On Thursday, January 19, I’ll be speaking at the Elder Care Forum, presented by the Estate and Financial Planning Council of Southern New Jersey on Alternative Funding Sources for Long Term Care, which in this case will be QLACs (Qualified Longevity Contracts). QLACs are new investment options for IRA accounts. There are concerns about how these new investment options will be used by seniors to fund longer retirements, as so much about them is as yet unknown. This seminar will instruct attorneys, accountants, and financial professionals on how QLACs can facilitate the deferral of a portion of the account for RMD (Required Minimum Distribution) purposes until age 85.
The QLAC sits at an uneasy intersection of estate planning and Elder Law. The new and untested nature of QLAC’s and the potential ramifications from using QLACs in retirement and/or Medicaid planning need careful examination, as does the determination of what happens to the QLAC upon the death of its owner.