My Comments: What would you do if you just found out you were getting an extra $300,000? And to whom is this question posed? The article appeared in a news feed on my phone this morning as I was drinking coffee and getting ready for the day. You can find it HERE. I’m sharing it …
Continue reading What should I do with the $300,000 I am about to inherit?
My Comments: More and more people have Roth IRA accounts. A common question about retirement is whether to draw money from their Roth IRA first or take money from their non-Roth retirement accounts first. It depends. Any money not yet taxed is going to get taxed. Period. The Roth IRA money comes out tax free; …
My Comments: There is a significant difference between avoiding taxes and evading taxes. Not less an authority figure than a former Supreme Court justice expressed that “…there is no obligation to pay more in taxes than absolutely necessary”. But evading taxes will perhaps land you in jail. That being said, the IRS is NOT going …
My Comments: I think I found this article published in Medical Economics some months ago. I apologize for my inability to provide accurate sourcing. That aside, we have ZERO obligation to pay more in taxes that absolutely necessary. Just remember, the IRS has a responsibility to collect taxes. It’s up to us to figure out …
My Comments: There is a fundamental truth to be gleaned from demographics. A great majority of us live well into our 80’s and beyond. And given the nature of our society, it’s better to have more money than less money. Accounts like an IRA, or a 401k or any number of other titles, implies that …
My Comments: I think I found this article published in Medical Economics some months ago. I apologize for my inability to provide accurate sourcing. That aside, all of us have a ZERO obligation to pay more in taxes than absolutely necessary. Just remember, the IRS has a responsibility to collect taxes. It’s up to us …
My Comments: Yesterday, President’s Day, was all about memories and things past. Today, we’re back with a somewhat esoteric idea to help you grow and keep your money. Much of the talk in Washington these days is about income inequality and how much the 1% make each year. For some of us in the 99%, …
Continue reading 5 Key QLAC Rules to Help You Defer Taxable Income
My Comments: Some people made good decisions along the way and now have significantly large IRA accounts. Some people I know have little need for the money to maintain their existing standard of living. If this is you and would like to find a way to NOT take money every year and pay the IRS …
My Comments: If you have an IRA today, there is a chance there will still be money in it when the inevitable happens and you permanently leave the building. What then with this money? If you have a spouse, and they are the named beneficiary, that money now belongs to them and it becomes their …
Continue reading How to Protect Inherited IRAs After the Clark v. Rameker Decision
My Comments: QLAC? What the heck is a QLAC? By Jeffrey Levine / July 18, 2014 On July 1, 2014 the Treasury Department released the long-awaited final regulations for Qualifying Longevity Annuity Contracts (QLACs). These new annuities will offer advisors a unique tool to help clients avoid outliving their money. The QLAC rules, however, are …
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