Backdoor Roth IRA Refresher

As an individual’s income continues to rise, the ability to make a Roth IRA contribution diminishes. Thus enters the ‘backdoor’ traditional IRA conversion to a Roth IRA strategy to enable high-earners the ability to contribute to a Roth IRA.

Read More

Corporate Transparency Act and Trusts

The Corporate Transparency Act as applied to a conventional estate planning trust that holds a reporting entity leads to a lot of unanswered questions on who exactly a beneficial owner is who must be disclosed to FinCEN.

Read More

Funding a Trust with a General Assignment

Using a general assignment to fund a Trust, sometimes executed by an attorney-in-fact is often legally effective to fund the principal/settlor’s Trust, but questions can often arise using a general assignment.

Read More

IRAs and “Higher Education Expenses”

A traditional IRA can be used to help pay for post-high school education expenses without incurring a penalty. But that is not the best use of those retirement funds.

Read More

Solo 401(k) Rules

There is no rush to open a solo 401(k) account by the end of 2023. But there may still be a deadline.

Read More

Trusts and Joint Ownership

An irrevocable Trust cannot own real estate as a joint tenant with full rights of survivorship.

Read More

Trustee of Revocable Trust with Duty to Collect Trust Assets

A trustee has a duty to collect assets from the decedent’s probate estate if unreasonably withheld.

Read More

IRS Waives Some 50% Excise Taxes

The 50% penalty imposed on the failure to take a required minimum distribution (RMD) from an inherited retirement account just got waived for three years for some designated beneficiaries.

Read More

2024 – SECURE Act 2.0’s official arrival

The SECURE Act 2.0 provided us with many new provisions which became effective on January 1, 2024.

Read More

Wealth Transfer Planning Now

With higher interest rates and expected lower market returns, it is time to reconsider some conventional wealth-shifting strategies for 2024.

Read More