What to do with an inherited IRA

Americans have a staggering $7.9 trillion in Individual Retirement Accounts. If you inherit a slice of that pie, be careful: The tax laws surrounding inherited IRAs are complicated and mistakes can be costly. So, do nothing until you study up on the tax rules. Is it a traditional pre-tax IRA or a Roth IRA? Did you inherit it from a spouse or someone else? Did you inherit an inherited IRA? All these factors determine how long you can keep the money in the IRA on a tax-deferred basis (if it’s a traditional IRA) or on a tax-free basis (if it’s a Roth IRA). Why does this matter? The golden rule of an inherited IRA is that it can provide a lifetime of payouts , says Monterey, Calif.-based CPA Mic

Why Power of Attorney is Important

What would happen if tomorrow you became seriously ill? What if you have a delimitating stroke? If you don't have a Durable Power of Attorney in place prior, then your family, including your wife, may not be able to have the necessary access to conduct your financial affairs. A power of attorney is a legal document authorizing another person to step in on your behalf and step into your financial shoes.. The transaction might be as basic as paying bills and handling insurance claims or as complex as selling real estate and filing a tax return. Without a power of attorney, your spouse, children or friends will probably have to petition the court to step in on your behalf, which is a cumbersom

Estate Planning for High School Seniors

As the high school graduation party comes to an end (and after searching the garbage for grandma’s graduation check that was accidently thrown away with the card), parents and graduates alike look ahead to the opportunities and challenges that await for these young adults. Their future is full of hope, and the parents are well deserved to share in this excitement. However, this time can also be very stressful, as parents want to make sure they are sending their children into this world prepared, so as to not leave them lost (like grandma’s graduation check). If your child recently graduated from high school, or is already into their undergraduate studies, your child turning 18 years old is a

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North Miami Beach, Florida