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How Beneficiaries Can Determine IRA Basis

Tracking IRA basis is critical for avoiding double taxation of assets, but this can be especially difficult for those who inherit retirement accounts. Reviewing the decedent's Form 8606 is an important first step, and other tax forms can also provide valuable information if this form cannot be found. To read the full article in Kiplinger, click: How Beneficiaries Can Determine IRA Basis. ...

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Tips for Managing an Inherited IRA

After the death of a spouse, a client has several options for handling the retirement accounts that belonged to the deceased. Here is a brief overview of the financial implications of different strategies for managing IRAs and Roth IRAs. This helpful chart shows the rules and requirements related to distributions for clients who inherit a Roth IRA. To read the full article in MarketWatch, click: Tips for Ma ...

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Inherited Property

The Tax Rules Were Never Friendlier, But Changes May be on the Way The biggest loophole in the tax code may soon be coming to an end—at least according to the messages sent by the Obama administration and its recent budget proposals. The American Taxpayer Relief Act of 2012 (ATRA) set a whole new tone for most estate plans when it took the dreaded estate tax off the table. However, it is no secret that the ...

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Sometimes it Sucks to be Right

IRS Wins, Business Founders and their Families Lose Is cheap debt good for closely held families? Are closely held business overleveraged? Are FLP discounts about to come to an end? Why aren’t business founders and their families doing more to counter the proposed regulations that would target family business transfers? What should valuation professionals do in this environment? Dr. Sheeler answers these qu ...

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