Blog posts by Rodgers & Associates on the subject of estate planning, including topics like planned giving to heirs, passing wealth through generations, and minimizing taxes.
Whether you’ve inherited property or other assets, here’s what to know about settling the tax bill in Pennsylvania.
The guidance varies depending on the document. We’ll look at what to consider with bank statements, tax returns, and other common file types.
How much do you know about the tax implications of investing? This quiz tests your knowledge and gives you a chance to brush up on the basics.
If you have a large estate, these strategies can help you avoid a high estate tax bill when the current exemption expires in a few years.
The rules surrounding Required Minimum Distributions are complicated and missing them can be costly. If you have made an error, follow these steps to amend it and seek a penalty waiver
When Inheriting an IRA there are complex rules you will need to follow to avoid costly errors.
Roth IRAs are not subject to RMD rules.
Taxpayers reaching age 72 should be aware that a portion of the funds in their retirement accounts starts to become taxable each year—and pitfalls are common.
RMD rules are similar for both types of accounts, but there are some differences.
Discover several ways to offset inflation through tax-efficient saving in 2023.
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.
Here, we offer further strategies for heirs of retirement accounts to maximize the after-tax value of their funds.
Follow these strategies to design a distribution plan with tax efficiency in mind.
If you’re the beneficiary of retirement accounts or other inherited assets, it pays to learn about the IRD deduction.
Determining whether you need life insurance in retirement can get complicated—and it depends on your unique situation. Let these questions guide you.
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.
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.
Trusts can be an essential part of your plan—but they are often complex and time-consuming to set up.
You may be shocked to learn that new national and state laws may have prohibited your agent’s power to act.
The mechanics of estate planning can be easy enough, but the big picture requires a lot of thought and soul searching.
It’s wise to use an adviser whose primary focus is on strategies that maximize the retirement experience.
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.
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.
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.
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…
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.
Why naming your Estate as your IRA Beneficiary may not be a good choice.
Traditional IRAs are subject to a unique set of complex rules. Here are 6 significant differences between IRAs and other financial assets.
Establishing a trust can be a prudent way to pass assets from one generation to the next since it addresses issues that may arise from transferring wealth outright.
Why do the majority of wealth transfers fail? Learn how to have the right conversations with your heirs now so they can learn how to properly manage their inheritance.
Steps you can take to help ensure that your wealth helps future generations.
Do you have a plan to provide for your pets after you’re gone? We’ll cover some estate planning tips for our furry friends on this edition of Project Wealth.
We all start out life by working for money. The goal should be to put some of the money we work for aside regularly and invest it.
Read on to learn more about each type of document and why each is important in helping to make sure your estate plan is in order.
A recent study1 conducted for Northwestern Mutual found one in three Baby Boomers (33%), the generation closest to retirement age, have less than $25,000 in retirement savings.
You probably just finished filing your tax return for 2018 and you’re thankful that it’s done for another year. The last thing you want to think about now is amending…
Is a life well-lived measured by how much wealth we acquire or is it measured instead by the condition in which we leave our relationships? Leona Helmsley ran a real estate empire…
It will come as no surprise that the death of a spouse is consistently listed as one of the most stressful life events a person will face. Death is part of life…
People think that naming heirs in a will is enough. We’ll explain why adding them as beneficiaries on an IRA account is important on this edition of Project Wealth.
The Clinton Foundation has been in the news lately. The former President of the United States, William J. Clinton, started the foundation in 1997. It is the nonprofit corporation used…
While the federal estate tax (in its current form) is probably something that very few people will need to worry about, the inheritance tax is really something that all Pennsylvanians need to consider.
I recently met with a couple who had just received a sizable inheritance from the wife’s father. An event like this usually raises questions about the impact on their financial plan, tax…
What happens when you combine aging baby boomers and a stock market reaching all-time highs? A renewed interest in charitable remainder trusts (CRT). The oldest of America’s 72 million baby boomers are…
Here are points to consider.
Parents of minor children face the question of what to do with their assets through their will. Assets can be left outright in a trust until the child reaches the age…
Studies estimate the baby boom generation is set to inherit $11.6 trillion over the next 20 years from their parents. The baby boomers are expected to pass on as much…
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…