Liquidating assets before nursing home northantsdating com
Sometimes getting the help we need means moving into an assisted living facility.But frequently we require significant long term care — the type of care you need if you have a prolonged physical illness, disability or severe cognitive impairment, like s Alzheimer’s disease, that keeps you from living independently.Where do they want to live should they need assistance?Whom would they like to act as their agent should they be unable to make financial or end-of-life decisions?
What I tell everyone is to arrive at the retirement years with as much information, resources and money as possible.
It’s unpleasant to think about, but as we get older, we each face an increasing likelihood that we will live beyond our ability to take care of ourselves.
Sometimes that takes the form of receiving some assistance from a child or other relative.
This strategy must be crafted carefully, because you cannot just start taking withdrawals in any amount, you have to take RMD per IRS life expectancy charts for tax purposes.
IRS instructions for how to calculate required minimum distributions can be found by clicking on the link.