Ask the Adviser: What can I do to offset PA inheritance tax for my heirs?
Pennsylvania is one of only six states that requires inheritance tax. Here, we look at a variety of ways residents can reduce the tax on passed down assets.
More Ways to Lessen the Impact of the SECURE Act
Here, we offer further strategies for heirs of retirement accounts to maximize the after-tax value of their funds.
You Inherited an IRA under the SECURE Act—Now What?
Follow these strategies to design a distribution plan with tax efficiency in mind.
You May Be Able to Reduce the Taxes from Inherited Assets
If you’re the beneficiary of retirement accounts or other inherited assets, it pays to learn about the IRD deduction.
Life Insurance in Retirement: Is it Necessary?
Determining whether you need life insurance in retirement can get complicated—and it depends on your unique situation. Let these questions guide you.
The Importance of Reporting to Credit Agencies After Death
It is the responsibility of the surviving spouse or the estate’s executor to notify lenders on joint accounts, to close out accounts in the deceased’s name, and to notify the three major credit agencies.
Estate Planning Essentials Part 3: Protecting Beneficiaries from Themselves
Studies have shown that some heirs ultimately end up in worse financial shape after receiving an inheritance. This is so common that psychologists call it sudden wealth syndrome, although it is not an actual psychological diagnosis.
Estate Planning Essentials Part 2: Are Trusts Needed for Minor Beneficiaries?
Trusts can be an essential part of your plan—but they are often complex and time-consuming to set up.
Power of Attorney Roadblocks: Can You Answer These Three Questions About Your POA?
You may be shocked to learn that new national and state laws may have prohibited your agent’s power to act.
Estate Planning Essentials Part 1: Take Time to Prepare the Heir
The mechanics of estate planning can be easy enough, but the big picture requires a lot of thought and soul searching.
9 Retirement Decisions You’ll Want To Make With a Specialist
It’s wise to use an adviser whose primary focus is on strategies that maximize the retirement experience.
I Just Inherited an IRA From My Parent. Now What?
The new rule for adults who inherit an IRA from their parents in 2020 and beyond is that they must liquidate that account within 10 years.
7 Steps to Take When You Inherit an IRA
When Inheriting an IRA there are complex rules you will need to follow to avoid costly errors.
How Does the SECURE Act Affect Legacy Planning for Large IRAs?
With the passage of the SECURE Act inherited IRAs from those who passed after December 31, 2019 are no longer allowed to stretch the withdrawals over their life expectancy.
Annuity Traps Part 2: Death Benefits
While annuities can be an important way to build wealth, many individuals don’t realize how complicated these insurance products can be. In this article, we’ll walk you through what you need to know about annuity contracts and the five-year-rule.
The Risks of Adding Your Child to Your Home’s Deed
Many people think it is a good idea to put their child’s name on the deed to their home, especially if one of the parents is deceased. Usually the motivation is…
Does Your Estate Plan Still Need a Trust?
Estate tax exemptions are much higher than they once were. As a result, it may be worthwhile to review your estate plan and terminate trusts that are no longer needed.
Should You Name Your Estate as Your IRA Beneficiary?
Why naming your Estate as your IRA Beneficiary may not be a good choice.
Traditional IRAs Are Not Like Other Assets in Your Estate. Here’s Why.
Traditional IRAs are subject to a unique set of complex rules. Here are 6 significant differences between IRAs and other financial assets.
Should Your Child or Grandchild Have a Roth IRA?
While retirement might not be a high priority for young children, starting a Roth IRA early and making small contributions can go a long way over time.
