Tag: Required Minimum Distribution (RMD)

Why Minors Should Not be Named as Beneficiaries

Written by Legacy Counsellors P.C. on January 10, 2020. Posted in Asset Protection, Beneficiary Designations, Current Affairs, Estate Planning, IRA Planning, LCPC, Miscellaneous, Retirement Planning, Trusts, Wills.

Leaving assets outright to minors creates a number of issues. An IRA might be a better choice. Selecting...

529 Education Savings Plan, Asset Protection, Beneficiary Designations, Guardianship, Inheritance, Probate Court, Required Minimum Distribution (RMD), Revocable Living Trust

How to Get Required Minimum Distributions Right

Written by Legacy Counsellors P.C. on January 3, 2020. Posted in Asset Protection, Business Succession Planning, Charitable Giving, Current Affairs, Estate Planning, Giving, IRA, IRA Planning, LCPC, Miscellaneous, Retirement Planning, Special Needs Planning, Tax Planning, Trusts, Wills.

For retirees and people who inherit retirement accounts, there’s only one good thing that comes out of missing an...

401(k), Asset Protection, Charitable Donation, Financial Planning, IRA , Qualified Charitable Distribution, Required Minimum Distribution (RMD), Retirement Planning, Roth Conversion, Tax Planning

The Downside of Moving Retirement Money to a Roth

Written by Legacy Counsellors P.C. on December 23, 2019. Posted in Business Succession Planning, Charitable Giving, Current Affairs, Estate Planning, IRA, IRA Planning, LCPC, Miscellaneous, Retirement Planning, Tax Planning, Trusts, Wills.

It sounds like a great deal—no taxes when you withdraw money during retirement. However, there’s no such thing as a...

Charitable Donation, Financial Planning, IRA , Probate Attorney, Qualified Charitable Distribution, Required Minimum Distribution (RMD), Roth Conversion, Tax Planning

SECURE Act or RESA Act Will End the Stretch IRA

Written by Legacy Counsellors P.C. on November 14, 2019. Posted in Asset Protection, Beneficiary Designations, Current Affairs, Estate Planning, Inheritance, IRA, IRA Planning, LCPC, Life Insurance, Miscellaneous, Retirement Planning, Tax Planning, Trusts, Wills.

Both of these acts include removing the ability of non-spousal heirs to stretch the tax-deferred condition of an...

401(k), Asset Protection, Estate Tax, Financial Planning, Gift Tax, Inheritance, IRA , Irrevocable Trust, Legislation, Life Insurance, Required Minimum Distribution (RMD), Roth Conversion, Tax Planning

Lump Sum or Traditional Lifetime Payout—The Big Pension Question

Written by Legacy Counsellors P.C. on September 23, 2019. Posted in Asset Protection, Current Affairs, Estate Planning, IRA Planning, Miscellaneous, Retirement Planning, Social Security, Tax Planning.

For those who are lucky enough to have a defined-benefit pension plan, one of the big decisions that comes with...

Asset Protection, Estate Planning, Financial Planning, Pension, Probate Attorney, Required Minimum Distribution (RMD), Tax Planning

How Will New Legislation on Retirement Change RMD Age?

Written by Legacy Counsellors P.C. on June 13, 2019. Posted in Current Affairs, Estate Planning, IRA, IRA Planning, Miscellaneous, Retirement Planning.

The bill will change the age when account owners must start taking their Required Minimum Distributions, and it...

401(a), 401(k), 403(b), 457(b), Collective Investment Trust (CIT), Required Minimum Distribution (RMD), Retirement Planning, Roth Conversion

What Happens If I Make an IRA RMD Mistake?

Written by Legacy Counsellors P.C. on June 10, 2019. Posted in Current Affairs, IRA, IRA Planning, Miscellaneous.

So you got your numbers mixed up, or your brokerage firm made a mistake. You didn’t take out enough when you did...

Financial Planning IRA, Required Minimum Distribution (RMD)

IRA Rollover Mistakes to Avoid

Written by Legacy Counsellors P.C. on June 7, 2019. Posted in Current Affairs, Estate Planning, IRA, IRA Planning, Miscellaneous, Tax Planning.

IRA rules have never been simple, and they’ve gotten more complex as time as has gone by. Making a mistake can be...

403(b), 457(b), Asset Protection, Financial Planning, IRA , Required Minimum Distribution (RMD), Roth Conversion, Tax Planning

Charitable Giving via IRAs Took a Dramatic Jump in 2018

Written by Legacy Counsellors P.C. on June 6, 2019. Posted in Charitable Giving, Current Affairs, Estate Planning, Giving, Miscellaneous, Tax Planning.

