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On June 26, 2013 the United States Supreme Court struck down part of the Defense of Marriage Act, commonly known as DOMA, as unconstitutional. In particular, the Supreme Court decided that if same-sex marriages are recognized under state law, the federal government must recognize those marriages as valid too. This has obvious implications for a virtually infinite list of financial items including federal tax issues, Social Security benefits, healthcare benefits and various rights with regard to retirement assets afforded under ERISA.

A person turns 70 1/2 this year, is employed and is participating in a 401K. This person also has an...

On June 26, 2013, the Supreme Court ruled that the Defense of Marriage Act (DOMA) was unconstitutional. The ruling opens the door for same-sex couples who are married under state law to enjoy the same tax benefits that opposite-sex married couples have.

I have a client that has $37k in after tax contributions and $520k in pre-tax. Is the strategy to get...

A prospect wanted to stop receiving his monthly check because he wants it to build up. But he is only...

This month's IRA Updates looks like Private Letter Ruling 201324022, in which IRS waived the rollover requirement due to a fraudulent withdrawal by the husband in this case. We look at the case and the ruling below.

After saving a lot in Colorado 529 plans for my 2 daughters, one has decided to pass on college and...

Many IRA custodians are using cross collateralization language in the account opening agreements used in their financial services companies. What the agreement contains is language stating that if you or any of your accounts owe money to the financial service company, which you do not pay, then the company can take the amount owed out of any of the accounts that you have with them. This language is there for the sole purpose of protecting the financial service company from deadbeats.

This week's Slott Report Mailbag discusses several topics dealing with the 2013 tax laws, including limits on personal exemptions and the gift tax exemption. Several of these questions require complete understanding of NEW tax laws, so make sure your financial advisor is verse in the latest tax law updates.

I am working with a prospect recently left his employer. His 401K was valued at $ 400,000 with $60,000 invested...