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If an IRA owner dies and leaves his IRA to a nonspouse beneficiary, that is considered to be an “inherited IRA”.

Example:
 

Overeating isn’t the only cause of acid indigestion during this start of the holiday season. The other reason is that investors are examining their year-end statements and seeing the dramatic decline in value in just the past twelve months. This is especially true of those with IRAs and it raises many questions. Should they change the asset allocations? Continue to make contributions? What about switching to a Roth IRA?

Most people understand the importance of writing a will and buying enough life insurance to protect family from serious financial hardship upon their death. But one of the most overlooked aspects of financial planning is naming the beneficiaries for ones overall assets and investments, and keeping that list current.

Recently we worked with a client who had named her husband as primary beneficiary on her IRA many years ago, but failed to update the account, even after he was admitted to a nursing home. Had we not recommended that she change the beneficiary to list her children, this would not have been on her radar  

The Trusted Expert Network recently posted an important blog about the new tax bill, signed in December ’08, which waived the 2009 minimum withdrawal requirement on IRAs and other retirement plans for those  

Whether Youre A Corporate Executive, Business Owner  Or A Professional, The Chances Of You Or Your Key men Or Partners Suffering A Significant Loss Of Income Due To A Disability Are Staggeringly High.

This week President Bush signed a new pension relief bill designed to help retirees by eliminating the required minimum withdrawals from their retirement plans. We can foresee many tax advantages that this bill will open up for our clients and people over the age of 70. Most importantly this will buy additional time to rebuild your portfolios after the hit they have taken in the financial markets over the last few months. Lastly it will be free from immediate taxation.

In August 2008 the General Accounting Office (GAO) issued a Report to the Committee on Finance, U.S. Senate regarding Individual Retirement Account compliance issues.

The GAO Report is in excess of 50 pages and discusses the complexities of complying with the Individual Retirement Account (IRA) tax rules. I will help you understand just what this means for you.