Americans are a generous people, and 2018 showed clear proof of this. Distributions from IRAs increased, and using...

Financial Planning, IRA Charitable Rollover Gift, Qualified Charitable Donation (QCD), Required Minimum Distribution (RMD), Tax Planning

What Are the Benefits of a 401(k)?

Written by Legacy Counsellors P.C. on May 20, 2019. Posted in Asset Protection, Current Affairs, Estate Planning, IRA, IRA Planning, Miscellaneous, Retirement Planning.

We hear a lot about the importance of having the right mix of large and small caps, domestic and international,...

Asset Protection Tax Planning, Estate Planning, Financial Planning, Required Minimum Distribution (RMD), Retirement Planning, Roth 401(k), Roth IRA

How Bad Will My IRA Withdrawal Tax Bills Be?

Written by Legacy Counsellors P.C. on March 6, 2019. Posted in IRA, IRA Planning, Miscellaneous, Tax Planning.

The amount of taxes paid on withdrawals from IRA accounts depends on a number of different factors. Mapping this out...

Asset Protection, Financial Planning, Required Minimum Distribution (RMD), Roth IRA, SARSEP IRA, SEP IRA, Simple IRA, Tax Planning

Can Charitable Giving Still Be A Part of a Tax Strategy?

Written by Legacy Counsellors P.C. on December 6, 2018. Posted in Charitable Giving.

The holiday season is when most people make their donations to charitable causes. However, there are some questions...

Capital Gains Tax, Charitable Donation, Charitable Gift Annuities, Charitable Remainder Trust, Donor-Advised Fund, Inheritance, Required Minimum Distribution (RMD), Tax Planning

Inherit an IRA? Deadlines and Options You’ll Need to Know

Written by Legacy Counsellors P.C. on November 29, 2018. Posted in Inheritance, IRA, IRA Planning.

From Halloween to the Day of the Dead, the end of October and start of November are a time that many cultures...

Asset Protection, Beneficiary Designations, Estate Planning, Inheritance, Inherited IRA, Required Minimum Distribution (RMD), Roth Conversion, Tax Planning

Is There a Good Way to Make a Minor Child the Beneficiary of an IRA?

Written by Legacy Counsellors P.C. on August 27, 2018. Posted in Inheritance, IRA.

Creating an estate plan when heirs are minors, requires a special touch. You can leave your asset to whomever you...

529 Education Savings Plan, Beneficiary Designations, Estate Planning, Guardian, IRA , Required Minimum Distribution (RMD), Revocable Living Trust, Uniform Gifts to Minors Act (UGMA), Uniform Transfers to Minors Act (UTMA)

When Do I Start Taking Required Minimum Distributions from an IRA?

Written by Legacy Counsellors P.C. on June 13, 2018. Posted in IRA.

Putting money into an IRA is not complicated, but taking it out can be tricky. Warning: mistakes can be costly! Does...

Required Minimum Distribution (RMD), Retirement Planning, Tax Planning

The Biggest Risk to Your Retirement: Not What You Think

Written by Legacy Counsellors P.C. on April 9, 2018. Posted in Estate Planning, Retirement Planning.

People worry about the cost of health care, but that’s not the thing that derails most retirement plans....

Estate Planning, Required Minimum Distribution (RMD), Retirement Planning, Roth IRA, Tax Planning

Naming Beneficiaries: The Right Way and the Wrong Way

Written by Legacy Counsellors P.C. on March 29, 2018. Posted in Beneficiary Designations.

If something happened to you tomorrow, do you know for a fact that your beneficiary designations are correct? Or...

Beneficiary Designations, Estate Planning Lawyer, Required Minimum Distribution (RMD)

A Surprise Inheritance is Not as Much Fun as You Think

Written by Legacy Counsellors P.C. on February 28, 2018. Posted in Inheritance.

Here’s where parent’s refusal to discuss finances with their children becomes problematic: they die and their kids...

Asset Protection, Estate Planning Lawyer, Inheritance, Inherited Annuity, Inherited IRA, Living Will, Required Minimum Distribution (RMD), Rollover IRA, Step-up Basis, Tax Planning

Retirement Finances for Those Who Have No Intention of Retiring

Written by Legacy Counsellors P.C. on December 22, 2017. Posted in Retirement Planning.

