What Penalties Hurt Retirement Accounts?
“The following are penalties to avoid at all costs when contributing to or withdrawing from retirement accounts.”
Does Potential IRS Change Have an Impact on Estate Plan?
“The IRS is weighing a change that could leave your heirs poorer than you might hope.”
What are Penalties When Contributing to or Withdrawing From Retirement Accounts?
“Building and living off a nest egg is tough. However, you can make the situation even more difficult if you run afoul of some key laws governing retirement accounts.”
Should I Withdraw more than RMD?
“Sometimes only taking the minimum IRA distribution can be a costly mistake. When deciding how much to withdraw this year, you need to consider the big picture. For some people, it makes sense to go big.”
Can I Avoid Taxes when I Inherit?
“Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in, unless an estate exceeds $11.7 million. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.”
Can I Use a Roth IRA in Estate Planning?
“Roth IRAs and Roth IRA conversions have received a lot of press recently. Between the various tax proposals that have been floating around Congress and normal year-end tax planning strategies, Roth IRAs are a popular topic.”
What to Do with an Inherited IRA?
“Some inherited assets are tax-friendly, but under new rules, others come with a hefty tax bill. We help you get the most out of a legacy.”
What Is the Worst Way to Withdraw from Retirement Account?
“Withdrawing from your retirement accounts in the wrong order could cost hundreds of thousands of dollars in retirement income.”
Are Roth IRAs Smart for Estate Planning?
With President Biden’s proposed tax increases, it is wise to leverage Roth conversions and other strategies while tax rates are historically low—and the original Secure Act of 2019 made Roth IRAs particularly valuable for estate planning. Roth Conversions and Low Tax Rates. Though tax rates for some individuals may increase under the Biden tax proposals, […]
If My Estate Is the Beneficiary of My IRA, How Is It Taxed?
“When an estate is named beneficiary of an IRA, what is the method of distributing it to one individual in the most tax-effective way?”
