If clients fail to consider their heirs’ tax brackets when crafting estate plans, heirs could lose more money to taxes than they need to. Dividing taxable and tax-deferred accounts in accordance with the unique financial situation of each heir can lead to better results. To read the full article in Kiplinger, click: Equal Shares for Heirs? Not Unless You Take Taxes into Account.
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Looking Beyond the 401(k) to Save for Retirement If proposals to curb the size of individual retirement accounts and 401(k)s take effect, clients with large IRAs and 401(k)s will need to consider alternate methods of saving for retirement. Darla Mercado, Personal Finance Writer, discusses a few options including, deferred compensation plans, health savings accounts, and after-tax contributions to 401(k)s. To read the full article in the CNBC click: Big IRAs and 401(k)s are at Risk: Where Else to Save?
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Hidden Headaches of Jointly Owned Annuities Annuities are considered wonderful vehicles for savers, no more so than for married couples. The opportunity to obtain tax-deferred growth in a non-qualified deferred annuity is a key feature, particularly for individuals in high tax brackets who have already maxed out other available tax shelters. However, annuities present a significant complication. Michael Kitces, FinancialPlanning contributing writer, does an excellent job describing what to look for. To read the full article in the FinancialPlanning, click: Hidden Headaches of Jointly Owned Annuities.