If you love your work and don’t want to give it up, your retirement plan is different than the person who is...

401(k), Estate Planning, Estate Tax, Gift Tax, Required Minimum Distribution (RMD), Retirement Planning, Roth IRA, Social Security

What You Need to Know to Make Required Minimum Distributions Less Taxing

Written by Legacy Counsellors P.C. on December 20, 2017. Posted in IRA, IRA Planning.

What You Need to Know to Make Required Minimum Distributions Less Taxing Those pesky RMDs can wreak havoc if you...

Asset Protection, Charitable Giving, IRA , Qualified Charitable Distribution (QCD), Qualified Longevity Annuity Contracts (QLAC), Required Minimum Distribution (RMD), Retirement Planning, Tax Planning

Planning on Working Part Time During Retirement?

Written by Legacy Counsellors P.C. on December 18, 2017. Posted in Retirement Planning.

There are pros and cons to working during retirement, even if you are just working part time. You’ll need to know...

Elder Care, Elder Law, Required Minimum Distribution (RMD), Retirement Planning, Social Security, Tax Planning

Avoid These Four Retirement Snafus

Written by Legacy Counsellors P.C. on November 6, 2017. Posted in Retirement Planning.

Miss these four factors and even the best retirement plan will fall apart fast. Spare yourself and your loved ones...

Beneficiary Designations, Estate Planning Lawyer, Healthcare Directive, Living Will, Long Term Care, Medicare, Power of Attorney, Required Minimum Distribution (RMD), Retirement Planning, Roth IRA, Tax Planning, Trusts, Wills

Watch Out for Uncle Sam’s Penalties in Retirement

Written by Legacy Counsellors P.C. on September 25, 2017. Posted in Retirement Planning.

If you thought retirement was all fun and games, think again! Penalties for missing deadlines, failing to take...

401(k), Estate Planning, Estate Tax, IRA , Medicare, Required Minimum Distribution (RMD), Social Security

Here’s What You Need to Know about Roth IRAs

Written by Legacy Counsellors P.C. on September 1, 2017. Posted in IRA.

Self-proclaimed experts can make your head spin with their bragging about how great their investments and retirement...

401(k), Asset Protection, Estate Planning, Inheritance, Probate Court, Required Minimum Distribution (RMD), Roth IRA, Tax Planning

Is Your Retirement Plan Prepared with Taxes in Mind?

Written by Legacy Counsellors P.C. on August 11, 2017. Posted in Retirement Planning.

Don’t assume that your tax liability will shrink during retirement. Start planning now to avoid any unpleasant...

401(k), Asset Protection, Charitable Giving, Estate Planning, IRA , Life Insurance, Required Minimum Distribution (RMD), Retirement Planning, Tax Planning

Retirement Planning Doesn’t Stop with Retirement

Written by Legacy Counsellors P.C. on July 21, 2017. Posted in Retirement Planning.

Being retired requires you to become the Chief Financial Officer of your own life. You need to manage your income,...

401(k), Asset Protection, Estate Planning Lawyer, Healthcare Directive, Inheritance, Living Will, Power of Attorney, Required Minimum Distribution (RMD), Roth IRA Conversion, Tax Planning, Trusts, Wills

Non-Spouse Beneficiaries and Inherited IRAs

Written by Legacy Counsellors P.C. on July 14, 2017. Posted in IRA.

Understanding tax liabilities and complex rules when inheriting an IRA, especially for a non-spouse, can be...

Asset Protection, Beneficiary Designations, Estate Planning Lawyer, Estate Tax, Inheritance, IRA , Required Minimum Distribution (RMD), Tax Planning

Another Medicare Increase Likely for Higher Income Retirees in 2018

Written by Legacy Counsellors P.C. on July 10, 2017. Posted in Current Affairs.

High income retirees, get ready to dig deeper into your pockets in 2018 as Medicare income thresholds drop. More...

Charitable Contribution, Medicare, Required Minimum Distribution (RMD), Retirement Planning, Roth IRA

Tax Deferred Accounts Are Great, Until They Aren’t!

Written by Legacy Counsellors P.C. on June 20, 2017. Posted in Retirement Planning.

Here’s an example of how the best made plans can be undermined. Your 401(k), 403(b) or IRA accounts are robust and...

401(k), Asset Protection, Estate Planning, Estate Tax, Gift Tax, Inheritance, IRA , Medicaid, Medicare, Required Minimum Distribution (RMD), Tax Planning

Deciding Factors for Different Types of IRAs

Written by Legacy Counsellors P.C. on June 19, 2017. Posted in IRA.

