How to deal with Individual Retirement Accounts

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When it comes to Individual Retirement Accounts, also known as IRAs, in crisis planning, there are a lot of things to consider.

When planning large IRAs, with Medicaid or VA planning there are ways your attorney can help you qualify for Medicaid, or VA benefits while still saving your IRA.

Never liquidate IRAs, IRAs are considered taxable income; therefore if one is liquidated, you could face thousands of dollars in tax consequences. Even worse, if you are married and liquidate an IRA and your yearly income is above $44,000, up to 85% of your social security benefits can be taxable, as well as your Medicare Part B and Part D premiums could increase.

If you are looking to eliminate your IRA, an immediate annuity is a great way to go. An immediate annuity is a long-term, tax-deferred contract you purchase from an insurance company that provides immediate regular payments in exchange for lump-sum investments.   Always work with us to be sure you annuity is Medicaid or VA Compliant; failure to have a “complaint” annuity will create serious problems and may even prevent you from qualifying for the very benefits you are seeking.


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