Crafting a will or making an estate plan is a responsible decision that gives you control over how you want your property and assets distributed after your passing. Most people draft an estate plan believing the beneficiaries they name will outlive them. Unfortunately, that is not always how things turn out, and sometimes beneficiaries pass … Read more
You can take different tax-free lump sums from your pension pot depending on the type of protected allowances you hold. Generally, you can take a tax-free lump sum from your pension of 25% of your pension pot, up to a maximum across all your arrangements of £268,275. This is your lump sum allowance. Both are … Read more
Someone else has probably looked at retirement account acronyms and felt the same way. I know I did. When I first started looking into retirement options, I kept wondering if a 403(b) was just another type of IRA. It turns out that the animals in the retirement zoo are very different from each other. Let’s … Read more
As a strategic partner who helps clients navigate and grow in changing circumstances, Tina is responsible for the direct management of the Citizens Wealth Management financial planning and estate planning team, including a team of CERTIFIED FINANCIAL PLANNERS™, estate and tax planners, and trust officers. Most people look forward to their retirement, dreaming of a … Read more
There is a chance that the Domestic Relations Order (DRO) could be sent to the “New York State and Local Retirement System” if the member is a member of any of the above systems. In the event that a member has two memberships and is eligible for pension benefits from both, but the DRO only … Read more
When it comes to Social Security, it can be tempting to begin withdrawing benefits as soon as youre eligible—typically at age 62. After all, youve likely been paying into the system for all of your working life, and youre ready to receive your benefits. Plus, guaranteed monthly income is nice to have. When you decide … Read more
The Complicated Answer That Could Save Your Will from Being Invalidated Have you ever wondered if the person you’re naming as executor can also witness your will? This question comes up a lot in estate planning and the answer isn’t as straightforward as you might think. As someone who’s spent countless hours researching this topic … Read more
You can’t avoid required minimum distributions, but with smart strategies, you could potentially make them less painful. Are you trying to figure out if you can kill two birds with one stone by using a Roth conversion to satisfy your Required Minimum Distribution (RMD)? I’ve got the straightforward answer for you, plus some smart alternatives … Read more
For the latest information about developments related to Pub. 575, such as legislation enacted after it was published, go to IRS. gov/Pub575. Distributions to victims of domestic abuse. If certain conditions are met, a distribution to a domestic abuse victim made after December 31, 2020, will not be subject to the 2010 additional tax on … Read more
If youve ever inherited a retirement account, youve probably wondered how to use the funds best. Your new account can help jump-start your journey towards financial freedom. Some of the IRA you inherited could be turned into a Roth account. This could help you pay less in taxes on your retirement income. So you’ve inherited … Read more