Spencer Law Firm LLC
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July 2015 Archives

Tangible Property Myths: Conclusion

3. I gave it to him so I get it back. It's very common for family members to try to reclaim gifts that they made to the deceased. Again, there is absolutely no legal basis for this. If you bought a TV for Dad and gave it to him, when he passes it goes under his will - not back to you because you gave it to him. If that's what he wants, it better be made clear in his will.

Ten Stupid Things People Do To Mess Up Their IRA'S: Conclusion

8. Putting the wrong investments in the IRA. Don't put municipal bonds in your IRA. The IRA pays no income tax, it does not need to take a reduced rate to receive tax-free income. 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 tax deferral.

Ten Stupid Things People Do To Mess Up Their IRA'S: Continued

4. Not beginning the required distributions on time. You are required to begin taking the minimum required distribution ("MRD") by April 1 of the year following the year in which you attain the age of 70 ½. Making this withdrawal is your responsibility. It is not the responsibility of the broker or mutual fund or investment advisor who holds the IRA assets. They may remind you as a courtesy but it is your responsibility to handle this. It is also your responsibility to determine the correct MRD. If you have multiple IRA's you may take the entire MRD from only one of them if you chose.

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

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