Tag Archives | IRA

Choosing an IRA Beneficiary? Choose Wisely…

Your choice of beneficiary(s) for your IRA can have major tax consequences. Choose wisely with your advisor’s counsel. Leaving your IRA to an individual is a simple and flexible solution. Leaving your IRA to a trust is more complex and requires the advice of an experienced estate attorney.

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What Happens to My IRA When I Die?

Most people’s wills do not specify or control what happens to their IRAs. That’s because an IRA has its own distribution schedule that operates independently of a person’s will. IRAs have beneficiary designations that are created when the IRA is opened. These beneficiary designations should be reviewed on a regular basis and can be changed with written notice at any time prior to one’s death. Most people name their spouse as their primary beneficiary and then their children as contingent beneficiaries, with the children splitting their shares equally.

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There’s Still Time to Contribute to an IRA for 2016

Calendar year 2016 is long gone, but there’s still time to make a regular IRA contribution for tax year 2016! You have until your tax return due date (not including extensions) to contribute up to $5,500 for 2016 ($6,500 if you turned age 50 by December 31, 2016). For most taxpayers, the contribution deadline for […]

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Choosing an IRA Beneficiary? Choose Wisely…

Key Takeaways Your choice of beneficiary(s) for your IRA can have major tax consequences. Choose wisely with your advisor’s counsel. Leaving your IRA to an individual is a simple and flexible solution. Leaving your IRA to a trust is more complex and requires the advice of an experienced estate attorney. How do I choose the […]

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Can I Make Charitable Contributions From My IRA This Year?

Yes, if you qualify. The law authorizing qualified charitable distributions, or QCDs, has recently been made permanent by the Protecting Americans from Tax Hikes (PATH) Act of 2015. You simply instruct your IRA trustee to make a distribution directly from your IRA (other than a SEP or SIMPLE) to a qualified charity. You must be […]

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The Conversion Issue: Tax Me Now or Tax Me Later!

Key Takeaways Converting a traditional 401(k) or IRA to a Roth IRA has become a popular estate planning and tax mitigation technique in recent years. The basic idea of a Roth IRA is to pay some tax now to avoid paying tax on your withdrawals in your golden years. Roth IRAs have many benefits over […]

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What is a Required Minimum Distribution?

What are required minimum distributions (RMDs)? Required minimum distributions, often referred to as RMDs, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age 70½ (or, in some cases, after you retire). You can always withdraw more than the minimum amount from your […]

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