If I close my IRA and give this money to my son, do we have to pay taxes on the money as income?

If I close my IRA and give this money to my son, do we have to pay taxes on the money as income?


estate planning

Distinguish the basic concepts in estate planning, including wills, trusts, wills, and power of attorney, and how to avoid estate taxes.

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Grandsons

Learn about grandparents’ visitation rights and how to avoid tax and public benefit issues when giving gifts to grandchildren.

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healthcare decisions

We need to plan for the possibility that we will no longer be able to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.

Read more

estate planning

Distinguish the basic concepts in estate planning, including wills, trusts, wills, and power of attorney, and how to avoid estate taxes.

Read more

Grandsons

Learn about grandparents’ visitation rights and how to avoid tax and public benefit issues when giving gifts to grandchildren.

Read more

healthcare decisions

We need to plan for the possibility that we will no longer be able to make our own medical decisions. This may take the form of a health care proxy, a medical directive, a living will, or a combination of these.

Read more

Long term care insurance

Understand the ins and outs of insurance to cover the high cost of home care, including when to buy it, how much to buy, and who should get coverage.

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Medicare

Find out who qualifies for Medicare, what the program covers, all about Medicare Advantage, and how to complete Medicare coverage.

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Retirement Planning

We explain the five stages of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, required minimum distribution rules, and more.

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Elderly living

Learn how to choose a nursing home or assisted living facility, when to resist layoffs, the rights of nursing home residents, all about reverse mortgages, and more.

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Long term care insurance

Understand the ins and outs of insurance to cover the high cost of home care, including when to buy it, how much to buy, and who should get coverage.

Read more

Medicare

Find out who qualifies for Medicare, what the program covers, all about Medicare Advantage, and how to complete Medicare coverage.

Read more

Retirement Planning

We explain the five stages of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, required minimum distribution rules, and more.

Read more

Elderly living

Learn how to choose a nursing home or assisted living facility, when to resist layoffs, the rights of nursing home residents, all about reverse mortgages, and more.

Read more

social Security

Get a solid foundation in Social Security, including who qualifies, how to file, spousal benefits, taxation of benefits, how work affects payments, SSDI and SSI.

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Special Needs Planning

Learn how a Special Needs Trust can preserve assets for a person with a disability without putting Medicaid and SSI at risk, and how to plan for when caregivers can leave.

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Veterans Benefits

Explore veteran-specific benefits, including disability pension, assistance and attendance, and long-term care coverage for veterans and surviving spouses.

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social Security

Get a solid foundation in Social Security, including who qualifies, how to file, spousal benefits, taxation of benefits, how work affects payments, SSDI and SSI.

Read more

Special Needs Planning

Learn how a Special Needs Trust can preserve assets for a person with a disability without putting Medicaid and SSI at risk, and how to plan for when caregivers can leave.

Read more

Veterans Benefits

Explore veteran-specific benefits, including disability pension, assistance and attendance, and long-term care coverage for veterans and surviving spouses.

Read more



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