IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly. Just when advisors began to get comfortable with the new 10-year rule, the United States Treasury Department promulgated proposed Treasury Regulations early in 2022 adding additional complexity to that rule by requiring annual distributions for a non-EDB of a participant who died after their Required Beginning Date. Once again, the SECURE Act includes additional provisions … [Read more...] about What You Need to Know About SECURE Act 2.0
Just When You Thought You Understood the 10-Year Rule, Think Again
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
How Does Your Retirement Destination Rank?
Most people understand and acknowledge the need for both estate and retirement planning. Despite this, the vast majority of Americans under the age of 40 do not have either an estate plan nor a retirement plan in place. Regardless of when you start your retirement planning, there will be important decisions you must make as part of that plan. Ensuring that you have sufficient financial resources available to live comfortably when the time comes is undoubtedly at the top of your list of … [Read more...] about How Does Your Retirement Destination Rank?
What Is the Difference between the Various Types of IRAs?
It is never too soon to start thinking about retirement – at least not the financial aspect of retirement. In fact, the sooner you start planning for your “Golden Years,” the more financially secure you will be when the time comes to enjoy those years. One increasingly popular retirement planning tool is an IRA. Before you rush to open an IRA though, you should learn as much as possible about the various types of IRAs and how each one might fit into your overall retirement plan. You should also … [Read more...] about What Is the Difference between the Various Types of IRAs?
How Do I Incorporate Retirement Planning into My Estate Plan?
Regardless of your age, you should be thinking about retirement planning. In fact, you should be doing much more than just thinking about it – you should be incorporating it into your estate plan. Why should retirement planning be part of your estate plan? Because if you fail to plan properly for retirement, you will not have much, if any, estate left to pass down to family and loved ones. The best way to ensure that retirement planning is properly incorporated into your estate plan is to work … [Read more...] about How Do I Incorporate Retirement Planning into My Estate Plan?
Working Longer May Mean Living Longer
Although some people count the years, then months, then days until they can retire, others never seem to retire. If you are one of the people who cannot imagine not working, who hasn’t even bought a rocking chair yet, and who actually enjoys your job…there is encouraging news. It turns out that working longer may mean living longer. A 30 year study conducted by Shell Oil found that people who waited until age 65 to retire actually lived longer than those who choose to retire at age 55. While … [Read more...] about Working Longer May Mean Living Longer
Where You Retire Makes a Difference
For some people, retirement means being able to wake up and walk out to the beach. For others, it means living close to the country’s best fishing spots or a world class golf course. For still others, it may mean a secluded cabin in the mountains. Whatever your dream retirement location looks like, be sure that you take into account the financial implications of your choice of location as well. There are a wide variety of costs that should be considered when you start thinking about where to … [Read more...] about Where You Retire Makes a Difference
Technology for Seniors
If you are nearing your golden years then you grew up in a time when the internet was a concept that only existed in science fiction movies and “car phones” were something only the President and kings of foreign countries used. Today, however, even kindergartners know how to use the internet and likely carry around their own cell phone. Although all of this 21st century technology may be a bit daunting, it can be used to make your golden years better. There are a number of areas in your life … [Read more...] about Technology for Seniors
Five Important Estate Planning Considerations for Blended Families
Blending two families often comes with its share of ups and downs. Spouses who are busy trying to handle the emotional and practical aspects of blending families often forget about some of the estate planning considerations that a blended family brings with it such as: Fiduciaries – the executor of your will, an agent in a power of attorney, or a trustee of a trust all wield considerable power within your estate plan. Once two families are blended you may wish to reconsider these roles and … [Read more...] about Five Important Estate Planning Considerations for Blended Families
