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...
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...
Protect the IRA Value
Life insurance
Earlier, we showed how a large IRA in a significant estate can be burdened with an 86% combined tax (federal income tax, state...
What About Charities as IRA Beneficiaries?
You may think that it’s a nice thing to leave some of your unused retirement funds to charity when you go. Generally, this a...
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...
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...
Disclaimer
When people set up beneficiaries for their IRAs, they don’t know what the future holds. Assume a simple situation where the the IRA owner...
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...
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...
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...