Q: Own a house with ex-husband who has dementia. Accoding to our wills I inherit his and he inherits mine. Do I need a
Trust?? Also his IRA.will I pay taxes on it?
A: Assuming his IRA is a traditional and nor Roth IRA, you will pay income tax as you withdraw the funds. However, NJ law often invalidates Wills which leave property to ex-spouses if the Wills date back before the divorce. In addition to everything else I mentioned, if your ex-husband ends up needing nursing home care, his share of the home could also be lost under the NJ Medicaid estate recovery program if pre-planning isn't done. Medicaid planning is tricky; I do it as part of my practice. The foregoing was for discussion only and was not legal advice. -Jeff Vandrew Jr, Attorney-CPA, http://vandrew.com, Disclaimer: http://j.mp/lUJeMg
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