Prevent Asset problems with thoughtful Planning
If you’re planning an inheritance, be careful about leaving these assets to a loved one. They may create more trouble than they’re worth.
October 14, 2021
Plan Carefully before withdrawing Retirement Funds
If you think saving for retirement is complicated, try figuring out how to withdraw retirement funds while minimizing taxes.
September 29, 2021
Many Benefits of 529 Plans
Only about 35% of Americans have heard of 529 plans, according to the College Savings Plans Network. Of those, a mere one in four connect the plans with higher education savings.
September 22, 2021
How to Handle an Inherited IRA
You’ve inherited an individual retirement account, or IRA. Now what?
September 20, 2021
The Purpose of a Credit Shelter Trust
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes.
September 13, 2021
Keep the Vacation Home in the Family
Vacation property can become a family legacy. Keeping your cabin, fishing lodge, hunting property or other special assets separate for future generations is often a special goal for a family.
September 10, 2021
Selling a Home in an Irrevocable Trust
I’m a trustee selling a home in irrevocable trust for a parent who died. There are two beneficiaries who will get the sale proceeds with a stepped-up basis. I’m filing Form 1041 but do I still have to file a Form 1040 to report anything for the beneficiaries?
September 7, 2021
Roth IRA a Good Choice for Retirement
For traditional 401(k) plans and IRAs, you generally get a tax break when you make contributions and then pay taxes on the withdrawals in retirement. In contrast, Roth versions of those accounts come with no upfront tax break, but qualified withdrawals are excluded from federal income taxes.
July 28, 2021
Succession Planning for Family Farm
Conversations about family succession plans are difficult.
July 27, 2021
Who Inherits IRA if the Beneficiary Passes?
What happens if a non-spouse beneficiary inherits an IRA account but dies before the money is put in her name. There were no contingent beneficiaries. Which estate would get the IRA?
July 14, 2021