News & Press
Can you explain how a special-needs trust works? We have an adult child on disability and have been told we can set up a special-needs trust for her. We have an individual retirement account that we could assign to the trust, but we aren’t sure what the tax requirements are or if there has to be a required minimum distribution.
The real estate market is hot. It is a seller’s market in much of the country and buyers face challenges. They may need to move quickly or come up with cash fast to make a better offer. They may also need to show adequate resources to get financing. Realtors and mortgage brokers eager to close a deal may encourage buyers to tap any available resource to secure a dream property.
Searching for "retirement planning rules" produces 221 million results on Google. Yes, there's a lot of advice out there. But even the most common tips can put you on the wrong path, leading to retirement planning mistakes. Here are some of the leading legends, and why they should be taken with a large helping of salt:
Taxes don’t go away when you retire. In fact, for many of you reading this post, taxes may be even more onerous in the future once you are retired. Ignoring the ticking time bomb of taxes in retirement could dramatically lower your standard of living in retirement.
Far and away, the most frequent questions that pop into the HerMoney Mailbag are on the topic of retirement: Planning for retirement. Managing our money in retirement. How much to save for retirement, and where to save for retirement… and it’s that last one that we’re diving into this week. Specifically, we’re tackling all things IRAs — individual retirement accounts — because there is SO much there. There are traditional IRAs. There are Roth IRAs. There are IRA conversions. There are IRA misconceptions that need to be dispelled.
Here’s an update to my earlier article on IRS’s interpretation of how the SECURE Act 10-year rule will work for beneficiaries of individual retirement accounts. I am now 100% convinced that the idea of annual required minimum distributions under the 10-year rule was an IRS error that will soon be corrected.