For trusts that inherited an IRA in 2019, an important deadline is approaching. The due date to provide required trust documentation to the IRA custodian to ensure that the longest payout period possible is available for the inherited IRA is
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.
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
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
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
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
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
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
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
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