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....
e

Properly Naming Beneficiaries

The Stretch IRA The stretch IRA is the ability of the named beneficiaries to spread required post-death distributions over their life expectancy according to the...
non-spouse beneficiaries

How to Work With Non-spouse Beneficiaries

Non-spouse beneficiaries cannot do IRA rollovers as per IRC Section 408(d)(3)(C). Nor can they use the 60-day rollover rule. However, they can possibly move...
gift tax

What is the Gift Tax?

The Congress thought about this solution and they enacted the gift tax rules. Essentially, the gift tax rules limit the amount of gifts you...
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...
estate planning

Why It’s Not Only Those Over 70½ Who Are at Risk

Retirees of any age with large IRAs must understand that their IRAs can be hit with estate and income taxes when they die. And...
spousal

Spousal Advantages

When it comes to the spouse inheriting the IRA, the spouse gets special flexibility. (This should make you feel good that you’ll be dead...
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...
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...