Are you, a parent, or a spouse transitioning to an assisted living facility? Determining what steps to take when paying for the expenses is a significant role, especially if your loved one is not present to make all decisions. It all comes down to identifying the best strategy to optimize the finances while ensuring that taxes are accounted for.
Today’s podcast episode is based on a call received by a listener. Wes explains how to maximize the assets of a parent or spouse when you are in charge of their expenses. He also discusses five things to consider when distributing assets, the importance of managing finances, utilizing IRA money, why having caution about taxes is essential, and how he would handle the situation of the listener.
Disclosure: This information is provided to you as a resource for educational purposes and as an example only and is not to be considered investment advice or recommendation or an endorsement of any particular security. Investing involves risk, including the possible loss of principal. There is no guarantee offered that investment return, yield, or performance will be achieved. There will be periods of performance fluctuations, including periods of negative returns and periods where dividends will not be paid. Past performance is not indicative of future results when considering any investment vehicle. The mention of any specific security should not be inferred as having been successful or responsible for any investor achieving their investment goals. Additionally, the mention of any specific security is not to infer investment success of the security or of any portfolio. A reader may request a list of all recommendations made by Capital Investment Advisors within the immediately preceding period of one year upon written request to Capital Investment Advisors. It is not known whether any investor holding the mentioned securities have achieved their investment goals or experienced appreciation of their portfolio. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. This information is not intended to, and should not, form a primary basis for any investment decision that you may make. Always consult your own legal, tax, or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.
