Quote:
Originally Posted by retiredguy123
IAnd, if you inherit a large traditional IRA, you should review the deceased's tax returns to see if they ever filed a Form 8606.
If you move into an assisted living facility or a nursing home, a large percentage of the cost will be tax deductible medical expenses. And, it could be about 60 percent in assisted living. So, that could be another way to avoid tax on your IRA.
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Excellent points about alternatives which are helpful. My mom is 96, and in assisted living, and am draining her IRAs at zero taxes to pay for memory care assisted living, prior to paying with personal assets. . . and even then , I have the option to move her to a all government paid facility after the IRA is drained, as their monies are all in trusts.
There are no known assets planners who can tell you how long you will live and how you will live. That is an unknown which no one knows. A car accident tomorrow or out living your assets are both possible outcomes with only probability estimates.
good luck. . and the future is always uncertain, don't ever think otherwise.