You have completed a will and perhaps a revocable living trust. Your durable power of attorney for healthcare and a...
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Are there any services that can help my parent with their financial duties? My parent is having difficulty managing their finances and needs someone to help them on a regular basis. A good solution to help your parent manage their finances is to hire a daily money manager (DMM). DMMs are financial professionals that help older adults manage their day-to-day personal finances. The types of services provided typically include arranging the payment of bills, maintaining financial records, balancing checkbooks and negotiating with creditors. DMMs can also prepare checks for clients to sign, organize bank and financial records, prepare and deliver bank deposits, gather and organize documents...
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Each year, IRA owners age 72 and older must take a required minimum distribution (RMD). The RMD in nearly all cases is calculated using the Uniform Table. Under the Uniform Table, distributions generally start age 72 at approximately 3.7% and increase each year. The RMD must be taken on or before December 31 of each year. Many IRA owners with significant balances take the RMD during the last quarter of the year. Because many individuals with larger IRAs do not require IRA funds for daily living expenses, delaying an RMD until the end of the year allows for additional tax-free growth in the IRA. Fortunately, the IRA charitable rollover will qualify to satisfy a donor's RMD. The IRS term for...
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