About a dozen years ago a woman unexpectedly passed away. She was unmarried and had no children. She had named her nephew, John, as the beneficiary of her IRA. John was five years old at the time of his aunt’s death when the IRA held approximately $1.2 million. Now he’s about to turn 18 and will have access to $3 million.
The verse quoted by General Douglas MacArthur in his farewell address to Congress, “Old soldiers never die, they just fade away,” applies to many lawyers. Especially those in solo practice or working for small firms often don’t have an exit plan. They continue working, perhaps less, and perhaps taking off several months in Florida or elsewhere warm each winter, as their business trails off.
In his New York Times Magazine “Ethicist” column, the philosopher Kwame Anthony Appiah responded to a query from an individual who had inherited a large trust fund and family business when his father died. This person felt uncomfortable with such wealth and largely lived his life as if he were not rich. But a combination of the recent stock market rise pumping up his portfolio and his recognition of the suffering of many people during the pandemic have brought him to the conclusion he should give away a large portion of his wealth.
company purportedly named “Property Site” suggesting that they obtain “their Property Assessment Profile which includes a complimentary copy of your current Grant Deed or other record of title” for $98. (Both the bold and the mixing third and second persons in the original.)
Calculators and listings can assist retirees in choosing where to live – AgeFriendly.org and The New York Times Where Should You Live? calculator.
If you name your revocable trust as beneficiary of your retirement plan, it may be subject to claim by your creditors after your death. Call 781-705-6400
Study of Dutch men as reported by Center for Retirement Research at Boston College suggests that working longer leads to longer lifespan. 781-705-6400
A longer working life means more opportunity for meaningful work and less stress to save a target amount. Margolis & Bloom, Wellesley and Boston, MA, 02481
After the SECURE Act, it may be worth it to have a retirement plan payable to a special needs trust. Margolis & Bloom, Wellesley and Boston, MA, 02481
The SECURE Act makes it more beneficial to have retirement plans payable to a special needs trust. Margolis & Bloom, Wellesley and Boston, MA, 02481.
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Margolis Bloom & D’Agostino
100 William Street, Suite 220
Wellesley, MA 02481
781-705-6400
Boston: 617-267-9700
Norwood: 781-769-3110
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Jennifer Pilcher Ph.D, head of Clear Guidance Consulting and Care Management. This program will help you learn how to help your clients and their families detect, evaluate, and approach suspected cognitive impairment.
