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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Be aware of the details on required minimum distributions
Tagged with: guardianships, Hook Law Center, IRA, IRS, RMD, special needs planning, veterans benefits
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…
Tagged with: Conduit Trust, Designated Beneficiary, Income Tax Rates, INTRODUCTION, IRA, Plan Administrator, RMD
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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