How Does a Trust Work? Sims & Campbell Estate Planning
There’s no single path for everyone to follow. However, you might consider establishing a trust, which offers some key benefits.
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.
Can a Trust Be Created to Protect a Pet? – Annapolis and Towson Estate Planning
With the largest spike in mortality in the United States in a century, following the onset of the pandemic, providing for one’s pets after death has become a growing topic of conversation for many animal lovers across the country.
How Does a Business Owner Create an Exit Strategy? – Annapolis and Towson Estate Planning
You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
Does a Beneficiary have to Pay Taxes on 401(k)? – Annapolis and Towson Estate Planning
If you anticipate inheriting a 401(k) from a parent, a spouse or someone else, it’s important to know your options for minimizing tax liability.
The Future of Your IRA and How the SECURE Act Changed the Rules – Annapolis and Towson Estate Planning
The Setting Every Community Up for Retirement Enhancement (Secure) Act upended inherited IRAs for most non-spousal beneficiaries. The 10-year rule for withdrawing from inherited IRAs eliminated the ability to stretch inherited IRAs for these beneficiaries.
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 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.
Make the Most of a Roth IRA, Even If You’re Not Ultra-Wealthy – Annapolis and Towson Estate Planning
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.
What is not Covered by a Will? – Annapolis and Towson Estate Planning
While a will is one of the most important estate planning documents you can have, there are things that a will won’t cover.
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