On Sunday night we were treated to the first ever overtime in Superbowl history. It was a great game (with a lousy outcome – sorry, not a Pats fan). Of course, what most people will remember is that the Patriots finished off what may be the greatest comeback in sports history (that hurts to say), and that it was only the score at the end of the game that mattered. That may be true for the Superbowl, but it’s not always the case. As it turns out, sometimes the score at halftime does matter.
Last week my Slott Report article created something of a firestorm in my email inbox. Shortly after it was posted I began to receive a litany of emails, all written very respectfully, but all of which said my post was incorrect and that revisions were necessary in order to avoid Slott Report readers from making errors with respect to their planning. To recap the article and the point of contention in a nutshell; I gave the hypothetical of a married couple, of which one spouse was about to pass and owned stock in his name only at a loss. I then suggested that a sly strategy would be to gift that stock to the other spouse prior to the owner-spouse’s death so as to preserve the potential loss.
This week's Slott Report Mailbag looks into Roth IRAs, 401Ks, contributions, tax-free options, and more.
It’s not exactly a fun thing to think about, but death is an absolute inevitability. When that time comes or more aptly, sometime before that time comes, there are a number of planning strategies that you can implement to make sure that you preserve tax benefits and minimize present and future income taxes for your heirs. One such planning opportunity may present itself if you own an investment with a loss as your time nears. The issue and possible planning options are best explained by example, so with that in mind, consider the following case of “Bob and Betty:”
Death is inevitable. It comes for us all at one point or another. Some sooner than later, but none are able to escape its grasp. Whenever that time comes, your “stuff,” including your financial assets, generally live on, and are still essentially yours until they are legally transferred to another person or entity. That transference of assets can occur in any number of ways, but often includes a process known as probate.
This week's Slott Report Mailbag looks international beneficiary IRAs, tax free IRA withdrawals, and inherited IRAs.
Question: When is the last day to make a 2016 Roth IRA conversion? Today's Slott Report goes into popular questions and answers you may have for the end of the calendar year.
H – Have your financial institutions send you a copy of the beneficiary information they have on file for you. On more than a few occasions, we’ve seen financial institutions lose copies of beneficiary forms (or in some really egregious cases, destroy them). Asking for this information annually helps ensure that there are no surprises when you’re no longer here. The beneficiary form is the most important document when it comes to your retirement account. Therefore, even though it may seem monotonous to check these forms year after year – especially if you haven’t made any changes – it’s worth the effort.
This week's Slott Report Mailbag looks into IRA transfers, unclaimed property, and IRA rollovers.
It’s no secret that millennials and other young workers today value technology in terms of helping them manage their financial affairs. However, the value that savers place on technology is not limited to young savers. In fact, Boomers are seeking out and incorporating technology into their financial lives at an increasingly rapid rate... a fact that numerous studies and surveys have found.
