If you’ve inherited an individual retirement account (IRA), you may wonder about the tax implications of distributions. While IRAs offer tax advantages during the account holder’s lifetime, inheriting one comes with its own set of tax rules. Understanding these rules is essential to avoid unexpected tax bills and to make the most of your inheritance. … Read more
When a loved one passes away, selling their home and belongings might be the farthest thing from your mind. But if you’ve been appointed the executor of an estate, the task of distributing the deceased persons assets according to their will falls to you. As executor, one of your jobs may be to sell the … Read more
The income you receive from your 401(k) or other qualified retirement plan doesn’t affect the amount of the Social Security retirement benefit you receive each month, but does affect whether your benefits are taxable. Certain thresholds determine if your income, including your 401(k) distributions, is taxable. The Short Answer: Yes, But There Are Rules Hello … Read more
Are you scratching your head trying to figure out how to report that IRA distribution on your tax return? Don’t worry – you’re not alone! Every year, millions of Americans take distributions from their Traditional IRAs and then face the sometimes confusing task of properly reporting these withdrawals to the IRS. In this comprehensive guide, … Read more
Are you worried that your hard-earned 401(k) savings might reduce your Social Security checks? I’ve got good news for you! Your 401(k) withdrawals won’t directly reduce your monthly Social Security benefit amount – but there’s a catch you need to know about taxes As someone who’s spent years helping folks understand their retirement options I … Read more
If annuitants are married at the time of retirement, they must provide maximum survivor benefits to their spouses unless their spouses consent to an election of less than a maximum survivor annuity. An annuitant elects a survivor annuity for a spouse at retirement on the retirement application and an election results in a reduction to … Read more
With a Traditional, Rollover, SEP, or SIMPLE IRA, you make contributions on a pre-tax basis (if your income is under a certain level and certain other qualifications) and pay no taxes until you withdraw money. IRA withdrawal rules and penalty details vary depending on your age. Are you stressing about the tax bite when it’s … Read more
Is a trust part of your estate plan? A trust is a versatile legal entity and serves several purposes. They legally protect and manage property or assets for your benefit and that of your loved ones. They can also ensure your assets are distributed according to your wishes. Trusts can impact inheritance taxes, but it … Read more
The Complicated Answer That Could Save Your Will from Being Invalidated Have you ever wondered if the person you’re naming as executor can also witness your will? This question comes up a lot in estate planning and the answer isn’t as straightforward as you might think. As someone who’s spent countless hours researching this topic … Read more
With all of the options out there, it can be hard to choose which trust is best for you. Trust Point is here to help. We’ve put together this glossary to define some of the most common types of trusts and why they’re used. Continue reading to learn more about which trust is best for … Read more
