Minimum Required Distributions in 2020

Minimum Required Distributions in 2020

We talked back in January 2020 about required minimum distributions and how they are calculated. And that seems like a lifetime ago, rather than just six months … but I want to circle back—not necessarily how to calculate it, but just some changes that have happened....
Explaining Early Distributions from IRAs

Explaining Early Distributions from IRAs

IRAs and other retirement accounts are really designed—as the name says—for retirement. But in these times, there are circumstances that dictate the need to take out those funds early. And taking money out of IRAs should be your last resort, since distributions can...
To Gift or Not To Gift

To Gift or Not To Gift

So when it comes to gifting—you know, making gifts to either family (or non-family) members—there’s a lot of things to consider, including some gifts that may have tax consequences—maybe not now, but later. So if I remember correctly, you can gift up to a certain...
The Ins and Outs of Inherited IRAs

The Ins and Outs of Inherited IRAs

Like we talked about last week, getting an IRA and how many of them are handled for tax purposes is generally tax free. But if you inherit an IRA, the income that you receive from that may be taxable to you. Like we talked about last week, Roth IRAs—no, but...
The Tax Impact on Receiving an Inheritance

The Tax Impact on Receiving an Inheritance

As baby boomers continue to get older, within the next 10 to 15 years I think we’re going to see a wealth transfer to that next generation. And as our clients are starting to work through these things, the number-one question that we get from them is, “How is this...

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