Is this a question you can help me with? Client’s husband & Wife had a living trust. Attorney suggested that all holdings be put into the trust or make the Trust the beneficiary. Husband died several years ago, in January, 2018 the wife died.
A lot has changed in the last six months for certain federally declared disaster areas. The Bipartisan Budget Act of 2018 added relief for the California wildfires and mudslides of late 2017. The Disaster Tax Relief and Airport and Airway Extension Act of 2017 included relief for the victims of Hurricanes Harvey, Irma and Maria.
A lot has changed in the last six months for certain federally declared disaster areas. The Bipartisan Budget Act of 2018 added relief for the California wildfires and mudslides of late 2017. The Disaster Tax Relief and Airport and Airway Extension Act of 2017 included relief for the victims of Hurricanes Harvey, Irma and Maria.
Did you know your IRA could be escheated to the state as abandoned property? Not many IRA owners are aware of this possibility, but more and more are facing it.
Today's Q&A Mailbag answers readers' questions on whether or not there is a rule in place that limits the number of IRA rollovers allowed in one year, as well as if it's possible for an individual to make Roth IRA contributions at age 70 1/2.
Most people know that, generally speaking, you cannot access traditional IRA money penalty-free until you reach age 59 ½. Early distributions are subject to a 10% early withdrawal penalty. Of course, like virtually every other retirement rule ever written, there are exceptions to this general rule.
Suppose you unexpectedly incur a major liability, from a lawsuit or some other unforeseen cause. Will the funds in your IRA be protected from your creditors? Maybe ... or maybe not. Here are the rules:
This week's Slott Report Mailbag answers readers' questions about converting a traditional IRA to a Roth for prior years, as well as whether or not it's possible to roll funds from a 401K into an IRA, without having to satisfy an RMD first.
There is a lot of paperwork involved when you open an IRA account. You have to prove to the bank who you are and that your funds are legitimate. There is an account opening form and a beneficiary form to be completed. After you do all of that, then you get a multi-page, tiny print document, which is the IRA agreement. It does not require a signature, yet it is the contract between you and the IRA custodian that you have agreed to abide by.
Have you recently converted your traditional IRA to Roth IRA? Are you under 59 ½? If so, you will want to know about the five-year rule for penalty-free distributions of converted funds from your Roth IRA.
