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 […]
IRA
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?
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 […]
What to Expect from Estate Planning in 2018
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 […]
IRAs, Annuities, and Guardianship – Providing for Your Minor Children After You Die
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 […]
Don’t Miss Out on These Year-End Tax Planning Strategies
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 […]
Aging.gov: A New Resource for Older Americans and Their Families
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 […]
Year End Estate Planning Tip #2 – Check Your Beneficiary Designations
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 […]
U.S. Supreme Court Rules Inherited IRAs are Not Protected from Creditors
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 […]