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...
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...
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...
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...
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...
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...
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...
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...
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...
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...