Category: Tax Planning
This valuable estate-planning tool can help your beneficiaries make the most out of their inheritance but many investors do not know about these stretch provisions. This leaves retirees with the important question: Should they force their beneficiaries to stretch the inherited IRA? What is a “stretch IRA” strategy? A recent Forbes article titled “Should I […]
While minimizing taxes is certainly not the only, nor even the primary, objective of trusts, it is a major issue for trustees with a fiduciary responsibility. The variety of trusts and the rules surrounding them are many and can be complex. A recent CNBC.com article, titled “Estate planners shift gears in new tax environment,“ explains […]
All sorts of things can change over the course of our lives—and some of those changes may affect existing estate plans. Experts recommend that you review your estate plan every few years to confirm whether it needs updating. Things change over time. New tax laws, more grandchildren, an aging estate executor … the list goes […]
In a unanimous ruling written by Justice Sonia Sotomayor, the court said inherited IRA money not received from a spouse isn’t protected in bankruptcy proceedings. The Supreme Court ruling applies to inherited IRAs but not to other types of retirement accounts. It also clarified instructions in the Bankruptcy Code, as millions of baby boomers begin […]
“Now, all of a sudden, sometime without much or any warning, it’s all thrust onto her plate. It’s quite an adjustment for many women, and can be overwhelming at first. Over time, of course, many women become very adept at handling their affairs, which is really inspiring to see.” After a divorce or death of […]
While 19 states recognized same-sex unions, as of the end of May 2014, 31 still didn’t. The rift means that couples must take special precautions to have the right estate and emergency-health care legal documents in place – and often on hand. Whether already married or planning to tie the knot soon, same-sex couples need […]
“We say to people: ‘If you do nothing, your money will go to the state. Is that what you want?’ That’s enough to make them want to consider something else,” says Andrew Russell, a certified financial planner in San Diego. If you have an estate to leave behind when you pass away, but no heirs […]
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 […]
Before you or a loved one says “I do,” there are a few things you should know about their money habits. Something old, something new, something borrowed and something … green? That’s not exactly how the saying goes, but addressing the “green” or money part of your relationship is necessary before marriage or cohabitation. A […]
Sometimes we have to think about the not-so-fun things so we can enjoy the fun ones. Who wants to talk about money? How about planning? These topics may not be on your list of fun conversation starters. An article on kjrh.com explores some grownup topics most of us would rather put off until sometime later. […]
