income in respect of decedent

Income in Respect of a Decedent (IRD)

Understanding the tax deductibility of income in respect of a decedent (IRD) is gaining significance as the baby boomer generation reaches retirement. Many parents...

What is the Estate Tax?

The estate tax is a tax on accumulated wealth. So if you die and you are considered wealthy (by the estate tax rules then...
distribution of IRA in divorce

Divorce and Distribution of IRA and Retirement Accounts

Given the rate of divorce, it’s critical to address how your retirement assets get handled. The question is “does your spouse have an interest...
no beneficiary

No Beneficiary

Suppose that the owner of an IRA or company plan dies before his or her RBD without naming a designated beneficiary? The beneficiaries must then...
bapcpa

Basic Retirement Account Rules Under Bunkruptcy

Under the new rules of BAPCPA, virtually all types of retirement accounts are now exempt assets in bankruptcy proceedings. This was accomplished by adding...
inherit IRA

You Inherit an IRA, What Do You Do?

Here are the steps, and we’ll discuss them in order of priority: Separate your portion from other IRA beneficiaries. Retitle the IRA. Name a beneficiary. Move it to...
too rich

The Problem of Being Too Rich

Unfortunately, although BAPCPA has created an exemption for all types of retirement plans, the exemption for those plans is not unlimited in all cases....
titling

Titling of Inherited IRAs

Given that you’re reading this book and you may not be a CPA or financial advisor, it indicates that you have a strange reading...
bankruptcy laws

The Bankruptcy Law

The Bankruptcy Abuse Protection and Consumer Protection Act of 2005 (BAPCPA) simultaneously increased, in some cases substantially, the creditor protection available to retirement accounts...
ira asset will

IRA Asset Wills

Funds in your IRAs pass outside of your will and are distributed according to beneficiary-designation forms that you fill out when you open the...