The different kinds of IRAs are complex but not impossible to understand. The biggest difference is all about the...

401(k), Estate Planning, IRA , Required Minimum Distribution (RMD)

Working Past 65? Here’s What You Need to Know

Written by Legacy Counsellors P.C. on June 5, 2017. Posted in Retirement Planning, Social Security.

Whether you are working because you love what you do or because you need the extra money, there are certain steps to...

Asset Protection, IRA , Medicare, Pension, Required Minimum Distribution (RMD), Retirement Planning

Converting a Traditional IRA to a Roth May Benefit Your Heirs

Written by Legacy Counsellors P.C. on May 22, 2017. Posted in IRA.

Converting sooner than later, could yield a bigger account to your heirs; do the math first Deciding whether or not...

Asset Protection, Beneficiary Designations, Estate Planning, Inheritance, IRA , Life Insurance, Required Minimum Distribution (RMD), Roth

A Few More Things for Your “Honey Do” List: Retirement and Estate Planning

Written by Legacy Counsellors P.C. on January 17, 2017. Posted in Retirement Planning.

Most of us rely on lists to keep track of holiday festivities, so if you’ve already got a big “to-do” list, consider...

401(k), Asset Protection, Estate Planning Lawyer, Healthcare Directive, IRA , Living Will, Long-Term Care Planning, Medicare, Power of Attorney, Required Minimum Distribution (RMD), Retirement Planning, Tax Planning

Retirement Planning Starts Early in 2017

Written by Legacy Counsellors P.C. on January 9, 2017. Posted in Retirement Planning.

The start of a new year is an excellent time to refresh your retirement planning. Sometimes, the simplest ideas can...

401(k), IRA , Qualified Charitable Distribution, Required Minimum Distribution (RMD), Retirement Planning, Tax Planning

Take a Tip from Race Drivers: Use Pit Stops to Protect Your Retirement

Written by Legacy Counsellors P.C. on January 4, 2017. Posted in Retirement Planning.

A good pit stop protects the car and driver and gives the entire team a chance to evaluate performance: sounds like...

401(k), Asset Protection, Estate Planning, Required Minimum Distribution (RMD), Retirement Planning

What’s the Best Plan to Pass Down an IRA?

Written by Legacy Counsellors P.C. on December 7, 2016. Posted in IRA.

There are different ways to pass down an IRA. Find out whether or not you need to do some advance planning that will...

401(k), Asset Protection, Beneficiary Designations, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, IRA , Required Minimum Distribution (RMD), See-Through Trust, Trusteed IRA

A QPRT Trust for Vacation Homes and Primary Residences

Written by Legacy Counsellors P.C. on December 1, 2016. Posted in Estate Planning.

If heirs are in agreement about keeping a beloved vacation home in the family, a QPRT can be used to keep a legacy...

Asset Protection, Estate Planning Lawyer, Estate Tax, Gift Tax, Inheritance, Power of Attorney, QPRT, Required Minimum Distribution (RMD), Tax Planning, Trusts

Can You Avoid Paying Taxes on Social Security Benefits?

Written by Legacy Counsellors P.C. on October 7, 2016. Posted in Social Security.

There are a few strategies you can use to reduce the taxes owned on Social Security benefits. Your “provisional...

401(k), Asset Protection, Estate Tax, IRA , Qualified Longevity Annuity Contract (QLAC), Required Minimum Distribution (RMD), Retirement Planning, Tax Planning

Once You’ve Feathered Your IRA Nest Egg, What’s Next?

Written by Legacy Counsellors P.C. on September 14, 2016. Posted in IRA.

Change how you think about your IRAs in retirement. After decades of working and saving, putting money into IRAs,...

401(k), 403(b), Asset Protection, Estate Planning Lawyer, IRA , Medicaid, Required Minimum Distribution (RMD), Trusts, Veteran Benefits

Taxes in Retirement: How to Plan for RMDs

Written by Legacy Counsellors P.C. on September 6, 2016. Posted in Retirement Planning.

Uncle Sam wanted you to save for retirement, hence your tax-free retirement accounts. But once withdrawals start, so...

401(k), Asset Protection, Estate Planning Lawyer, IRAs, Required Minimum Distribution (RMD), Retirement Planning, Tax Planning, Tax-Deferred Plans

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Tag: Required Minimum Distribution (RMD)

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