Long Term Care

1. Questioner: david

   Question: I received a lump-sum payment from a defined-benefit pension plan upon retirement. I had the money directly transferred to an ordinary IRA (trustee-to-trustee) in the form of a jumbo CD. I now want to convert the IRA to a Roth IRA.
   Will I have to pay taxes on the original lump sum? View Answer

2. Questioner: Dave

   Question: Given the following scenario, would you advise the purchase of long term care insurance?

   Husband age 58 Wife age 56. Son 10.

   Household income $225,000. Financial assets (variety of mutual funds and CDs) $1.5 Million (excluding home owned free and clear worth apoproximately $600,000). Pensions (including Social security: at age 65 approximately $10,000 month.

   Health of both husband and wife are good.

   Would the family above be better served by potentially paying out of pocket for LTI or purchasing a policy? If purchase is recommended, at what age? View Answer

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