Dear Hayek, I am reconsidering who I should make the beneficiary for my IRA. I heard that there are some advantages to naming a trust instead of an individual. Is this true, and if so, why? Thanks for your help! Benny … [Read more...]
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“Back Door” Roth Conversions: Should You Convert Your Traditional IRA into a Roth IRA?
November 5, 2021 by
Q. My husband and I are hoping to retire in five years, and we’re finally ready to do our retirement planning and estate planning. We both have significant amounts in traditional IRAs and are wondering if we should consider … [Read more...]
Print This PageCritter Corner: IRS Announces Contribution Limits for IRAs in 2022
November 5, 2021 by
Dear Hayek, I heard that the Treasury Department has announced inflation-adjusted figures for retirement account savings for 2022. It seems that contribution limits are up for workplace plans. Are they also up for Individual … [Read more...]
Print This PageWhat Happens When You Inherit an IRA from a Non-Spouse?
June 22, 2021 by
Marty’s brother, Ed, passed away suddenly. He never got married or had children, so he passed everything, including his Individual Retirement Account (IRA), to Marty. During one of the most difficult times in his life, while … [Read more...]
Print This PageTwo New Provisions Make Reverse Mortgages More Desirable
May 14, 2021 by
Q. My husband, Bob, and I have lived in Northern Virginia for nearly fifty years and we have no plans of moving. We are original owners of our home and our mortgage has been paid off for nearly two decades now. Our children all … [Read more...]
Print This PageCritter Corner: IRAs and Taxes in 2020
February 7, 2020 by
Dear Ernie and Jannette, As part of my retirement portfolio, I have IRAs. I'd like to make the most of these accounts and save money on my taxes both now and in the future. Do you have any tips that could help? Thanks! Ira … [Read more...]
Print This PageA New Miracle Machine Can Keep You Alive Even When Your Heart Stops
June 21, 2019 by
Q. My husband, Phil, and I have been married for thirty years. We were faced with a heart-wrenching situation recently, when Phil’s father had a heart attack and was on life support in the hospital. He didn’t have an Advance … [Read more...]
Print This PageCritter Corner: New IRA Rules Close the Loopholes
August 20, 2015 by
Dear Commander Bun Bun, I heard that there are some new rules that were proposed by President Obama that IRA owners should know before planning their estate or transferring money between IRAs. Do you know about them and, if so, … [Read more...]
Print This PageAre IRAs Considered Countable Assets for Medicaid?
April 10, 2014 by
Q. My next door neighbor is a retired financial planner. We walk every morning to stay in shape and maintain good health. This morning, I brought up the topic of whether my father’s IRA would be countable if he applies for … [Read more...]
Print This PageIRA Distributions to Third-Party Special Needs Trusts: Avoiding the ‘Five-Year Rule’
July 8, 2008 by
For many parents, the majority of their savings is held in some kind of a retirement account, often an Individual Retirement Account (IRA). At age 70 ½, an IRA account holder faces the Required Beginning Date, when he or she must … [Read more...]
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