Because the income tax on an IRA is deferred, a beneficiary who inherits an IRA is required to either: withdraw all the funds within 5 years of inheriting and pay the income tax due on the entire account; or take annual required minimum distributions (“RMD”) and pay...
When setting up an estate plan, it is often beneficial to set up a trust. But do you know which trust—living or testamentary—to execute? The two main types of trusts are living trusts and testamentary trusts. A living trust is in effect during the testator’s life, but...
Congratulations on becoming a new parent! You’ve gone through your new parent checklist and crossed off all the to-dos. Have a wonderful baby name? Check. Baby-proofed the house? Check. Got cradle and diapers? Check. Got an estate plan in place? Estate planning...
Your estate plan should address all of your personal and business needs. There are many assets to consider when creating a secure financial future for you and your family. If you want to transfer your retirement accounts to loved ones, then you’ll need to know the...
It’s the beginning of the New Year and, if you’re like most other people, you’ve probably made some resolutions. Eat healthier, exercise more, quit smoking, save money, or maybe even finally get around to planning your estate. Great! Making a resolution to get your...
Recent Comments