If you’ve inherited an IRA, you have a task to take care of: designating a beneficiary. It doesn’t take long and can resolve problems.
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Grandparents often find themselves looking for a way to help their children or grandchildren with education expenses. There are a few strategies grandparents may consider depending on their preferences. The following are a few strategies grandparents may consider to help with higher education expenses. Grandparent-owned 529 plan. In this strategy the grandparent owns the 529 plan in their name and makes contributions to the plan. The benefit of this is that the grandparent can reduce their estate, take a potential state tax deduction (if their state allows), control the investments, take tax-free qualified distributions, and name/change the beneficiary. Furthermore, when the beneficiary files for financial aid (FAFSA), grandparent-owned 529 plans are not included in the assets of the parent or beneficiary in determining financial need. However, there’s potential downside to this strategy when the beneficiary files the FAFSA form to determine eligibility for financial aid. FAFSA considers parent-owned 529 plans […]
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After the passage of the SECURE Act, most inherited retirement plans have new rules. Government retirement plans are not affected until 2022, however.
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Results from my 2019 Social Security Survey are in. Some interesting information to be learned about attitudes toward filing strategies.
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Now that the SECURE Act has passed, there’s a new rule regarding IRA contributions, specifically for folks over age 70½. And this one is positive!
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