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Serving those retired or nearing retirement in the Lowcountry
Legacy Planning
Primary Goal: Charitable Giving & Long Term Care
Jane is 76 years old. Last year, after 51 years of marriage, Jane lost her husband Marvin. Marvin had always managed the couples finances, so Jane’s two children are stepping in to help her organize things moving forward.
Jane’s monthly expenses are easily covered by her Social Security benefit, as well as a survivor benefit left by Marvin’s military pension. She also owns a large IRA and a Long Term Care policy that her and Marvin bought many years ago. Jane is charitably inclined, and is wondering if there is any way to reduce the taxes due on her Required Minimum Distributions.
The Challenges:
- Jane is unsure what to do with her Long-Term Care policy, given the policy has meaningfully increased the premiums due in recent years
- Charitable giving plan to reduce taxes
- Legacy planning
The Approach:
Jane’s children found a retirement planner they felt comfortable with and together started building a plan to help mom.
The Results:
- A Long-term care analysis revealed that Jane should reduce the LTC benefits slightly (with a smaller annual premium) and self-insure a small amount of her long-term care needs.
- Given Jane’s age, she learned that by writing Qualified Charitable Distributions checks directly from her IRA to her church, the checks would count toward her RMD and yet not be included as taxable income.
- It was recommended Jane setup a meeting with her estate attorney to review and update all estate documents to ensure they aligned with her wishes.
- Given Jane’s lifestyle is covered by her Social Security and military pension, it was revealed that her investments were more aggressive than necessary at this stage of life. She now sleeps better at night knowing that her IRA has been reallocated more conservatively.
NOTE: THE ABOVE CASE STUDY IS HYPOTHETICAL AND DOES NOT INVOLVE AN ACTUAL OCEANSIDE ADVISORS CLIENT. NO PORTION OF THE CONTENT SHOULD BE CONSTRUED BY A CLIENT OR PROSPECTIVE CLIENT AS A GUARANTEE THAT HE/SHE WILL EXPERIENCE THE SAME OR CERTAIN LEVEL OF RESULTS OR SATISFACTION IF OCEANSIDE ADVISORS IS ENGAGED TO PROVIDE INVESTMENT ADVISORY SERVICES.
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convenient time on our scheduling link, please call our office at 843-830-6568
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