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FHamilton58 Asked December 2020

Need help getting Mom's Annuities and IRAs liquidated in Maryland. Suggestions?

Hi - I could use some advice on this.


Mom (89) is now in rehab in will be transitioning to Long Term Care. She has limited funds, and we'll be spending down her assets to the $2500 minimum for Medicaid.


There's about $30k in funds tied up in a few IRAs and an annuity, across different companies.


We have an executed POA form, listing my brother as the authorized Agent.


Each company has a different process, with different forms, for liquidating these funds, and I'm overwhelmed by this.


Mom is currently in rehab quarantine and is declining cognitively.


I'm not sure if I need an elder attorney or an elder CPA or something else.


We're located in Howard and Montgomery Counties in Maryland.


I'd appreciate any thoughts or suggestions.

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alexis9368 Dec 2020
I had to liquidate my mom's annuities and IRA before she entered the nursing home as part of the spend down. Please consult a trusts and estates/elder care attorney first. The liquidating process can be a bit laborious but you need to do this stuff with guidance.
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Tothill Dec 2020
Along with what sjp has said, in Canada at least December 31st is the tax year end for individuals. So if the withdrawals can be taken this month and in January, it will less the tax burden.
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sjplegacy Dec 2020
Withdrawing or liquidating her IRA and annuity will result in significant tax liability if her IRA is a tradional one. If it's a Roth IRA she's already paid the tax so the impact is nil. You might want to engage an elder care atty and a CPA to determine the best approach.
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