Category: IRA
Recently rock legend Sting made headlines when he declared that his six children would be receiving little to none of his estimated $300 million fortune. Financial Planner Kevin McKinley argues that there are ways to give your children money without you having to worry about them becoming trust-fund brats. Sting’s motive for not leaving an […]
A general rule is that Roth IRAs are good accounts to leave to loved ones. Distributions typically are tax-free, and if your heirs follow the rules, they can stretch distributions from a Roth over their lifetimes, allowing the bulk of the investment to continue growing tax-free. “The Roth IRA is pretty much the Cadillac of […]
One way to fulfill your philanthropic goals is to provide for a particular charitable cause or organization in your estate plan. Do you want to leave something to charity when you are no longer here? All it takes is some planning ahead of time. The Charlotte County Florida Weekly recently posted an article titled “GIVING: […]
Enlisting the help of a qualified wealth management professional to determine which type of IRA will best support a person’s retirement goals. So you want an IRA, but you aren’t sure if you need a traditional one or a Roth. How do you decide? Let’s explore the Roth IRA a bit further to help your […]
Plan to review your beneficiary designations on a regular schedule, ideally as part of an annual review of your finances. Life can get hectic, so it’s best to have a plan when it comes to annual to-do’s or check-ups. Otherwise, some very important things may fall through the cracks. Did you change the batteries in […]
Whichever way you pass on your retirement account assets, leaving an IRA can provide a grandchild with a significant financial foundation. Think of an IRA as a potentially powerful estate planning tool. Properly structured, an IRA may transfer wealth to younger generations. In fact, the younger, the better. Kiplinger raised this point in its January […]
You were so helpful to me in September, clarifying the IRA charitable contribution. Do you know if the government is instituting that same contribution this year? We are well into tax season and planning for the upcoming year. Are you keeping up with the tax laws? As many retirees and their advisors review changes in […]
We say it over and over again. Check your beneficiary forms! Don’t let your retirement funds go down the drain. Anything involving the court system is rarely quick and painless (probate anyone?). Fortunately, IRAs can easily be transferred to your loved ones outside of probate simply by completing a beneficiary designation form. But what if […]
One big advantage of the trusteed IRAs: IRA owners can prevent their beneficiaries from spending down the accounts right away. An IRA is a very powerful tool, if you use it right. Your IRA can essentially serve estate planning purposes beyond simple retirement funding in the form of a “trusteed IRA.” A good place to […]
If your beneficiaries are out-of-date, when you die, your assets could go [to] the wrong people – a former spouse, for example – no matter what your will says. Often, the biggest mistakes we can make when it comes to our estate planning are also some of the easiest to prevent. For example, the consequences […]
