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What Will Happen To Your IRA Upon Your Death?

What Will Happen To Your IRA Upon Your Death? image

Contributed by: Michele Procino-Wells, Esquire

As more “baby boomers” are retiring and rolling over large 401(k)s and other retirement plans to Individual Retirement Accounts (IRAs), proper tax and estate planning for IRAs has become increasingly important.

Upon your death, the beneficiary of your IRA can take the money out as fast as all of it right away, or as slow as payments over the beneficiary’s life expectancy. If the beneficiary is taking the money out as slowly as possible, the amount she or he has to take out every year is known as the required minimum distribution (RMD). Taking the...

Your Ultimate Guide to a Maryland Crab Feast

Your Ultimate Guide to a Maryland Crab Feast image

The Basics

Q: What is a “Maryland crab feast”? A: Crab feasts are a time honored tradition during which friends and family gather around a large picnic-style table to eat Maryland blue crabs. Blue crabs take time to pick and eat so it becomes a very social activity. Typically held in the summer, crab feasts are best enjoyed with a cold beer in hand.

Q: When is Maryland crab season? A: The Maryland crab season typically starts in mid April and runs all the way through December.

Q: What is the difference between male and female crabs? A: Male crabs...

Don't Overlook Veterans Benefits for Long Term Care

Don't Overlook Veterans Benefits for Long Term Care image

Every day our office meets with families who want to prepare for the future whether that’s through estate planning or asset protection from long term care costs. When we talk to Veterans it is almost always unclear to them the benefits that could be available through the Veterans Aid and Attendance Pension Benefits program. Veterans or widow(er)s of veterans may be entitled to a non-service connected monthly pension to offset long term health care costs such as home health care, or care in assisted living or nursing facilities. Many veterans are unaware of this benefit or assume they don’t qualify...

Top Five Reasons to Update Your Estate Plan upon Moving to Delaware

Top Five Reasons to Update Your Estate Plan upon Moving to Delaware image

Reason No. 1: Revocable Living Trusts

Many people have estate planning goals that cannot be accomplished through a Will alone.

In Delaware, proper use of a Revocable Living Trust provides many benefits: • Overall, it avoids the time, paperwork, and expense of probate. • It eliminates many filing fees and the closing cost fee, which is 1.25% in Sussex County and 1.75% in Kent and New Castle Counties. • It provides increased privacy because its terms are never made public and no newspaper advertisement is required. • It eliminates delays in final distributions to the named beneficiaries.

The maker of...

Loneliness and Older Adults: How Community Living Can Support Socialization

Loneliness and Older Adults: How Community Living Can Support Socialization image

Contributed by: Gary & Amy Feger of CarePatrol of Delaware & Maryland Eastern Shore

Many older adults, especially those with health issues, are lonely. According to a new study, one in four seniors say they feel isolated from other people at least some of the time, and one in three say they lack regular companionship.

Chronic loneliness doesn’t just affect older adults’ mental health. According to the study, it can also impact a person’s memory, physical well-being and life expectancy.

“In fact, some research suggests that chronic loneliness may shorten life expectancy even more than being overweight or sedentary, and...