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.
What Is the Best Thing to Do with an Inherited IRA? – Annapolis and Towson Estate Planning
Inheriting an IRA from a parent has a unique set of rules you need to know, which will help you make the most of the money you inherit and avoid a tax-time surprise.
Checklist for Estate Plan’s Success – Annapolis and Towson Estate Planning
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
The Stretch IRA Is Diminished but Not Completely Gone – Annapolis and Towson Estate Planning
In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.
What are the Taxes on My IRA Withdrawal? – Annapolis and Towson Estate Planning
How much you will pay in taxes on an individual retirement account (IRA) withdrawal, depends on the type of IRA, your age and the purpose of the withdrawal. Sometimes the answer is zero—you owe no taxes. In other cases, you owe income tax on the money you withdraw and sometimes an additional penalty if you withdraw funds before age 59½. On the other hand, after a certain age, you may be required to withdraw money and pay taxes on it.
What Should I Know about the Secure Act of 2019 and IRAs? – Annapolis and Towson Estate Planning
The Secure Act of 2019 eliminated many of the advantages the so-called stretch IRA offered heirs.
Alternatives for Stretch IRA Strategies – Annapolis and Towson Estate Planning
The elimination of the Stretch IRA is a game changer, especially for parents who were considering bequeathing savings in IRAs to their children.