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Individual Retirement Accounts (also known as IRAs) are a kind of account that provide people the opportunity to save money for retirement in a tax-free or tax-deferred manner. Although traditional IRAs make use of income that is tax deductible and allow for tax deferral, Roth IRAs make use of income that has already been taxed and do not impose taxes upon withdrawal.

11 Acronyms That Are Often Used in Elder Law and Estate Planning

8. Monthly Maintenance Needs Allowance (MMNA) — Under federal spousal impoverishment rules, if one spouse enrolls in Medicaid and moves into a nursing home while the other spouse continues to live in the home, the spouse who continues to live in the home is allowed to keep a certain portion of the couple's income. This rule applies when the Medicaid enrollee moves into a nursing home.

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Frequently Asked Questions

A lawyer is someone who has graduated from law school and passed the bar exam, but they are not necessarily licensed to practice law. An attorney, on the other hand, is a lawyer who is licensed to practice law. In order to become an attorney, a lawyer must pass the bar exam in their jurisdiction. 

Each carries varying rights and responsibilities, as well. Of course, the concepts of "lawyer" and "attorney" have a lot in common. They both describe individuals who have received legal training and have earned a Juris Doctor (JD) degree. However, every attorney is a lawyer, but not all lawyers are attorneys.

a person who has the legal right to act for someone else: You may appoint an attorney to act on your behalf. See also. district attorney. 4 days ago