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...
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...
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...
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...
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...
Trusts as Beneficiary of IRA
Can a trust be the beneficiary of an IRA?
Even though there are no tax benefits, there may be circumstances when you want to name...
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...
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...
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...
Separate Account for Non-spouse Beneficiaries
There are non-tax reasons to create separate trusts for beneficiaries:
Individual Life Expectancies Can Be Used.
Avoid Beneficiary Disagreements.
Maintain Separate Investment Strategies by Beneficiary.
Beneficiaries Have Option...