The publication also covers the tax rules when inheriting an IRA, IRA rollovers, converting a traditional IRA to a Roth IRA, taxation of withdrawals and actions that could result in additional taxes or penalties, such as making a non-qualified withdrawal before you reach the age of 59 ½....
Our team worked closely with our client’s attorney and investment advisors to create an estate plan for a terminally ill spouse. This included determining the tax implications of trusts set up for their children, investment decisions and equalization of the estate. ...
While most Americans won't have to pay estate taxes, they can have serious implications for those who do. If you believe your estate is large enough for state or federal estate tax to be applied, you should consult with a financial expert to see how you can limit your tax liability. Why...
Estate Planning Flexibility:Roth IRAs are ideal for passing on tax-free assets to heirs, allowing them to inherit a tax-efficient income source and avoid the tax implications of RMDs from a traditional account. When Does a Roth Conversion Make Sense in Retirement?
Let’s close with a report from the Wall Street Journal about one of the grim implications of Senator Warren’s proposed tax. Elizabeth Warren has unveiled sweeping tax proposals that would push federal tax rates on some billionaires and multimillionaires above 100%. That prospect raises questions...
Note #2: federal and state estate tax implications are different and may still apply, both of which can impact the remaining liquidity and assets available for beneficiaries. This discussion is outside the scope of this article. Discuss your situation with the trust and estate attorney for the ...
9. Self-Directed IRA Real Estate Investing IRAs and 401k style retirement plansare incredible tools to build wealth while minimizing taxes. But most people think of them only as tools to invest in traditional investments like stocks, bonds, mutual funds, and REITs. While this is the norm, it...
Standard advice says bequeathing a retirement account to the youngest possible beneficiary is a good way to maximize deferral benefits. And that is kind of true – the RMD for a 10-year-old is only 1/4 that of the RMD for an 80-year-old IRA originator and only 1/3 for a 40-year-...
My father passed away last December and had a non-qualified annuity. My mother is the beneficiary. What are the tax implications if she took the lump sum or had it distributed over the next five years? Hersh Stern (ImmediateAnnuities.com) ...
An inherited IRA is an account that is opened when an you inherit an IRA or employer-sponsored retirement plan after the original owner dies. The individual inheriting the Individual Retirement Account (IRA) (the beneficiary) may be anyone—a spouse, relative, unrelated party, or entity (e.g...