Ritter & Randolph Newsletter
December 2018
Year End Planning

As we near the end of the year, here are some things you may want to consider doing.
1. Max out your 401(k) plans.  The IRS allows most employees to contribute $18,500 in their employer sponsored retirement accounts. Employees age 50 and older can add another $6,000. For 2019, the maximum annual contribution will increase to $19,000, but the limit on catch-up contributions for those 50 and older remains at $6,000.  Read more.

Have Your Estate Plan Reviewed

Some people think that once they have written a will and implemented an estate plan, they can forget all about it.  Of course, that is not true; an estate plan must be reviewed periodically and updated, or it can become out-of-date and frustrate all your good intentions.
Generally, an estate plan should be reviewed at least every five years to make sure it still reflects your personal and financial.. Read more.

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Preventing ID Theft After Your Loved One Dies
It is both shocking and sad to know that crooks spend a lot of time checking information on deceased individuals, so they can file fraudulent tax returns, apply for refunds, obtain loans and credit cards, etc. with the deceased’s identities.  Help put an end to this costly fraudulent activity by doing
the following immediately after your loved one dies:
• Send copies of death certificates to the three main credit reporting bureaus.  Request a “deceased alert” be put on the credit report.
• Advise the Social Security Administration at 800-772-1213 and the IRS at 800-829-1040 and notify the DMV.  Read more.
What Happens When a Nursing Home Closes? 

The expansion of alternatives to nursing homes, such as assisted living and community care, has been financially challenging for the nursing home industry, and every year a small percentage of facilities close their doors.  The state or federal government may also shutter a facility for safety issues.
Moving into a nursing home can be a stressful experience by itself.  If that nursing home closes, residents can experience symptoms that include depression, agitation, and withdrawn behavior, according to The Consumer Voice, a long-term care consumer advocacy group.  While there may not be much that can be done to prevent a closure, residents do have some rights.  When a nursing home is closing, it must.. Read more.

These materials have been prepared by Ritter & Randolph, LLC for informational purposes only, and are not legal advice.  This information is not intended to create an attorney-client relationship, nor does receipt of it constitute such a relationship.  Replying to this email or sending an email to any attorney at Ritter & Randolph, LLC neither constitutes nor creates an attorney-client relationship.  Internet subscribers and on-line users should not act upon information contained herein without seeking professional counsel.
This newsletter is not intended to be a source of legal advice, and the reader should not rely on any information provided herein as such.  Readers should not consider the information to be an invitation for an attorney-client relationship, and should always seek the advice of competent counsel. For Kentucky Readers: This is an Advertisement.
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