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ESTATE PLANNING

How to deal with Individual Retirement Accounts

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When it comes to Individual Retirement Accounts, also known as IRAs, in crisis planning, there are a lot of things to consider.

When planning large IRAs, with Medicaid or VA planning there are ways your attorney can help you qualify for Medicaid, or VA benefits while still saving your IRA.

Never liquidate IRAs, IRAs are considered taxable income; therefore if one is liquidated, you could face thousands of dollars in tax consequences. Even worse, if you are married and liquidate an IRA and your yearly income is above $44,000, up to 85% of your social security benefits can be taxable, as well as your Medicare Part B and Part D premiums could increase.

If you are looking to eliminate your IRA, an immediate annuity is a great way to go. An immediate annuity is a long-term, tax-deferred contract you purchase from an insurance company that provides immediate regular payments in exchange for lump-sum investments.   Always work with us to be sure you annuity is Medicaid or VA Compliant; failure to have a “complaint” annuity will create serious problems and may even prevent you from qualifying for the very benefits you are seeking.

 

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Madison Zielinski

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No attorney client privilege or relationship is created by the use of the site or the transmission and receipt of information without an express agreement between the user and Attorney Jeffrey J. Jinks.   The information on the site should not be relied on, and the user should take no action, nor refrain from taking action, without first seeking legal or other professional advice for their specific situation.   Do not send confidential information through this site, nor through email.

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 The information on this site may not reflect the most current legal developments, verdicts, case law, code revisions, regulatory updates, private letter rulings or other changes in the law and is not guaranteed to be correct, complete or up to date.  The information on this site should not be taken as a promise, guarantee or indication of future results or benefits. IRS CIRCULAR 230 NOTICE.  We are required by Treasury Regulations (Circular 230) to inform you that, to the extent that this communication concerns federal tax issues, this communication (including links, attachments and enclosures) was not written or intended to be used, and cannot be used, for (1) avoiding federal tax penalties, or (2) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

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WEBSITE USE AND DISCLAIMER.   By using this site, the User understands and agrees that Attorney Jeffrey J. Jinks is licensed only in the State of Indiana and information on the site may not be valid in other jurisdictions.  All information is for information purposes only and is not legal advice to the user.  

No attorney client privilege or relationship is created by the use of the site or the transmission and receipt of information without an express agreement between the user and Attorney Jeffrey J. Jinks.   The information on the site should not be relied on, and the user should take no action, nor refrain from taking action, without first seeking legal or other professional advice for their specific situation.   Do not send confidential information through this site, nor through email.

Any links to other sites are intended as possible aids to the user and are not intended or implied that the firm sponsors, is affiliated or associated with, endorses or is legally authorized to use any any trade name, mark, logo, seal or copyrighted symbol that may be reflected in the links.  Those sites are not under the control of Attorney Jeffrey J. Jinks and he is not responsible for the content on or through those sites.

 The information on this site may not reflect the most current legal developments, verdicts, case law, code revisions, regulatory updates, private letter rulings or other changes in the law and is not guaranteed to be correct, complete or up to date.  The information on this site should not be taken as a promise, guarantee or indication of future results or benefits. IRS CIRCULAR 230 NOTICE.  We are required by Treasury Regulations (Circular 230) to inform you that, to the extent that this communication concerns federal tax issues, this communication (including links, attachments and enclosures) was not written or intended to be used, and cannot be used, for (1) avoiding federal tax penalties, or (2) promoting, marketing, or recommending to another party any transaction or matter addressed herein.

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