IRA

RETIREMENT PLANNING FOR BUSINESS OWNERS

By |2021-01-27T12:01:15+00:00August 23rd, 2018|Categories: BUSINESS PLANNING, ESTATE PLANNING, RETIREMENT|Tags: , , , |

For many employees, saving for retirement is usually a matter of simply participating in their employer’s 401(k) plan and perhaps opening an IRA for some extra savings. But, when you’re the owner of a business, planning for retirement requires proactivity and strategy. It’s not just the dizzying array of choices for retirement accounts, there’s also planning for the business itself. Who will run the business after your retirement? Additionally, your estate plan must integrate into your retirement and business transition strategy. Owners of businesses (like employees and everyone else) want to make sure they will have enough money in retirement. [...]

ROTH IRA CONVERSIONS AFTER TAX REFORM…STILL A GOOD IDEA? WHAT ARE THE IMPLICATIONS FOR YOUR FAMILY IF YOU DON’T SPEND ALL THE MONEY?

By |2021-01-27T14:12:45+00:00August 23rd, 2018|Categories: ESTATE PLANNING, RETIREMENT|Tags: , |

Twenty years ago, the Roth IRA first became available to investors as a financial tool for their estate planning needs. These accounts have maintained their popularity because unlike their traditional IRA counterpart, a Roth IRA provides account owners tax-free income during retirement. In fact, many people chose to convert their traditional IRA or 401(k) plan into a Roth IRA to benefit from this long-term tax advantage. (Of course, there is a current tax bill that has to be considered when you make a conversion.) The recently enacted tax reform, however, has removed one helpful opportunity: the ability to recharacterize — [...]

IRAS, ANNUITIES, AND GUARDIANSHIP – PROVIDING FOR YOUR MINOR CHILDREN AFTER YOU DIE

By |2021-01-27T13:00:15+00:00July 16th, 2018|Categories: ESTATE PLANNING|Tags: , , , |

IRAs, Annuities and Guardianship: Providing for Your Minor Children after You Die Deciding on a guardian for your minor children may very well be the most vexing decision you’ll make regarding your estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially responsible with your children’s inheritance. For example, if you have an IRA or an annuity that you wish to pass to your minor children, how can you ensure those funds will be used properly—especially if the person you trust most [...]

IRAS, ANNUITIES AND GUARDIANSHIP: PROVIDING FOR YOUR MINOR CHILDREN AFTER YOU DIE

By |2021-01-27T11:29:47+00:00April 16th, 2018|Categories: ESTATE PLANNING|Tags: , , , , , |

Deciding on a guardian for your minor children may very well be the most vexing decision you’ll make regarding your estate planning. Not only must you trust the appointed guardian to raise your children as you’d want them raised, but you also need that person to be financially responsible with your children’s inheritance. For example, if you have an IRA or an annuity that you wish to pass to your minor children, how can you ensure those funds will be used properly—especially if the person you trust most to raise your kids isn’t necessarily the best with finances? This question is [...]

WHAT TO EXPECT FROM ESTATE PLANNING IN 2018

By |2021-01-27T11:30:45+00:00January 8th, 2018|Categories: ESTATE PLANNING|Tags: , , , , |

2017 is now fading into the rearview mirror. As we all look ahead to 2018, let’s consider a few things to watch regarding estate planning, so you and your family can be completely protected. The death tax. The death tax has been in a state of flux ever since the early 2000s when the Bush administration’s first tax cuts changed the exemption and tax rates. The recently-passed Tax Cuts and Jobs Act is the latest significant change. Starting January 1, 2018, the estate tax exemption amount will double to $11.2 million per person (married couples have $22.4 million of combined exemption). [...]

DON’T MISS OUT ON THESE YEAR-END TAX PLANNING STRATEGIES

By |2021-01-27T12:13:12+00:00October 5th, 2015|Categories: ESTATE PLANNING|Tags: , , , , |

Now is the ideal time to start year-end tax planning.  Below you will find a variety of tax-saving strategies you should consider using immediately so that you can get your 2015 tax house in order well in advance of the fast-approaching holiday season. Plan Now for a Bountiful Fall Harvest The last thing you want to worry about during the holiday season is tax planning.  Now is the perfect time to discuss the following tax-saving opportunities with your financial team so that you can implement them in the next few weeks: Check your portfolio to determine which dud stocks can [...]

AGING.GOV: A NEW RESOURCE FOR OLDER AMERICANS AND THEIR FAMILIES

By |2021-01-27T13:43:47+00:00March 19th, 2015|Categories: ESTATE PLANNING|Tags: , , |

More than 10,000 people turn 65 in the U.S. every day according to Aging.gov (https://www.hhs.gov/aging/), a new website recently launched by the Obama administration.  The goal of this website is to act as gateway for older Americans and their families, friends and caregivers to locate information about leading a healthy lifestyle, options for health care, preventing elder abuse, and retirement planning. Healthy Aging According to the website, healthy eating habits, physical activity, and involvement in your community help contribute to living a long, productive, and meaningful life.  This section of the website offers links to dietary guidelines for older Americans, the American [...]

YEAR END ESTATE PLANNING TIP #2 – CHECK YOUR BENEFICIARY DESIGNATIONSYEAR END ESTATE PLANNING TIP #2 – CHECK YOUR BENEFICIARY DESIGNATIONS

By |2021-01-27T11:06:05+00:00October 9th, 2014|Categories: ESTATE PLANNING|Tags: , , , , , , , , |

With the end of the year fast approaching, now is the time to fine tune your estate plan before you get caught up in the chaos of the holiday season.  One area of planning that many people overlook is their beneficiary designations. Have You Checked Your Beneficiary Designations Lately? Do you own any life insurance policies?  If so, have you named both primary and secondary beneficiaries for your policies? How about retirement accounts – are any of your assets held in an IRA, 401(k), 403(b) or annuity?  Or how about a payable on death (“POD”) or a transfer on death [...]

U.S. SUPREME COURT RULES INHERITED IRAS ARE NOT PROTECTED FROM CREDITORS

By |2021-02-05T12:47:12+00:00July 7th, 2014|Categories: ESTATE PLANNING|Tags: |

On June 12, 2014, the U.S. Supreme Court—in a unanimous decision—ruled that Individual Retirement Accounts (IRAs) inherited by anyone other than a spouse are not retirement funds and therefore are not protected from the beneficiary’s creditors in bankruptcy. The reasoning is, because the beneficiary cannot make additional contributions or delay distributions until retirement, it is not a retirement account. There is, in fact, nothing to prevent a beneficiary from withdrawing funds, or even clearing out the account, at any time. As a result, these funds must also be available to satisfy the beneficiary’s creditors during bankruptcy. Following the same logic, [...]

WILL YOUR REVOCABLE LIVING TRUST AVOID PROBATE? IT DEPENDS.

By |2021-01-27T11:07:44+00:00July 1st, 2014|Categories: ESTATE PLANNING|Tags: , , , , , , , |

If you’ve set up a Revocable Living Trust, congratulations!  You’re definitely on the right track. But…you’re only half way there. Many believe because they took the time to create a Trust, their estate will automatically avoid probate.  Unfortunately, this is a false sense of security. The key to probate avoidance is proper asset ownership, including the full funding of your Revocable Living Trust. What are Probate Assets? What assets require probate? Accounts and real estate titled in your sole, individual name [without a payable on death (POD) or transfer on death (TOD) designation] Accounts and real estate you own as [...]

Go to Top