May 5, 2020 |
Is Now the Right Time to Pull Cash from Your IRA? Beware the Tax Implications
It might feel as though everything is up in the air with your financial planning situation lately. Since this has impacts on your day to ...
Learn MoreIs Now the Right Time to Pull Cash from Your IRA? Beware the Tax Implications
It might feel as though everything is up in the air with your financial planning situation lately. Since this has impacts on your day to day life and your overall financial picture, it’s important to think about how any changes you make now in light of the pandemic could influence your estate planning picture.
Our estate planning law firm is here to help you evaluate your current strategies or define your next steps for adjusting your strategy. The IRS has been issuing guidance about issues ranging from the Paycheck Protection Program to the ability to pull money from your IRA, but it’s up to you to be informed about how you respond and what you do next.
As of May 2020, you can remove up to $100,000 from your IRA so long as you pay it back within three years and take no tax hit for that transaction. However, you might be looking at some tax issues in the interim. The IRS has chosen to call these transactions coronavirus-related distributions. But as with all aspects of the new programs available to individuals and business owners, proceed with caution.
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Blog
May 4, 2020 |
Long-Term Investors, Don’t Let a Recession Faze You
With activity in many industries sharply curtailed in an effort to reduce the chances of spreading the coronavirus, some economists say a recession is inevitable, ...
Learn MoreMay 4, 2020 |
Kinds of Powers to Give to an Attorney in Fact
When you appoint another person to make decisions for you that are legally binding, you need to use a power of attorney to establish this ...
Learn MoreApril 28, 2020 |
Your Estate Plan Probably Needs a Trust
Some people assume that unless your estate size is substantial, that you can skip out on enhanced protections provided by something, such as a trust. ...
Learn MoreApril 27, 2020 |
How Long Would It Take for My Estate to Be Settled?
If you have done the necessary planning to ensure that your estate has been discussed with a knowledgeable estate planning lawyer, this is the first ...
Learn MoreApril 22, 2020 |
Do You Have a Plan for Social Security Benefits with Your Estate?
Benefits provided by social security are often one component of an overall estate plan that can also easily slip through the cracks. It is essential ...
Learn MoreApril 21, 2020 |
These Two Cornerstones are the First Step Towards Making Your Estate Plan
Today, estate planning attorneys are being contacted at record numbers to get assistance in putting together power of attorney documents or wills in the midst ...
Learn MoreApril 20, 2020 |
What Is Long Term Care Insurance? Do You Really Need It for Your Estate Plan?
Many older Americans have been thinking about the concept of long-term care insurance recently and with good reason. Chances are good that you’ll become injured ...
Learn MoreApril 15, 2020 |
Life Insurance: Is it Part of Your Estate Plan?
As part of an estate plan, your knowledgeable attorney might recommend different tools to help you accomplish your individual goals and allow for the streamlined ...
Learn MoreApril 12, 2020 |
What Belongs Inside My Personal Will?
When there is no will for your estate plan, this puts your family members in a very difficult situation, because it becomes the responsibility of ...
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