How You Can Protect Inherited IRAs

Posted by Robert L. Arone – The United States Supreme Court has determined that inherited IRAs are not protected from bankruptcy creditors. Although this development presents a serious risk for clients, it also presents a planning opportunity for financial advisors. How Protecting Inherited IRAs Benefits Financial Advisors If a retirement account is seized in a lawsuit, spent down on frivolities, or wrangled from a beneficiary by a predator, those assets leave your management. On the other hand, if assets remain protected in trust, they remain under your management for a lifetime. The change in law also provides a legitimate reason to contact your clients, review assets, and determine whether there are retirement accounts not yet under your management. And, when you spot a vulnerability, you provide more value and increase your clients’ confidence in your relationship. The Standalone Retirement Trust is the solution because in the absence of any creditor

How to Help Your Clients Avoid Probate

Posted by Robert L. Arone – Your clients likely set up a living trust with the goal of avoiding probate. When properly prepared and funded, a trust based estate plan will avoid the public, costly, and time-consuming probate court process. Shockingly, many people still make a big mistake, catapulting their assets and loved ones right into the oft dreaded probate court system. That mistake? They fail to fund their trust. How Do Financial Advisors Benefit from Helping Clients Fund Their Trusts? Collaborating with clients and their estate planning attorneys in the funding process will benefit both you and your clients: You will likely discover assets not yet under management that the client can consolidate with your firm – prior employer 401ks, scattered IRAs or investment accounts, or individual stocks or savings bonds that can be cashed in and invested. You will likely find product opportunities – life insurance needs (new

Three facts about estate planning in Massachusetts that you should know

By: Eric P. Rothenberg, Esq. – Estate planning in general means that you are engaging in financial planning, tax planning, and succession planning and we do this through the laws governing property, wills, and trusts. Here are three facts about Massachusetts law that you should know, which are very different from federal laws. Estate Tax. Federal taxes levied against the deceased’s taxable estate in Massachusetts are extremely high. The rate can be as steep as 55% of the assets in your federal estate which pass on to those to whom you them. Moreover, these taxes must be paid in cash. They must also generally be paid within nine months from the date of death. This get comes very quickly after one passes away due to the needs for grieving, immediate family needs and business needs. While under federal law a single person can die and pass on over $5.4 Million

Is There an Income Tax Time Bomb Lurking in Your Client’s Estate Plan?

Posted by Robert L. Arone – As the federal estate tax exemption has ballooned from $1.5 million ten years ago to $5.43 million today, the need for estate tax planning has drastically decreased. Instead, higher income tax rates that were ushered in under the American Taxpayer Relief Act of 2012 (ATRA) have shifted the focus of estate planning to a new frontier: income tax basis planning. In this issue you will learn what income tax basis is, how older estate plans have been deliberately designed to include an income tax time bomb, and the options your clients have to update their plans so that their heirs will receive the maximum basis. The Basics of Income Tax Basis In its simplest form, income tax basis is the cost to buy an asset, which includes the purchase price plus costs and transfer fees. Basis must be tracked because when an asset is

Is there a Statute of limitation( do they forgive or forget unpaid tax )

In 2002, after receiving a green Card in the USA I got SSN. In America I never worked and left it. I live in Russia , the green card was for two years. Have not been there for 14 years. But in 2002-2005 my SSN was used to get payments through the sites. As far as I know, IRS sent the claim to the old address in the USA many years ago then stopped ( I think they were told I don’t live in the USA anymore, useless to search for me ) Plus I thought why pay not living in the country where I can’t even go. My Question is there a statute of limitations. If i go there will I have any problems in the USA. Should I pay or need to explain them? First, once you have a green card you are taxed on worldwide income for

OARLawyers

How You Can Protect Inherited IRAs

How to Help Your Clients Avoid Probate

Three facts about estate planning in Massachusetts that you should know

Is There an Income Tax Time Bomb Lurking in Your Client’s Estate Plan?

Is there a Statute of limitation( do they forgive or forget unpaid tax )

How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

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OARLawyers

How You Can Protect Inherited IRAs

How to Help Your Clients Avoid Probate

Three facts about estate planning in Massachusetts that you should know

Is There an Income Tax Time Bomb Lurking in Your Client’s Estate Plan?

Is there a Statute of limitation( do they forgive or forget unpaid tax )

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How Can We Help?

© 2024 by Orsi Arone Rothenberg Turner, LLP. All rights reserved.

Attorney Marketing by Bardorf Legal Marketing

Have A Question?