1. Not getting professional advice. The complexity of the rules governing IRA distribution and beneficiary designations is incredible. Especially where substantial amounts of money are involved, don’t try to “do-it-yourself.” Who to name as beneficiary? When to take distributions? How much to take out? Should you use a trust? Is it best to name your… Read More
If your spouse or loved one has passed away without updating his or her plan and you find yourself now the trustee or beneficiary of a trust that is not needed, there are ways that you may terminate the trust and end the costs and hassles of trust administration. Now, not only is the exemption… Read More
Teddy Roosevelt used to be called the Trust Buster because he forced the great railroad combination in the Northwest to break apart. He was the avowed foe of all sorts of trusts and monopolies. Now the term ”Trust Buster” may have a new meaning. Lots of folks find themselves with trusts set up for estate… Read More
If your annuity is in an IRA you must begin withdrawing the minimum required distribution at age 70-1/2 regardless of any surrender charge that may be imposed on the withdrawals. As always, each investor must weigh the cost-benefit of investment alternatives, including annuities. The question always is, are the features worth the fees? You can… Read More
Ten Stupid Things People Do to Mess Up Their IRA’s, brought in some inquiries. Number 8 on the list of stupid things was “don’t buy an annuity in your IRA.” The IRA is already tax-deferred, you don’t need to buy a product for tax-deferral — the IRA already gives you a tax deferral. Some e-mails were in support… Read More