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The recently-­‐enacted Coronavirus Aid, Relief, and  Economic Security Act (CARES  Act) signed by President Trump  on  March  27, 2020, allows  “qualified individuals” to take up  to  $100,000 of  penalty-­‐free IRA and company plan withdrawals during 2020. “Qualified individuals” include those who are (or whose family members are) sickened by the virus or who have virus-­‐related …

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Avoid Charitable Contribution Mistakes!   There are basic donation rules that must be followed when contributing to your favorite charity, but it’s easy for anyone to make a mistake.  Here are just a few common mistakes that many American taxpayers make: Overvaluing Gifts:  This is probably the easiest mistake to make since we tend to …

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Tax Advantages of an IRA   IRAs and Roth IRAs are both accumulation and distribution vehicles. Traditional IRAs continue to grow tax-deferred and Roth IRAs grow tax-free.   If IRAs are properly set up and administrated, an IRA can become a Multi-Generational legacy that allow “stretching” of the assets and required distributions beyond the life …

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YEAR-END PLANNING CHECKLIST   Holidays can be stressful, but take advantage of any travel delays or down time with a cup of cocoa and go over your year-end financial and retirement planning checklist. Yes, reviewing this now can save you from tremendous stress down the road.  Here are just a few basic issues that can …

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TIME FOR A POLICY MAKE-OVER?   As your financial planning and insurance needs change, it may be time for a policy make-over.  Why consider a policy make-over?  Depending on when you chose your policy, there may be new options that provide more cost-effective solutions than your current policy.  Section 1035 of the tax code even …

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HAPPY THANKSGIVING!… ARE YOUR BENEFICIARY FORMS UP TO DATE?   While you are giving thanks for all your blessings, it is a perfect opportunity to also take a moment to think about your beneficiary forms. Although a will controls the distribution of some assets, your beneficiary forms, not your will, controls the distribution of your …

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Top 10 IRA Mistakes to Avoid Taking the wrong RMD amount. Taking distributions too early. Failure to properly identify designated beneficiaries. Not knowing the special rules for spousal IRA beneficiaries. IRA beneficiaries fail to take advantage of a stretch option. Taking RMDs after the deadline. Not knowing the non-spousal rules for IRA beneficiaries. Disclaiming errors. …

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Rollovers and tax withholding A client recently explained that his 401(k) plan sponsor made an error and withheld 20% for taxes when all he did was “rollover” the 401(k) funds to an IRA. Does the plan sponsor need to issue another check for the 20%? No. Instead of requesting a trustee-to-trustee transfer or “direct rollover,” …

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Disparate Retirement Stats for Women The financial woes women face in the workforce exist beyond disparate wages. 80% More Likely to Be Impoverished After Age 65 According to a recent study, women of 65 years of age and older are 80% more likely to be impoverished than men of their same age. This statistic is …

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simplifying IRA Lingo Conversion, Recharacterization, Reconversion, oh my! IRA terms can get confusing so here are just a few IRA related definitions that are commonly asked about: ROLLOVER Assets are withdrawn from a retirement plan and then re-deposited into the same or other eligible plan. This is a reportable transaction for an IRA owner and …

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