AboutRichard E. Reyes, CFP Expertise I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.
Experience Through the years Richard has built a reputation as one of Central Florida's premier retirement income specialists by providing sound, unbiased wealth coaching.
We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.
Organizations Financial Planning Association
Junior Achievement
Publications Seminole Success Magazine “Retirement Planning”
Seminole Success Magazine “Small Business Snapshot”
The Orlando Sentinel – Ask the Expert Financial Section (Various)
Greater Orlando Broker Agent Magazine “The New It”
Senior Market Advisor “Random Reader, Random Questions”
AuthorThe Dirty Filthy Lies My Broker Taught Me and 101 Truths about Money and Investing
Education/Credentials B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL
Awards and Honors 2005,2006,2007,2008 America's Best Financial Planners
2007 Orlando Business Journals "Top 25" Top Financial Planners in Central Florida
Question I am in the process of transferring my mom's IRA into her checking account to help pay for her care. Mom is 87 years old with late stage Alzheimer's. I have Power of Attorney so this is not a problem. She has a monthly non-taxable income of $2,430.00. Her IRA is $9,700.00. She takes the yearly (every Oct.) RMD of $679.31. My question is, never having paid taxes on this money, will she be taxed upon full withdrawal? Keep in mind she is 87. We are in California. Thank you
Loretta, thanks for your question. Keep in mind that I am not your CPA or tax preparer so the information that I will be providing you is very general in nature.
When you make the full withdrawal of the IRA you will select if you want the custodian of the IRA to withold a portion of the account for tax purposes. However, the tax on the account will not be due until the following year when you file your mothers tax return.
I will take a wild guess that based on some things you stated (income and nursing home expenses) your mother may fall beneath the income necesary to file a tax return. However, I would definitely contact her tax preparer and go over her previous returns to make sure.
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