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Unique estate planning strategies are required for Individual Retirement Arrangements. Many people focus on how to build their IRA balances and how much to withdraw. The treatment of IRAs in estate planning often is overlooked. An estate plan for IRAs should answer these questions: What will be the estate tax and income tax bills? Who […]
Many owners of substantial IRAs hope their IRAs become nest eggs for their children or grandchildren. Their estate plans include strategies that let the IRAs, when inherited, compound for as long as possible – perhaps decades. That means selecting the right beneficiaries, and being sure the beneficiaries are well-advised about their options. Unfortunately, beneficiaries often […]
One year ago we thought the IRS cleared up the rules regarding trusts that inherit IRAs. It turns out the IRS was setting new traps for some taxpayers. Some taxpayers who named trusts as IRA beneficiaries might have to rewrite those trusts. A trust can provide an extra layer of protection for your wealth. An […]
Trusts can solve many problems, making them a vital estate planning tool. When an IRA is involved, however, trusts must be used with great care. The IRS changed the rules to make things easier, but all the rules still aren’t clear and traps remain. Trusts are a good way to leave wealth to those who […]
Financial services firms are lagging behind the IRS in making it easier to pass IRA wealth to succeeding generations. Because of this, the key document used in wealth transfer plans frequently is a time bomb. It is neglected or isn’t properly completed. The beneficiary designation form is the key document for passing on wealth held […]
IRAs are the most valuable assets in many estates, often exceeding the value of the family homes. Despite this, IRAs often don’t get the attention in estate planning that they should. Estate planning for IRAs requires more work and consideration than for most other assets. First, the IRA has to be fully integrated into your […]
Note: These regulations were updated ago about a year after this article. Please see the article in the June 2002 Grandkid’s Watch for an update on the final regulations. Click here. An important decision faces many of you. Make it carefully and the odds are greatly reduced that between estate taxes and income taxes the […]
An IRA often is one of the largest assets in an estate. Tax laws make it one of the most complicated. That’s why IRA planning is a critical element of many estate plans. If you have a large IRA are considering charitable gifts as part of your estate plan, review carefully the alternatives to find […]