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The Slott Report

Last Minute IRA Contribution Advice

The 2016 tax-filing deadline is upon us. Are you considering making a 2016 IRA contribution? It’s not too late, but time is quickly running out. Here are some quick words of last minute advice to keep in mind as you make your contribution.

Sometimes It Pays to Treat Your Kids Unequally

As the father of more than one child, I understand the desire to try and treat children as equally as possible. You certainly don’t want one child to think you love him/her any less, or more, than your other children (though children will inevitably feel that way at one time or another), and you want the best for all of your children. But while children may share the same parents, may grow up in the same house and may be raised in the same manner, they are very much like snowflakes. Each one is truly unique. For those not set on a predetermined course of action when developing an estate plan, there are definitely scenarios where, from a purely financial perspective, it can pay to treat children differently. In fact, doing so can, in some cases, leave everyone with more than they would have otherwise.

The Consequences of Breaking Rollover Rules

This week's Slott Report Mailbag looks into IRA rollovers, IRA transfers, and back-door Roth IRAs.

An IRA Rollover Quiz

Most people think it is easy to move their retirement assets. But is it? The following is a quick quiz. How many of these rollover questions can you get correct? The answers are at the end of the quiz.

The Ultimate Rainy Day Fund; The Roth IRA

A recent Pew Charitable Trusts study released in March came to the scary conclusion that roughly one-third of Americans would have trouble coming up with $2,000 in the event of an emergency. Clearly, this is a problem. Try as one might, emergencies are bound to happen from time to time. Some of them may not have an impact on your finances, but many emergencies will. With that in mind, let’s talk for a moment about the ultimate emergency fund, the Roth IRA.

This Week's Q&A: Converting a Pre-Tax IRA to a Roth and More

This week's Slott Report Mailbag looks into converting and contributing to different IRAs, 401(k)s, and RMDs.

Roth IRA Recharacterizations: 11 Things You Need to Know at Tax Time

Here are the 11 things you need to know at tax time.

What You Should Know Before You Name an HSA Beneficiary

If you have an HSA, you will want to give some thought to what will happen to this account after your death. The rules are a little tricky and careful planning is important to minimize the tax bite.

Don't Lose Out on Claiming a Loss: This Week's Q&A

This week's Slott Report Mailbag looks into claiming a loss in a traditional IRA, and 403(b) transfers.

Is a Trusteed IRA Right for You?

Trusteed IRAs have been in the news recently. More and more financial organization are making these products available. Is a trusteed IRA a good strategy for you? Here is what you need to know about this increasingly popular option.

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