Q. I have a traditional IRA. The plan allows me to designate individuals, trusts or my estate as individual, but it does not recognize wills. I am older than the RMD start date. With my will, I want to establish trusts for certain beneficiaries, with payouts beginning at least 10 years from now, to avoid spendthrifts. How would it work in terms of taxes and the timing of the … [Read more...] about What happens to taxes and payouts with an IRA in a trust?
Roth IRA
Medicare is not free, so start doing this now
Suze Orman: Medicare is not free, so start doing this nowIf you’re counting the days until you turn 65 and won’t have to pay those brutal health insurance premiums anymore, Suze Orman has a harsh reminder for you.Medicare is far from free.“I want you to be clear-eyed about how much health care will cost you in retirement,” the money maven recently wrote on her blog, pointing to … [Read more...] about Medicare is not free, so start doing this now
Week’s Best: Wealthy Clients Ask About Backdoor Roth IRAs
News about PayPal founder Peter Thiel’s $5 billion tax-free IRA has prompted some wealthy clients to ask their advisors whether they can follow in his footsteps. But using what’s known as a backdoor Roth IRA comes with important considerations, which means the strategy may not work for many clients. In other top articles this week: Merrill’s... … [Read more...] about Week’s Best: Wealthy Clients Ask About Backdoor Roth IRAs
Opinion: I want to split my Roth IRA between several family members when I die. What’s the best way to do it?
Q: Hi Dan, A question about this topic that I cannot seem to find an answer for. My intent, upon death, is to leave my Roth IRA funds to my spouse, my sister, and my two nephews. Currently I have only one Roth account. In order that my spouse can simply treat her Roth inheritance funds as her own, should I set up two different Roth accounts; one for my spouse, and the other to … [Read more...] about Opinion: I want to split my Roth IRA between several family members when I die. What’s the best way to do it?
An accident permanently damaged her hands, but allowed her to become debt-free: ‘That money changed my life’
An accident with a shattered shower door permanently damaged her hands, but a State University of New York at Albany grad made the best of a bad situation and used an insurance settlement to put her on the road to financial stability.A Business Insider report allowed Kiersten Conway to share the story of how she handled her finances following college graduation and the wise … [Read more...] about An accident permanently damaged her hands, but allowed her to become debt-free: ‘That money changed my life’