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Special Care for Special People :: Retirement Success :: THE RETIREMENT SOURCE®
Special Care for Special People

Special Care for  Special People

Quality of Life Possibilities

More and more people are finding that they need to take care of aging relative or adult children with health problems or other special needs. For example, making direct gifts to those whose medical care is covered by Medicaid could inadvertently make them ineligible for entitlement program. These can be complex quality of life problems that frequently require complex solutions. Many people just “tough it out” and try to solve the problems as they go. This is another area where a thorough analysis of the issues and research can make a huge difference in the outcome. The issues are similar to those in taking care of yourself, but there are many additional resources.

Whenever you are utilizing your financial resources to assist someone else, it is worth taking the time to examine all the potential cash flow issues and the tax position of the money being used. One simple example is this. If you are paying for the care of an aging parent with low resources, you might consider gifting money to them in a high income Pay on Death account with yourself or an heir as beneficiary. The income would be taxed in their lower bracket and you could eventually get the deposit back.

There are many creative potential solutions. The important point is to be open-minded and use all available resources.

Ask yourself these questions:

  1. Have you made an evaluation of where you are on the ENOUGH continuums?
  2. Have you examined your personal cash flow strategies to make sure you are not overpaying your income tax?
  3. Do you have a clear understanding the tax position of your money and have you studied the potential tax savings in making adjustments in your asset ownership and planning strategies?
  4. Do you have a realistic long-term projection of your assets and the ultimate tax consequences of all cash flows and potential transfers?
  5. Are you familiar with the Control and Access positions of your various assets and have you evaluated the possibilities for making improvements for yourself and others that may need to take over?
  6. Have you taken all the necessary steps to see that your personal medical and potential longer term care issues can be addressed without being a burden on your loved ones?
  7. If you have others who may need your assistance, have you studied all the available strategies and resources?
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