Reducing Taxes on an Inherited IRA
Have you recently inherited an IRA account? Did you know that the IRD deduction may help reduce the income tax you owe on taxable distributions? Income in respect of a decedent…
Understanding the Dangers of Annuities
Ownership may be an issue.
It’s Time to Review Your Trust!
I met recently with a widow to review her finances and offer recommendations on how she could improve her situation. The current low interest rate environment has caused problems for many retirees…
Do I Really Need a Will?
Only if you want the final say.
What To Do When a Relative Passes Away
When my father died a few years ago my mother was overwhelmed by the many details that needed to be attended to during such an emotional time. My Mom was fortunate…
Estate Planning Considerations — Spendthrift and IRA Trusts — Part 3 of 3
Previous posts in this series: Part 1, Part 2 I want to wrap up my series on leaving wealth to your heirs by looking at two more types of trusts. Leaving…
Estate Planning Considerations — Part 2 of 3
In my last newsletter, I brought up the potential problems of leaving a large amount of wealth to your heirs. Many people who suddenly acquire wealth do not keep it very long…
Planning on Leaving your Legacy to your Children? Make sure they can handle it first. Part 1 of 3.
Make sure they can handle it first. Part 1 of 3.
When Is Your Beneficiary Not Your Beneficiary?
A man enrolled in his company’s 401(k) plan and named his wife as the sole beneficiary of his account. Years later, his wife died and the worker updated his account to…
Planning for Pets
My grandmother had a lovable toy poodle she named Bopper. Bopper was her constant companion during the later years of her life. When my grandmother passed away, there were no instructions…
Annuity Traps (Part 2)
Last month, we began a discussion of annuities. Specifically, the traps people fall into because they or their adviser don’t fully understand how annuities work. An annuity is an insurance product…
