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Non-Tech : Estate Planning -- Ignore unavailable to you. Want to Upgrade?

To: voodooist who wrote (32)	4/7/1998 11:02:00 PM
From: MJ	Respond to of 36

Fred Thanks for answers re. identification of stock sold if inherited and also for the comment on Carter Wallace. mj

To: voodooist who wrote (32)	6/7/1998 10:01:00 PM
From: posthumousone	Read Replies (1) \| Respond to of 36

Oddball Tax questions My grandma is in a nursing home. If my parents take her in their house my grandma can be claimed as a dependent since her taxable income is less than $2,650, and they would be supporting 100% of her needs. Correct? What if my parents build an addition onto their house for her to live in, can the cost of building that addition be tax deductible??? If so to what extent?? ======================================================= My mom retiered early, shes 63 and receiving SS and now decides to go back to work, does the SS stop?? If she can't find a job can she file for Unemployment? If she got Unemployment would she still get SS???? ======================================================= Can you withdraw from IRA in a CD expiring in 2005 now if have you have to take Minimum Required Distriution (MRD)? Is there a penalty for withdrawing on an IRA CD before expiration if in MRD mode?? My parents have various IRAs all in different CDs. Do they setup MRD for each IRA??? Once you set up MRD can you take out more if you like? ====================================================== What is the best way to name beneficiaries for IRAs to avoid taxes?? If 1 spouse is in MRD mode and dies can the balance be rolled over into surving spouses IRA tax free? to child's??? ======================================================= Does a surving spouse get dying spouses SS???? ======================================================= Im still unclear on the estate and gift tax unified credit??? $625,000 exemption say parents estate with IRAs house and savings amounts to 525,000. Does this mean if they were to die, no taxes are paid because it is below $625,00??????? In effect goes tax free to beneficiaries?? NO ESTATE TAX NO FED TAX NO STATE TAX????? ======================================================= Can withdraw 10K tax free to help pay for home Can you also gift an additional $10K Gift $10K per parent? if each parent gifts 10K to child in one year, can they also withdraw 10K tax and penalty free from IRA to help pay for child's first home??? ======================================================= any thoughts on reverse mortgages?? my parents house is paid off.........is a reverse mortgage even a conseideration?? any thoughts on book "DYING BROKE"??? thanks for any help in figuring out the law