The IRS has for the third consecutive year offered relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. Let’s look at how this...more
If you’re in line to receive a significant inheritance, your feelings may range from exhilaration to relief, not to mention a great deal of sadness for the loved one who has passed. Indeed, a large infusion of cash or assets...more
The original Setting Every Community Up for Retirement Enhancement Act (SECURE Act), enacted in 2019, was a significant law related to retirement savings. In the spring of 2022, with an eye toward building on the reforms in...more
After your retirement, or if you’re retiring soon, you may be more inclined to make donations to charity. However, you may receive little or no tax benefit from your contribution, depending on whether you itemize deductions....more
The temporary reprieve is over. Due to the COVID-19 pandemic, Congress suspended the rules for required minimum distributions (RMDs) in 2020, including inherited accounts. But the rules have been restored for the 2021 tax...more
11/16/2021
/ 401k ,
Compensation & Benefits ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRS ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Liability ,
Tax Planning
A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD)...more
12/7/2020
/ Alternative Minimum Tax ,
Charitable Donations ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Itemized Deductions ,
Qualified Charitable Distributions ,
Required Minimum Distributions ,
SECURE Act ,
Tax Benefits ,
Tax Cuts and Jobs Act ,
Tax Deductions
The Coronavirus Aid, Relief and Economic Security (CARES) Act is designed to provide tax relief to individuals and businesses struggling to make ends meet due to the COVID-19 pandemic. But this law may also have a...more
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the biggest retirement planning law in decades. However, when all is said and done, the new law may have just as significant an impact on estate...more
7/29/2020
/ Beneficiary Designations ,
CARES Act ,
Charitable Remainder Trust ,
Coronavirus/COVID-19 ,
Employee Contributions ,
Estate Planning ,
Individual Retirement Account (IRA) ,
Qualified Charitable Distributions ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Waivers
In addition to serving as a viable option to reduce health care costs, a Health Savings Account (HSA) can positively affect your estate plan because its funds grow on a tax-deferred basis. An HSA is similar to a traditional...more
People sometimes keep assets hidden without letting their family know about their existence or location. Similarly, they may have life insurance policies no one knows about. This brief article explains, through a fictional...more
Roth IRAs offer significant financial and estate planning benefits. If a person has a substantial balance in a traditional IRA and is considering converting it to a Roth IRA, there may be no better time than now. This article...more
Obviously, qualified retirement plans such as 401(k) plans and IRAs are meant to provide retirement savings. However, those who don’t have to draw heavily, if at all, on plan and IRA assets can preserve a tidy nest egg for...more
In This Issue:
- Expiration date: IRS provides estate tax protection against sunsetting TCJA provisions
- A Crummey trust may sound pretty good
- A second walk down the aisle can complicate estate planning
-...more
4/1/2019
/ Crummey Trusts ,
Divorce ,
Estate Planning ,
Estate Tax ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
Marriage ,
Sunset Provisions ,
Tax Cuts and Jobs Act ,
Trusts
Probate. The word itself is enough to strike fear into the hearts of elderly individuals and their loved ones. It conjures images of lengthy delays waiting for wealth to be transferred and bitter disputes among family...more
12/4/2018
/ 401k ,
Beneficiaries ,
Change of Ownership ,
Creditors ,
Estate Planning ,
Executors ,
Individual Retirement Account (IRA) ,
Intestate Succession ,
Joint Ownership ,
Joint Tenancy with Right of Survivorship ,
Living Trust ,
Payable on Death Clauses ,
Probate ,
Testamentary Trust ,
Transfer of Assets ,
Transfer of Title ,
Wills
In This Issue:
- Who needs an estate plan? Quick answer: Everyone
- NINGs, DINGs and WINGs: Understanding the tax angles of self-settled trusts
- Securities laws can derail your estate plan
- ESTATE PLANNING...more
10/1/2018
/ 401k ,
Accredited Investors ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Gift Tax ,
Individual Retirement Account (IRA) ,
Investment Funds ,
Nongrantor Trusts ,
Private Funds ,
Probate ,
Revocable Trusts ,
Tax Cuts and Jobs Act ,
Trusts ,
Unregistered Securities ,
Wills
Even though the Tax Cuts and Jobs Act doubled the gift and estate tax exemption to $10 million beginning this year, there are many families that still have to contend with significant federal estate tax liability. Plus, there...more
8/2/2018
/ Apportionment ,
Estate Planning ,
Estate Tax ,
Estate-Tax Exemption ,
Federal Taxes ,
Gift-Tax Exemption ,
Individual Retirement Account (IRA) ,
Life Insurance ,
Retirement Plan ,
State Taxes ,
Tax Cuts and Jobs Act ,
Wills
One of the primary objectives of estate planning is protecting assets from unreasonable creditors’ claims, frivolous lawsuits or financial predators ? the reason being to pass as much wealth to family members as possible....more
4/3/2018
/ Asset Protection ,
Creditors ,
Estate Planning ,
Family Limited Liability Companies ,
Family Limited Partnerships ,
Fraudulent Transfers ,
Gifts ,
Individual Retirement Account (IRA) ,
Liability Insurance ,
Retirement Plan ,
Risk Assessment ,
Trusts
It’s almost impossible to fully prepare for a spouse’s sudden death, but it helps to keep one’s finances organized and communicate with a spouse about these matters. This article offers points to address in the event a spouse...more
2/8/2018
/ Commercial Insurance Policies ,
Death Certificates ,
DMV ,
Estate Planning ,
Estate Tax ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Inheritance Tax ,
Investment Funds ,
Notification Requirements ,
Retirement Plan ,
Social Security Administration (SSA) ,
Surviving Spouse
For those age 70½ or older who plan to make charitable donations this year, qualified charitable distributions from an IRA, also known as charitable IRA rollovers, can provide significant tax benefits. This article details...more
The sandwich generation: A slice of life -
Do you feel like you’re pulled between the pressing needs of your elderly parents and your own children? If so, you’re part of the “sandwich generation,” the term coined to...more
6/3/2017
/ Advance Health Care Directive ,
Charitable Rollover ,
Elder Care ,
Estate Planning ,
Individual Retirement Account (IRA) ,
Living Trust ,
Living Will ,
Power of Attorney ,
Qualified Charitable Distributions ,
Revocable Trusts ,
Undue Influence Claims ,
Wills
IRAs are meant to be used for retirement saving. However, if a person doesn’t need to tap into an IRA for income during retirement, he or she can preserve the assets as part of his or her estate, above and beyond what was...more
Protect multiple generations with a dynasty trust -
Dynasty trusts have nothing to do with the popular soap opera from the 1980s, but everything to do with leaving a lasting legacy. Although this type of trust is often...more
Per IRS rules, people must begin taking required minimum distributions (RMDs) from their retirement plans and IRAs beginning April 1 of the year after the year in which they turn age 70½. And they must continue taking RMDs...more
Gift giving made easy -
Annual exclusion reduces your taxable estate -
How can you reduce the size of your taxable estate? There are many ways to accomplish this objective, including the use of irrevocable trusts...more
10/3/2016
/ Beneficiaries ,
Estate Planning ,
Estate Tax ,
Gift Tax ,
Individual Retirement Account (IRA) ,
Penalties ,
Pets ,
Power of Attorney ,
Required Minimum Distributions ,
Tax Exemptions ,
Trusts
Most people invest their IRA funds in stocks, bonds and mutual funds. But others may opt for nontraditional investments, such as real estate, in the hope of boosting their returns. As this article details, when choosing to...more