CRDS AND ROTH CONVERSIONS – ABUSE OF THE RULES?

The coronavirus-related distribution (CRD) rules for Roth conversions have a gaping hole. An “affected person” (as we have defined in previous blogs), is entitled under the CARES Act to withdraw up to $100,000 from their IRA or workplace retirement plan. A CRD avoids the 10% early distribution penalty for those under 59 1/2, can be

Read More »

Rolling Over an RMD

Like most people’s lives, the retirement world is upside down. This is made evident by a single statement: “Required minimum distributions (RMDs) can be rolled over.” Yes, that is the new normal—at least for this year. RMDs are considered the first money out of an IRA and workplace plan. Typically, these dollars are ineligible to

Read More »

Tapping Into Retirement Accounts If Not Directly Impacted By COVID-19

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

Read More »

Disclaiming an Inherited IRA

Disclaiming an Inherited IRA   A disclaimer is a legal document and formal refusal of an inheritance by a beneficiary.  Disclaimer rules apply to all IRA beneficiaries.  Beneficiaries are not required to accept an IRA (or any portion thereof) and may instead choose to disclaim all or a portion of their share. If someone inherits

Read More »

Avoid Charitable Contribution Mistakes!

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

Read More »

Tax Advantages of an IRA

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

Read More »

Year-End Planning Checklist

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

Read More »

Time for a Policy Make-Over?

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

Read More »

Are Your Beneficiary Forms Up To Date?

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

Read More »

Top 10 IRA Mistakes To Avoid

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.

Read More »
Scroll to Top