Olshan Frome Wolosky LLP’s Post

In light of the potentially large income-tax liability that heirs may face upon inheriting retirement plan assets, many advisors are once again exploring the use of survivorship life insurance to help their clients manage and reduce the overall tax burden on the next generation. Check out this informative article written by Jesse Hurst and Julie Firestone, members of our Professional Advisor Council, to learn more: https://lnkd.in/g69wHncq

New IRS guidance offers clarity on how employers can provide tax-advantaged retirement plan distributions for emergencies and domestic abuse victims under the SECURE 2.0 Act. In this article for The Legal Intelligencer, McNees attorney Renee Lieux explains the important details, including eligibility requirements and limitations for these distributions. #McNees #RetirementPlanning

Living with a disability? Don't let it take center stage. Explore resources and learn how different types of disability insurance can help you thrive through your retirement. https://lnkd.in/ee9ib8wx #assistedliving #planretirement #disabilityresources #independentliving#retirementlife #longtermcare #retirementsecurity #disabilityinsurance #retirementplanning

Special needs can include medical and dental expenses, annual independent check ups, necessary or desirable equipment (for example, a specially equipped van), training and education, insurance, transportation, and essential dietary needs. If the trust is sufficiently funded, the disabled person can also receive spending money, electronic equipment & appliances, computers, vacations, movies, payments for a companion, and other self-esteem and quality-of-life enhancing expenses: the sorts of things your clients now provide to their child or other special needs beneficiary. A Special Needs Trust will replace traditional beneficiary planning for children. Traditional planning like outright distributions, common trusts, or designating a retirement plan, insurance policy, or annuity directly to a special needs child receiving benefits will cause a reduction or elimination of public benefits. Have a special needs beneficiary and want to discuss this with your planning, we are here to help. Contact our office to schedule your consultation.

Read our blog about the Facts of Living Independently For Elders (LIFE): Financial Planning and Senior Independence. Navigating elder care and finances in the U.S. can be a challenge even for the well-prepared. Here are a few options that can allow elders to maintain their independence while still accessing the services and support they need. https://hubs.la/Q02kJWHG0 #SeniorIndependenceMonth #Retirement #SeniorCare #Healthcare #Funds #Costs #LTC #LongTermCareInsurance #LifeInsurance #Equity #ReverseMortgages

This law was created as a federal safety net for the elderly and vulnerable citizens of our country. Understanding the benefits and purpose behind this law is important as you near retirement: ✅ 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 - continuous financial support for retired workers ✅ 𝗗𝗶𝘀𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 - financial stability for disabled people and families ✅ 𝗦𝘂𝗿𝘃𝗶𝘃𝗼𝗿 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 - financial assistance for families of deceased workers ✅ 𝗠𝗲𝗱𝗶𝗰𝗮𝗿𝗲 - health insurance for those 65+ to reduce financial burdens related to healthcare ✅ 𝗨𝗻𝗲𝗺𝗽𝗹𝗼𝘆𝗺𝗲𝗻𝘁 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 - temporary financial assistance for those who have lost their jobs ✅ 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗦𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 - helps maintain consumer spending during downturns Questions about Social Security and how it affects your financial situation? We'd love to chat. Reach out to us and let's talk! #RetirementCoach #retirement #retirementplanning #socialsecurity #financialplanning #financialcoach #finances #JBLFinancial

Living with a disability? Don't let it take center stage. Explore resources and learn how different types of disability insurance can help you thrive through your retirement. https://lnkd.in/eabYPY_M #assistedliving #planretirement #disabilityresources #independentliving#retirementlife #longtermcare #retirementsecurity #disabilityinsurance #retirementplanning

Did you know that beneficiary designations can become a huge problem if they are not updated? Beneficiary designations on your retirement accounts, IRAs, annuities and life insurance policies override what's in your will. This means that people you don’t intend to inherit your assets could in fact get your money if you were to die. There are hundreds of stories where husbands and wives get divorced, and forget to change the beneficiary designations on their life insurance or retirement plans. When they die, their money goes to their ex-spouse, rather than their kids or their new spouse. Not only do beneficiary designations trump the will, but joint tenancy trumps the will. Let’s assume you want your house to be passed on to your children after your death, and leave your house in a will or trust to them. If you have a joint tenancy with your wife, then the will and trust mean nothing. You can effectively disinherit someone unintentionally. These examples represent just the start of the complexities involving beneficiaries, attorneys and financial advisor reports. We can help you cut through the noise and create or update your estate plan. Call us today at (406) 727-2200. #estateplanning #beneficiaries

Living with a disability? Don't let it take center stage. Explore resources and learn how different types of disability insurance can help you thrive through your retirement. https://lnkd.in/ee9ib8wx #assistedliving #planretirement #disabilityresources #independentliving#retirementlife #longtermcare #retirementsecurity #disabilityinsurance #retirementplanning

Even if you have a will or trust, you’re still not done with your estate plan. Check out the article below to learn all about the basics of estate planning! https://lnkd.in/eHf6QuxU #retirement #retirementplanning #finances