For traditional 401(k) plans and IRAs, you generally get a tax break when you make contributions and then pay taxes on the withdrawals in retirement. In contrast, Roth versions of those accounts come with no upfront tax break, but qualified withdrawals are excluded from federal income taxes.
My house is in my name and my son’s name. What happens if I need to go into a nursing home?
Traditional IRAs have been available to retirement savers who have earned income since 1974. That’s 23 years longer than Roth IRAs (introduced in 1997) have been on the scene. The big difference between these two types of individual retirement savings vehicles is when you pay federal (and possibly state) income tax on your savings.
First, before making a gift or bequest outright to your youngest son, consider whether now or in the future he will possibly be eligible for governmental assistance based on his disability and his own assets.
What happens if a non-spouse beneficiary inherits an IRA account but dies before the money is put in her name. There were no contingent beneficiaries. Which estate would get the IRA?
No one can predict the future—and navigating that reality is precisely what makes estate planning so complicated.
Retirement is an exciting milestone. Planning becomes even more crucial, once you get within a few years of saying goodbye to your career. As we turn 60 and inch closer to retirement, there are important questions to answer.
So, you inherited a retirement account. Before you make any decisions on when and how to access the money, it’s worth familiarizing yourself with the rules that apply to different beneficiaries.
My Dad has been deemed unable to make his own decisions, and he does not have a Power of Attorney. The hospital said we need to apply for guardianship. What is that?
Can a living trust be the beneficiary of a Roth IRA?
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