Last week, America's IRA Experts descended on San Diego, California for our 2-Day IRA Workshop, Instant IRA Success. While we were in San Diego, we took the time to record some interactive, informational roundtables from the 30th floor overlooking the bay at the beautiful Grand Manchester Hyatt.
We have written extensively about required minimum distributions (RMDs) for IRAs, but we haven't talked a lot about RMDs for 401(k) plans. Our staff writers and technical consultants have started to receive a steady stream of questions on this topic, so we decided to devote some virtual estate to answer a few of the frequently asked questions.
There were two key tax law changes in 2010 that encouraged people to convert their existing retirement accounts to Roth IRAs. We explain these changes and how they may affect you below.
How can you and your financial advisor work together to lower your tax liability? One of the questions we often ask financial professionals is, "what have you done to lower your clients' exposure to the new 3.8% healthcare surtax on net investment income?" View our IRAtv video below.
The Japanese prime minister has come up with a new estate tax rate proposal that is far different than current United States estate tax law. Ed Slott and Company IRA Technical Consultant Jeffrey Levine looks at the Japanese proposal and how it compares to U.S. law (along with some helpful information on the United States' estate tax benefits) in the IRAtv video found at this link or embedded below.
“How is my annuity going to be taxed?” It’s a question that's asked frequently, but one that can have several different answers. That's because an annuity can be taxed differently depending on the type of annuity you are receiving distributions from, as well as the type of the account it's in.
Creating an estate plan can be a very challenging process. For starters, it involves serious contemplation of on'’s death and the resulting aftermath, which can, in and of itself, be an uneasy topic of discussion. In some cases, however, the process can be particularly emotional and technically challenging. Oftentimes this occurs when someone chooses, for one reason or another, to treat children or other similar beneficiaries unequally, perhaps even disinheriting one or more of them.
When it comes to moving retirement account money from one IRA (or other eligible retirement account) to another, Congress has given you a couple of options. On one hand, you can have the money sent right from one institution to another. This is known as a trustee-to-trustee transfer, or a direct rollover, and is the preferred way to move money, as it avoids a lot of problems. On the other hand, Congress also allows you to move money indirectly. Click for more information.
Last Tuesday, Senator Orin Hatch of Utah introduced new IRA-related legislation to the Congressional floor. The purpose of the bill had nothing to do with taxes, as you might first suspect, but rather, was introduced in an effort to strip the Department of Labor (DOL) of some of its power over IRAs. Below we discuss the role of certain federal and state entities play in IRAs.
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.
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