Roth IRAs do not have minimum distribution requirements during the account owner’s lifetime. Age 70½ can come and go and no distributions are required. This allows more wealth to accumulate tax-free as the assets stay in the Roth IRA and earnings are reinvested tax-free. Roth IRAs are a great tool to consider in estate planning.… Read More
A Roth IRA is an individual retirement account named after the United States Congressman William Victor Roth Jr., who was the legislative sponsor of the bill creating this plan. When a traditional IRA is converted to a Roth, all before-tax contributions made to the IRA become taxable; and the income tax must be paid. But… Read More
Did you know that in President Obama’s budget proposal for fiscal 2014 released in April includes a tax increase for formerly tax-free municipal bond interest? First, some background: Municipal bonds (munis) are debt obligations issued by government entities. When you buy a municipal bond, you are loaning money to the issuer in exchange for a… Read More
Experience shows that the biggest liquidity problem is not paying estate and inheritance taxes – it is equalizing the inheritance among the family members. Business is very difficult, if not impossible, to divide equitably. Many business owners ignore this problem. They leave behind them a legacy of hard feelings and bitterness. Therefore, for the sake… Read More
Abysmal returns from stocks, bonds and mutual funds have some people turning to alternative investments like gold or real estate. Investments such as art, antiques, precious gems, stamps, coins and other collectibles are not permissible investments for an IRA under any circumstances. What about investing the IRA in real estate? Real estate is not per… Read More
The cost of a pure business trip is 100% deductible. Unreimbursed hotel, airfare, car expenses, cleaning, telephone, tips, are all 100% deductible as well. Up to 50% of the cost of meals are deductible. In general, travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job.… Read More