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Home / Archives for Individual Retirement Accounts (IRAs)

The SECURE Act

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The “SECURE Act” was part of a larger law that passed with (rare) bipartisan support in late-December 2019. It is effective January 1, 2020, for most purposes. The SECURE Act does many things, but here are a few of the biggest changes. First the good news: It changes the age at which you must start withdrawing from your IRA or retirement plan. It was age 70 ½ under prior law while under … [Read more...] about The SECURE Act

Naming a Trust as Beneficiary of an IRA

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"Naming a Trust as Beneficiary of an IRA" by Attorney Alexander M. Pagnotta With IRAs and Qualified Plans, after the death of the “Participant” (the lifetime owner), there are required minimum distributions based on the life expectancy of the beneficiary. Often, people think that an individual must be named as the beneficiary of the retirement assets in order to use the beneficiary’s life … [Read more...] about Naming a Trust as Beneficiary of an IRA

What Happens to Inherited IRAs?

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  "What Happens to Inherited IRAs?" by Victor A. Lembo Making an estate plan is vital to leaving a strong legacy and to address issues that can arise when assets transfer to new owners, such as those with retirement accounts. Sinclair Prosser Gasior can provide individuals who are making an estate plan and want to ensure the right person or entity inherits their IRA and their other … [Read more...] about What Happens to Inherited IRAs?

What are the Rules for an Inherited IRA?

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An inherited IRA is the term used to refer to an Individual Retirement Account that you inherit after a death. Generally, an IRA will pass outside of probate to a designated beneficiary. What happens next is going to depend upon what the beneficiary decides to do. An IRA is a special kind of investment account because there are tax breaks given when either investing or withdrawing in an IRA. As a … [Read more...] about What are the Rules for an Inherited IRA?

What Kinds of IRAs Are There?

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Opening IRAs is one of the smartest things that you can do if you are serious about achieving financial security during your retirement. IRAs, or Individual Retirement Accounts, make it easier for you to save for retirement because you can take advantage of tax breaks. The money which is held within an IRA also receives some special protections, such as being considered an exempt asset during … [Read more...] about What Kinds of IRAs Are There?

End of the Year Reminders

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  As we approach the end of the year, we become busy with holiday celebrations, visits with family and friends, and vacation.  Our to-do lists grow longer and many items and resolutions are pushed to the next year. However, it is important to keep in mind various deadlines, whose dates are not as flexible as some of our other goals. Minimum required distributions If you are age 70 ½ and … [Read more...] about End of the Year Reminders

End of the Year Reminders (Audio)

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  "End of the Year Reminders" by Attorney Brooke J. Shemer … [Read more...] about End of the Year Reminders (Audio)

Checklist for Your Estate Planning Consultation – Audio

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  "Checklist for Your Estate Planning Consultation" by Attorney Brooke J. Shemer … [Read more...] about Checklist for Your Estate Planning Consultation – Audio