Gone To Texas!
As of July 31, 2022, I have closed my Virginia office and moved to the Texas Hill Country. This means that I won’t be taking on any new Virginia clients. Existing Virginia clients can still call, email, or text me for support, questions, emailed copies of your documents, and the like, and I’ll continue to […]
It’s Back! The Tax-Free IRA Charitable Rollover
Thanks to the Protecting Americans From Tax Hikes Act of 2015 (“PATH”), signed into law on December 18, 2015, Section 408(d)(8) of the Internal Revenue Code once again provides a $100,000 annual exclusion from gross income each year for qualified charitable distributions (QCDs) made directly from a traditional IRA by donors aged 72 or older. […]
Your Estate Plan, Your Trusts, and Your Retirement Accounts
You should read this excellent short column by financial writer Arden Dale of The Wall Street Journal, “Minding Retirement Accounts in Estate Plans,” on integrating IRAs, 401(k) plans, federal employee Thrift Savings Plan (TSP) accounts, and similar retirement savings accounts into estate and trust plans. The article deals primarily with choosing primary beneficiaries in a […]
How Old is Your Durable Power of Attorney?
When you created and signed your General Durable Power of Attorney, you did it to make sure that a person chosen by you could take care of financial and personal matters for you if you were to become incapacitated. However, as this 2016 New York Times article explains, when an Agent takes a power of […]
Sure Enough, Congress Took Away Your Kids’ Stretch IRAs
On December 20, 2019, President Trump signed into law the “Secure Act,” which eliminated the benefits of “Stretch IRAs” for non-spouse beneficiaries of IRAs, 401Ks, Thrift Savings Plans, and other qualified retirement plans. Today, rather than being able to stretch annual required minimum distributions (RMDs) over their projected lifespans, nonspouse beneficiaries of inherited IRAs will […]
Congress is Coming for Your IRA
Philip DeMuth writes in the Wall Street Journal (behind its paywall) that the “SECURE Act” now under consideration in Congress “would upend 20 years of retirement planning and stick it to the middle class.” It’s good reading, and explains how the proposed law’s authors believe that owner/beneficiaries of inherited IRAs (and 401Ks and Thrift Savings Plans) should […]
Congress Procrastinates Again on Tax-Free Charitable IRA Rollovers
Once again, a special provision of the Tax Code offering older owners of individual retirement arrangements (IRAs) an advantageous way to make charitable donations, is scheduled to expire on December 31. For the remainder of 2013, a traditional IRA owner, age 70½ or over, may transfer directly, tax-free, up to $100,000 per year to an […]