You can't open a joint IRA in both of your names, but you can name each other as the beneficiary of the account. However, your ability to claim a tax deduction for your IRA contributions is limited if you have a 401(k) account at work and your modified adjusted gross income reaches...
However, if the beneficiary is not the spouse, certain rules may apply to when the distributions must occur. If one spouse dies, the surviving spouse usually can take over the IRA as their own. Required minimum distributions would typically begin at age 73, just as they would for the ...
The status of legal advice obtained by trustees in relation to litigation involving beneficiaries is something of a vexed issue. This article examines the recent decision in Lambie Trustee Ltd v Addleman [2021] NZSC 54, in which the New Zealand Supreme Court addressed the scope of the joint ...
Millions of Americans use tax-exempt529 plansto save for college and other education-related expenses for their child or another beneficiary. States generally sponsor 529 plans, and you might be able to get a state income tax deduction or credit if you contribute to your state...
“Annuity” rule which says: "You can receive distributions from your traditional IRA that are part of a series of substantially equal payments over your life (or your life expectancy), or over the lives (or the joint life expectancies) of you and your beneficiary, without having to pay ...
Wedding bells are within sight but getting married comes with a slew of major financial decisions. Merging finances, choosing how you’ll file taxes (jointly or separately?) andupdating life insurance beneficiary designationsare just a few of the items on your post-honeymoon to-do list. ...
While real interest rates look to remain in the red for the foreseeable future, many of these same countries are printing record amounts of “green” with accommodative monetary policies. U.S. Global’s director of research John Derrick says central banks around the world have focused their att...
In order to buy a policy on someone else, the life insurance beneficiary (the person who receives the payout) must have an "insurable interest" in the person covered by the policy. This means the beneficiary must experience an economic loss when the insured person dies. For example, you c...
For soon-to-be newlyweds, an experienced marriage attorney can make the process of getting a prenup smooth and pain-free. Here’s how to find one. July 28, 2024 · 8min read Want a prenup but need clarification on the price tag? Learn what factors impact prenup costs and how to get ...
trust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father" belongings, property, holding - something owned; any tangible or intangible possession that is owned by someone; ...