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IRAs & Your Estate

Found 32 Articles.
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How to Calculate the Required Minimum Distribution (RMD)

May 9, 2021

In last week’s edition of Retirement Watch Weekly, I discussed the rules concerning who must take required minimum distributions (RMDs), when they must be taken. This week, I’ll cover how they are calculated, so let’s dive right in. The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax […]

What Is the Required Minimum Distribution for an IRA?

May 7, 2021

The required minimum distribution (RMD) rules limit the extent to which an individual can use the tax deferral of an IRA or other qualified retirement plan. The RMD rules dictate when distributions must be made from the retirement plans of certain taxpayers. The rationale behind the RMD rules is that Congress provided the tax benefits […]

Beware: The IRS Might Not Like These CARES Act IRA Strategies

July 28, 2020

The Coronavirus Aid, Relief and Economic Stimulus (CARES) Act, enacted in March, contained tax breaks related to retirees and retirement plans, including reduced penalties for taking early IRA distributions, waiver of required minimum distributions (RMDs) and the option to spread taxes on retirement plan distributions over three years. You can read the previous article for […]

IRS Expands New Tax Breaks On Retirement Distributions, Loans

July 28, 2020

IRA and 401(k) owners recently received expand-ed tax breaks, thanks to some new IRS guidance on the Coronavirus Aid, Relief, and Economic Security (CARES) Act.The CARES Act already provided valuable tax breaks. Required minimum distributions (RMDs) are suspended for 2020. Plus, the law relaxed restrictions on taking loans and distributions from retirement plans. In recent […]

The Best IRA Planning Ideas After the SECURE Act

July 10, 2020

It is time to review the best ideas for executing an end-around of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Many financial and estate plans were upended by the passage of the SECURE Act in December 2019. Most notably, the SECURE Act eliminated the Stretch IRA, which had been a mainstay of […]

Why an Individual Retirement Arrangement (IRA) Is Important in Estate Planning

June 4, 2020

Why an Individual Retirement Arrangement (IRA) Is Important in Estate Planning An estate plan for IRAs should answer these questions: What will be the estate tax and income tax bills? Who will pay those taxes? Who will receive the IRA? In what form will the IRA be received? The IRA cannot be given away during […]

The War on Stretch IRAs Is Back

April 24, 2019

There long has been a group in Congress determined to end the Stretch IRA, and this year they seem intent to have their way. I’ve reported in the past few years that many in Washington were targeting the Stretch IRA. The Obama administration called for an end to this valuable estate planning tool in its […]

Why Beneficiaries Overpay Taxes on Inherited IRAs

April 24, 2019

The most frequent, most expensive mistakes with IRAs occur when it’s time to pass the IRAs to the beneficiaries. Sometimes the fault is with the original owner. Sometimes the fault is with the beneficiaries. In either case, the mistakes cause the tax-deferred compounding of the IRA to be lost. Income taxes are paid earlier than […]

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