IRA’s Individual Retirement Accounts
Forget to Take Your Required Minimum Distribution from an Inherited Roth IRA?
If you inherit a Roth individual retirement account (“Roth IRA”), you must take required minimum distributions (“RMD”) from the Roth IRA each year after the death of the owner. The RMD is calculated based upon the beneficiary’s life expectancy or 5 years. To...
Changes Brewing For IRA Required Minimum Distributions…
The Senate Committee on Finance recently scheduled a committee markup on September 21, 2016 of an original bill, the “Retirement Enhancement And Savings Act of 2016″ (the “Act”). The actual document was prepared by the Joint Committee on Taxation and includes a number...
Be Careful With Investments In Your IRA!
For many individuals, most of their wealth is in their individual retirement account (“IRA”) and the IRA can provide a great source of cash for investments such as real estate. However, the IRA owner has to beware of Section 408(e)(2) and Section 4975 of the Internal...
Did You Get Advice When Completing Your Beneficiary Designation? Should You?
Many people designate beneficiaries for their IRAs, 401(k)s, and life insurance without any advice even though these designations can pass tremendous amounts of wealth. This lack of advice could cost money after someone dies and the beneficiary has to “fix” the...
IRS Offers Relief From Missed Rollovers…
Except for certain distributions from a Roth plan, all retirement plan distributions are generally taxable. However, the Internal Revenue Code (the”Code”) provides that, if certain distributions from a retirement plan, such as an Individual Retirement Account (“IRA”),...
Effect of Divorce on Beneficiary Designations
Many divorced individuals die without changing the beneficiary designations of life insurance and IRAs from their former spouse to a new beneficiary. Unfortunately, prior to July 1, 2012, such a designation would be valid. Thus, your former spouse would have been...