The SECURE Act of 2019 altered the landscape for IRAs significantly when signed into law. Just when advisors gained a level of comfort with the SECURE Act, the United States Treasury Department issued Regulations in early 2022 requiring RMDs under the 10-year Rule in years 1-9. After realizing that many individuals were unaware of that requirement, the Internal Revenue Service responded by issuing Notice 2022-53 suspending the requirement to take RMDS in 2021 and 2022. SECURE 2.0 came at the end … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. It might be appropriate to say that Christmas came early for retirement advisors and consumers in 2022 when Congress passed, and President Biden signed into law, the $1.7 trillion omnibus spending bill that included Setting Every Community Up for Retirement Enhancement (“SECURE”) Act 2.0 (the “Act”). President Trump enacted the original SECURE Act in December … [Read more...] about What You Need to Know About SECURE Act 2.0
On Friday, October 21, 2022, LKA Attorney Maggie A. LaBranch-Gonzales welcomed Certified Financial Planner Glenn Young of Concentrum Wealth Management. Glenn discussed financial planning and presented scenario-based examples of how financial planning goals and strategies change through different life stages. … [Read more...] about Ask the Expert 2022 Series – Financial Planning (VIDEO)
Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Although Individual Retirement Accounts (“IRAs”) have become ubiquitous in the Estate Planning world, they are relatively young having been created in 1974 with the passage of the Employee Retirement Income Security Act. Recently, the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) made significant changes to the rules regarding … [Read more...] about Application of the Updated Life Expectancy Tables
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. This is part of a series of 6 blogs on important estate planning considerations. I’ll intersperse these blogs with other timely blogs. The first article in the series showed how an estate plan prepares one for incapacity during life and not just for the distribution of assets at death. The second article in the series focused on how an estate plan should take into … [Read more...] about 6 Important Estate Planning Considerations – Part 5: Retirement Assets
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Many factors go into retirement decisions. When should you retire? Where should you retire? Etc. Family and personal factors are perhaps the most important of these considerations. Where do your children, grandchildren, and friends live? Where do you have roots? What location has the weather and scenery you enjoy? How are you feeling? Financial issues are only one … [Read more...] about Retirement is Complicated
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. As I discussed in last week’s blog, retirement assets, including 401(k)s, IRAs, etc., comprise a large portion of the average American’s wealth. Planning for these assets is critical, not just due to their value, but also due to their special nature. Traditional IRAs and 401(k)s and the earnings on them are tax-deferred. Roth IRAs and 401(k)s are tax-free. However, … [Read more...] about Planning for Retirement Plans and IRAs: Asset Protection
Individuals who spend some time in the service may be entitled to certain benefits that can be very useful later on in life. For one, if you serve for at least 20 years in the military, you become entitled to a retirement pension. This coupled with your Social Security benefit could go a long way toward providing you with the ongoing income stream that you need to enjoy your retirement in comfort. Another benefit that is often overlooked is the Veterans Aid & Attendance special pension. … [Read more...] about Veterans: Develop a Cogent Plan for Aging
As you are going through life working and paying taxes, you may not concern yourself with retirement planning. After all, you are paying into the Social Security program, so you will have a source of income as a senior citizen. You may also be contributing into the 401(k) plan that your employer offers, so you will have a retirement nest egg accumulated by the time you reach your sixties. When it comes to health care insurance, you will qualify for Medicare at the age of 65, so you won't have … [Read more...] about Is Retirement Planning Really Important?
Retirement is not something that will automatically fall into your lap. Yes, if you worked steadily throughout your life, you will qualify for Social Security and Medicare. However, careful retirement planning is important if you want to enjoy your senior years to the fullest. The government programs that are in place to provide for senior citizens are best viewed as safety nets. If you expect too much from these programs, you may find yourself in a difficult situation during the latter … [Read more...] about Will Medicare Cover Everything?