by Joel Roettger | Dec 26, 2019 | Estate Planning, Retirement Assets, Tax, Trusts
Estate planning for retirement assets just got more interesting. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was signed into law on December 20. It was passed as part of H.R. 1865, Further Consolidated Appropriations Act, 2020. The...
by Joel Roettger | May 29, 2018 | Estate Planning, Retirement Assets, Tax
It pays to read the footnotes. IRC § 408A prohibits direct contributions to a Roth IRA if a taxpayer’s AGI exceeds certain limits. (For the 2018 limits, see the table here). One strategy to circumvent this rule is a backdoor Roth IRA contribution. It works like this....
by Joel Roettger | Jan 24, 2018 | Estate Planning, Retirement Assets, Tax
The IRS has issued new guidance on recharacterization of Roth conversions, and it is good news for taxpayers who converted in 2017. As discussed in a previous post entitled “Last Chance for Risk-Free Roth Conversions,” taxpayers can longer reverse...
by Joel Roettger | Dec 16, 2017 | Estate Planning, Retirement Assets, Tax
The rules will change–and not for the better–in 2018, assuming the Tax Cuts and Job Act passes. Under current law, a contribution to a Roth IRA can be re-characterized as a contribution to traditional IRA and vice versa. This is accomplished by making a...
by Joel Roettger | Oct 23, 2017 | Estate Planning, Retirement Assets, Tax
The IRS recently announced the 2018 contribution limits for retirement plans. They are: 401(k), 403(b), most 457 plans, and Thrift Savings Plans18,500 Catch-up contribution limit for employees 50 and older6,000 IRAs (Traditional and Roth)5,500 Catch-up contribution...
by Joel Roettger | Jul 11, 2017 | Estate Planning, Retirement Assets
Beneficiary designations trump a will. Tennessee has a statute on it: If a person… designates… a payee or beneficiary to receive payment of the money, securities, or other property upon death of the person making the designation…, the right of the...
