Now, more than ever before, Americans are using a variety of tax-deferred accounts such as 401(k)s and IRAs to save for retirement. And while the laws are currently designed so that people must start withdrawing the money when they retire, it is not uncommon for many of these accounts to still have significant value at […]
Do you have an individual retirement account or other type of retirement account that you plan to leave to your loved ones? If so, proceed with caution! Inherited retirement accounts do not have asset protection when they pass to your loved ones, meaning creditors can seize the money in the accounts to satisfy any claims […]
It’s a constant, death and taxes. And even death doesn’t stop the tax man. As part of wrapping up your estate, your executor must file a final income tax return with the IRS. This tax return is for the portion of the last year you were alive. For Whom Must an Estate Tax Return Be […]
Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When a loved one inherits your retirement account, creditors can seize it and use the funds to satisfy their claims. All it takes is one lawsuit and your life savings could […]
