Tag: IRA

Be aware of the details on required minimum distributions

It is important for taxpayers to be informed about required minimum distributions (RMDs) from IRAs so that they can plan accordingly for their retirement. In the current year, those persons age 70 ½ or older are required to take a

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How fear of death can present a hurdle to retirement planning

A new study has found that many people fail to make necessary decisions about the future because they are too scared to think about death. According to researchers from Boston College in Massachusetts, fear of death causes individuals to avoid

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RETIREMENT ACCOUNT TRUSTS – Part 2

by Thomas D. Begley, Jr., CELA Separate Trust A separate trust designed specifically to control the retirement account is recommended. It is best that the trust not be part of a revocable living trust or any other trust. A “standalone

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RETIREMENT ACCOUNT TRUSTS – PART 1

by Thomas D. Begley, Jr., CELA Introduction The United States Supreme Court in a 9-0 unanimous ruling held that an inherited IRA is not protected in bankruptcy under federal law.[1] Heidi Heffron-Clark inherited an IRA from her mother in 2001

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Early retirees may need alternative withdrawal strategies

When withdrawing funds from individual retirement accounts, Roth IRAs and other such accounts, retirees may encounter inconveniences, taxes and penalties. However, proper planning may reduce or even eliminate such costs. There are techniques that retirees should use to withdraw funds

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Early retirees may need alternative withdrawal strategies

When withdrawing funds from individual retirement accounts, Roth IRAs and other such accounts, retirees may encounter inconveniences, taxes and penalties. However, proper planning may reduce or even eliminate such costs. There are techniques that retirees should use to withdraw funds

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The “10 Most Gruesome Estate Planning Mistakes” series. Mistake #1: Dying Intestate

To die intestate means that you died without a valid Will. If you die without a Will or some other form of estate planning, the state in which you reside and the IRS will simply make one for you. Of

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IRA Trusts

INTRODUCTION The United States Supreme Court in a 9-0 unanimous ruling held that an inherited IRA is not protected in bankruptcy under federal law.[1] Heidi Heffron-Clark inherited an IRA from her mother in 2001 and filed for bankruptcy nine years

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Common Pitfalls of Non-Spouse Inheriting IRAs | Howell Estate Attorney

Inheriting an IRA can be a financial blessing but you have to be extremely careful about withdrawing the funds. There are a number of mistakes you can make that can result in a missed opportunity for tax-deferred growth, or worse,

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Retirement Plans: What Steps Will Help You Retire Early?

Many Michigan baby boomers dream of retiring early, but they also worry about whether they can still provide for children and grandchildren. Contributing catch-up contributions to a Roth IRA or company-sponsored retirement plans is one way to beef up your

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