What if you don’t take your required minimum distribution? The penalty is harsh. It equals 50% of the amount you should’ve taken. So if your RMD was $10,000 you’ll owe a penalty of $5,000. Ouch!
For example, a search of my dad’s name showed two small insurance refund checks that are available from over 50 years ago. The insurer provided a form to fill out and send in to claim the refunds.
Victims aren’t generally chosen at random. Their names somehow end up on a lead list, which one thief can purchase from another. And then the calls begin. But in many cases, there does seem to be one thing in common among many victims, and that’s that they’re lonely, live alone, and may crave human contact.
If your mother did not retitle any of her assets to her trust prior to death and did not name the trust as the beneficiary of any of her assets, or name the trust as the beneficiary of her estate in her will, then the trust will be unfunded and ineffective, and as a result you will receive nothing from the trust because it has no assets to distribute to you.
A professional medical billing advocate says “eight out of 10 bills have overcharges on them – you can save 17% to 49% just by looking at each line and checking to see if you’re being billed for medications you didn’t take or tests you didn’t undergo.”
It’s a good idea to talk with an advisor who has specific knowledge about this type of investment but who is not also trying to sell it to you.
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If you decide to buy, the Federal Trade Commission (FTC) warns consumers to vet the dealer carefully before trusting him or her with your assets. Most dealers are probably upright, but it only takes one crook to strip away your savings. Know this, says the FTC, if a seller of any product presses you to wire money for a payment, it’s probably a scam.
Distribute copies of the new power of attorney to everyone you normally transact business with, immediately. Make sure it‘s understood that the previous agent no longer has power to act for you. Don’t delay. In some states, banks will be protected if they continue to honor the old agent’s demands, unless they have received a notice of revocation.
Even with the best and most complete estate plan, there are always matters that need to be addressed when one spouse dies.
When tired or distracted consumers get in a rush and scoop up a handful of bills in change without looking closely – on vacation, at neighborhood garage sales, or at the mall – it’s heyday time for crooks. If you’re going to avoid being a victim yourself, you must be on the lookout for fakes.
Ask your druggist about discount programs. Some do not work in coordination with Medicare, but many do. Depending on the drug, it might be cheaper to actually bypass your insurance (especially private insurance) altogether. Your insurer may not tell you this, because in some cases, they are profiting by your lack of knowledge.