This is something that I run into a lot as well. In order to protect the cash value of an IRA for long-term care planning purposes, it must be cashed out and a tax will have to be paid on that withdrawal. However, for most clients, the cost of long-term care will be far greater than any tax consequences of cashing out an IRA. And keep in mind, the tax will have to be paid on that IRA at some point in the future.
http://protectingseniorsnews.com/2011/10/03/dont-let-your-ira-keep-you-from-protecting-your-life-savings-against-long-term-care-costs/
Discussion of Elder Law and Estate Planning and Missouri Medicaid eligibility.
This blog is very informative and I would like to tell that I have already hired the service of a good asset protection from offshore trust protection.
ReplyDeleteAsset Management Services By Offshore Trust Protection Miami