Wednesday, April 10, 2013

An obligation to pay for your parents' nursing home?

The AARP has posted a state-by-state guide to "filial support" laws, which obligate a child of an elderly parent, or the parent of an adult child, to contribute to his support if he is unable to support himself. The map shows that 30 states have some form of this law. (Michigan is not among them.) The author notes that some nursing homes are using these laws to require adult children of residents to pay for their nursing home care.

IRA distributions under SECURE

The 2019 SECURE Act made a major modification to post-mortem distributions of funds from IRAs and qualified retirement accounts to non-spous...