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