Beneficiary Mistakes to Avoid – Annapolis and Towson Planning
Before making a decision on a beneficiary, it's very important to check your state laws. Some states have different rules on who you can name as a beneficiary.
What Happens when You Inherit a Retirement Account? – Annapolis and Towson Estate Planning
There’s almost always a reckoning when the government proffers a tax break. So it is with individual retirement accounts (IRA)s, 401(k)s and similar accounts that investors fund with pre-tax earnings.
What Penalties Hurt Retirement Accounts? – Annapolis and Towson Estate Planning
The following are penalties to avoid at all costs when contributing to or withdrawing from retirement accounts.
Does Potential IRS Change Have an Impact on Estate Plan? – Annapolis and Towson Estate Planning
The IRS is weighing a change that could leave your heirs poorer than you might hope.
Should I Have a Roth IRA? – Annapolis and Towson Estate Planning
Roth individual retirement accounts allow you to pay income tax on your retirement savings upfront, so you won't be stuck with a tax bill in retirement when you can least afford to pay it.
What Happens If I Take a Bigger RMD? – Annapolis and Towson Estate Planning
Sometimes only taking the minimum IRA distribution can be a costly mistake. When deciding how much to withdraw this year, you need to consider the big picture. For some people, it makes sense to go big.
What to Do with an Inherited IRA? – Annapolis and Towson Estate Planning
Some inherited assets are tax-friendly, but under new rules, others come with a hefty tax bill. We help you get the most out of a legacy.
How Much can You Inherit and Not Pay Taxes? – Annapolis and Towson Estate Planning
Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in unless an estate exceeds $11.7 million.
Before They’re Gone—Estate Planning Strategies – Annapolis and Towson Estate Planning
If you have not already been inundated with invitations to webinars, articles and newsletters regarding the estate planning you should consider doing before new legislation passes, you undoubtedly will receive these over the next few months.
What Is “Income in Respect of Decedent?” – Annapolis and Towson Estate Planning
When a loved one passes away, it can be an emotional experience. Unfortunately, handling the deceased’s finances can add to this stress.