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You have six options for your employer plan retirement funds, which includes: converting to a Roth IRA, converting to Roth plan assets, lump sum distributions, leaving it in a current plan, move it to a new employer's plan, or rolling over plan assets to an IRA.
Click to view this document containing the changes and additions from SECURE Act 2.0.
Whether you are looking for bankruptcy or creditor protection, this chart identifies the types of retirement accounts and their associated creditor and bankruptcy protection stipulations.
This chart provides creditor protection information, which includes: percentage of protection, the statute referenced, and the state specific to these points.
An IRD deduction is a way of offsetting the impact of double taxation (federal estate and income tax) on certain inherited assets. Here's how to calculate this deduction.
Failing to complete a 60-day rollover on time can come with tax penalties along with a possible 10% early withdrawal penalty. Fortunately, the IRS has created an easy, low-cost way to fix late rollover errors that weren't the taxpayers' fault.
When an individual names more than one beneficiary for their IRA, certain plans can be set in place such as designating due dates, splitting the account in time, and maximizing the stretch.
This SECURE Act chart deals with beneficiaries under the SECURE Act, and how the different categories of beneficiaries have different payouts.
For many clients, the most important part of their IRA is what happens to it after death. For this reason, knowing the rules for what happens when beneficiaries inherit IRAs is critical for advisors.
