Your individual retirement account can constitute one of the richest assets you can leave to heirs. In some circumstances, your heirs benefit if you convert your traditional IRA to a Roth before your death. Whether to convert depends on many of your needs and circumstances.
The year-end holidays approach, and bring lots of things to do. Yet with holiday cheer there are financial plans to make, too.
At some point, almost everyone changes jobs – often leaving behind retirement plans such as 401(k)s. Conventional wisdom holds that you roll that old employer-sponsored plan into a new individual retirement account. But what kind of new IRA?
An individual retirement account is a powerful tool to save for retirement outside of an employer plan. If you have an IRA, read on for tips that help you make the most out of it.
The investments you lost track of can return to harm you and your family. Seemingly small orphaned assets can have painful effects.
King Solomon famously warned of “the little foxes that spoil the vines.” In a secular moment, he might have written, “It is the little assets that spoil the estate plan.”
Often at our firm, we uncover forgotten assets in a family’s financial portfolio. They may be perched in accounts that they no longer check. However, these neglected assets require attention.
When the Internal Revenue Service leaves a situation vague, sometimes you must guess at the answer to a tax question. The IRS recently issued a clear ruling, though, on a powerful contribution strategy that may change how you use your employer’s retirement plan.
If you’re an entrepreneur, you work, build and earn for yourself. Lacking the security of another’s business to help fund your later years, you must take special care saving for the future – beginning with now.
Start with the end in mind. Understand the prospects and limitations of your business – including when and how you’ll exit. If you already run a business, know your business type and how that type affects potential ways you can eventually exit or sell.
Your own individual retirement account is generally exempt from the reach of creditors, but an inherited account may not be. If you plan to pass on an IRA to heirs, read on to learn how to better safeguard the money.
For most folks, when you reach 70½, you must start taking money from your retirement accounts every year. A little flexibility exists in the first year for you to plan withdrawals to your tax advantage.