If You’re a Spouse Beneficiary
The spouse has more options than a non-spouse beneficiary. Here are the four options:
You can rollover the deceased’s IRA to your own. This is...
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 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...
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...
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...
Creditors and Bankruptcy and Your IRA
When you hold retirement money in a qualified plan, those assets are protected by the Employee Retirement Income Security Act (ERISA). This is a...
IRAs—The Missing Link in Many Seniors’ Estate Plans
According to the IRS, 43 million people have $2.7 trillion in retirement accounts. Most of this money will become IRA rollovers, and the dollars...
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...
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...