One of my websites is http://seniorplanningdwightpuntigan.bravehost.com. There is information for reverse mortgages, down sizing, housing options, etc. I felt it needed a discussion about trusts. Well: Living Trust, Revocable Trust, Irrevocable Trusts, Charitable Remainder Trusts, and a Land Trust. I have not completely sorted through that yet. The stretch IRA will lead me down the same path. There will also be a definition of the Family Limited Partnership. Plus my familiarity with several Equity Holding Corporations is sadly lacking. The benefits to different groups of clients is vast, as I come up to speed with this.
If you talk to a financial aadvisor ask about the IRA beneficiary trust and problems involved in getting the stretch features without short term tax penalties. It is bad enough that social security is taxed at 50% if as a married couple you earn over $32,000.00 let alone the 85% tax on social security if you earn over $44,000.00. Can a senior savings annuity be put into a revocable living trust?
Thank you,
Dwight Puntigan
636-219-6242
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