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What to Know When You Inherit an IRA
April 29th, 2016
People who inherit IRAs are often confused about the different rules and options concerning those inheritances. There are a few things that they should know. The rules concerning IRAs are different for people who inherit the accounts than they are fo…
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IRS Now Allows IRA Distribution Deferrals
April 25th, 2016
IRA growth after retirement has previously been limited by required mandatory distributions. A new deferment option now allows seniors the opportunity for more retirement account growth. Required minimum distributions from retirement accounts such as…
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Categories: Aging Issues, Current Affairs, Elder Law, Estate Planning, Succession, Taxes, Trust Funding, Weblogs, Will
It Is Important to Designate a Contingent Beneficiary for Your IRA
April 12th, 2016
A recent IRS private letter ruling highlights why it is important to designate a contingent beneficiary for your IRA in case the primary beneficiary predeceases you. Individual retirement accounts are an important part of many estate plans. By design…
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Categories: Aging Issues, Current Affairs, Elder Law, Estate Planning, Succession, Taxes, Trust Funding, Weblogs, Will
Charitable IRA Tax Break Made Permanent
January 7th, 2016
The 2006 IRA charitable rollover exclusion was a popular tax break for wealthy elderly people and the charities to which they donate. It has been made permanent. Seniors trying to spend down the size of an estate for estate tax purposes often find it…
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Come on, Kids! Start Estate Planning!
September 23rd, 2015
If you think estate planning is for only the elderly or wealthy individuals, think again. Everyone has collected some stuff, what professionals like to call assets, possessions, investments — and don’t forget the liabilities (debt), like student…
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Giving Up a Million Dollar Inheritance?
August 21st, 2015
If you stand to inherit millions of dollars, the first thought to cross your mind is most likely not going to be that you should give it up. That will not cross most people's minds at all. However, in some cases, giving up the inheritance is the…
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Obama’s Proposed Budget Goes after IRAs
April 18th, 2013
The proposal is being spun as a way to prevent wealthy private-equity executives from amassing huge IRAs—like Mitt Romney’s, once estimated to be worth as much as $100 million. But it would also curb the savings ability of self-employed professio…
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Categories: Estate Planning
IRA Asset Protection Amount Raised as of April 1, 2013
April 17th, 2013
Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the first $1 million of IRA and Roth IRA funds are protected (or exempt) in bankruptcy. This amount is reviewed every three years and increased as needed. For example…
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Categories: Uncategorized
The Mighty Power of Attorney (POA)
April 1st, 2013
A POA is a legal document that is based on your state’s law that authorizes someone to act on your behalf. A Power of Attorney (POA) is an essential tool for your estate plans, and a mighty strong one at that. In effect, every adult should have one…
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Mind the Details with Inherited IRAs
March 27th, 2013
Let's say that someone who is not your spouse recently died and named you as their IRA beneficiary. You now have what the IRS calls an “inherited IRA.” When you inherit money, once you receive it you can usually decide where it goes from the…
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