Who’s the BOSS?

BOSS is an acronym that we use to refer to the four key people everyone must consider with respect to retirement planning, i.e., developing an income exit strategy and ensuring all IRAs, 401(k)s and similar plans are set up properly:

Beneficiary
Owner
Spouse
Survivors

Without proper beneficiary designations, your retirement assets could default to your estate. This would destroy the opportunity for your heirs to enjoy a Multi-Generational distribution strategy. This strategy allows heirs to “stretch” distributions over their individual life expectancies while the remaining retirement assets continue to grow on a tax-deferred basis (or even a tax-free basis if it’s a Roth).

BOSS reviews should always be FREE services – they are offered by retirement distribution experts and tax professionals who are affiliated with America’s Tax Solutions™.

More Updates

IMPORTANT TRUST DEADLINE APPROACHING

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 October 31, 2020. Generally, only individuals who are named on an IRA beneficiary form can

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admin October 27, 2020

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

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admin May 20, 2020

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

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admin April 22, 2020
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