Category: IRA
“The SECURE Act killed the stretch IRA but instead of mourning, advisors can help clients make up the loss.” It’s sad but true: the SECURE Act took away the long lifetime stretch that so many IRA heirs enjoyed. It was a great efficiency tool for family wealth transfer, but there are ways to fill the […]
“It is surprisingly easy and common to make mistakes when designating beneficiaries on retirement and investment accounts.” A designated beneficiary is the person named on a retirement or investment account to inherit the asset if you die. That’s the simple part. What gets complicated is when people don’t think it’s such a big deal, says […]
“The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.” It is true that a single person who dies in 2020 could have up to $11.58 million in personal assets and their heirs would not have to pay any federal estate tax. […]
“Some retirees may be surprised to learn that a portion of their Social Security benefits could be subject to federal income taxes.” Paying taxes when you aren’t working but are instead receiving income from a lifetime of working and Social Security is a harsh reality of retirement for many people. Figuring out how much of […]
“Windfalls can result from fortunate events, like lottery winning, and unfortunate events, like a legal settlement. Whatever the triggering event, a big injection of cash can certainly be a life-changing event in someone’s life.” Few would complain about a financial windfall, but many people report feeling feelings of anxiety, guilt and stress about what to […]
“What may have seemed like something to take care of ‘one day,’ has turned into a basic necessity that makes it essential and necessary for you to encourage your clients to act now.” The Covid-19 pandemic has brought estate planning front and center to many people who would otherwise dismiss it as something they would […]
“Losing a loved one isn’t just an emotional burden—it also carries an administrative load. There are flower arrangements to pick, eulogies to write and a stream of paperwork to sort through.” One way to show loved ones that you care is by having an estate plan and communicating your wishes to them clearly, notes the […]
“U.S. has been making it easier for people to access long-term savings for emergencies, trading future financial security to stay afloat.” For generations, the tax code has been a public policy tool, used to encourage people to save for retirement and what used to be called “old age.” However, the coronavirus pandemic has created financial […]
“The most well-known ‘death’ tax is the Federal Estate and Gift Tax. However, the reality is that few people really have to worry about the cost of federal estate taxes.” The least popular beneficiary is almost always the federal government. Most people are concerned that their estate will need to pay taxes and do what […]
“There have been several law changes that affect IRAs passed since December 2019.” The SECURE Act made a number of changes to IRAs, effective January 1, 2020. It was followed by the CARES Act, effective March 27, 2020, which brought even more changes. A recent article from the Milwaukee Business Journal, titled “IRA planning tips […]
