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Special-Needs Trusts: How They Work and What Has Changed

Wednesday, June 2, 2021

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.

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IRS clarifies the 10-year rule, but with added confusion

Wednesday, May 26, 2021

The issue involves the 10-year rule that most non-spouse designated beneficiaries (like adult children or grandchildren, and certain qualifying trusts) who inherit individual retirement accounts will be subject to under the SECURE Act. It was expected that the 10-year rule would work the same way as the 5-year rule: There wouldn’t be annual required minimum distributions, but the entire inherited IRA account balance would have to be withdrawn by the end of the 10-year term.

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Borrowing From an IRA to Buy Real Estate

Wednesday, May 26, 2021

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.

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Seven Retirement Myths Debunked

Thursday, May 20, 2021

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:

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Congress, stop the madness and eliminate RMDs

Wednesday, May 12, 2021

Congress has come up with what some are calling SECURE 2.0, or Son of SECURE  a bill entitled Securing a Stronger Retirement Act that includes many positive changes to encourage retirement savings. However, one seemingly pointless proposal in the legislation would raise the required minimum distribution age from 72 to 75 over 10 years. Most advisers might argue that consumers will probably love this.

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HERMONEY PODCAST EPISODE 265: IRAS: EVERYTHING YOU NEED TO KNOW

Tuesday, May 11, 2021

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. 

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