don’t I just take the money out and make a charitable donation? There’s more to it than you might think.
According to a recent Kiplinger article, “The Advantages of a Tax-Free Transfer From an IRA to Charity,” if you itemize, the tax deduction will appear to be identical. But let’s take a closer look.
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