Timothy Sumer

FEDLIFE Podcast (Ep. 99): Understanding the New RMD Rules for Inherited IRAs: Your Essential Guide - Part I Summary: In celebration of episode 100, we're excited to bring you a brand new conversation that delves into a topic many federal employees overlook — the inheritance of an IRA from someone other than a spouse. Discover the intricacies and rules of non-spousal IRA inheritors while enhancing your understanding of IRA inheritance, its tax implications, and crucial considerations for beneficiaries in this week’s release of the FEDLIFE Podcast with Ed Zurndorfer and Dan Sipe. Ed and Dan discuss: • The evolution of IRA inheritance: Learn the modifications introduced by the Secure Act 1.0 in December 2019 and how these alterations transformed the IRA inheritance landscape • The modified rules surrounding RMDs for non-spousal beneficiaries, including the time frame within which distributions must be made • Year-of-death distribution and its significance for individuals w

In this video, I’ll talk to you about how protect family wealth, preferably before your loved ones have passed. It can be difficult to discuss sometimes, but it's better to do it now, than when everything falls into probate court. The Secure Act of 2020 has changed the way you need to handle an inherited IRA or 401K, so don't get caught off-guard. NOTE: The information provided by John Ross is intended for educational use only. Please consult with a registered professional before acting on any information herein. 0:00 How to Protect My Inheritance 0:33 Inheriting a Parents IRA 2:18 When to Take Out IRA Distributions 3:42 Inheritance, Creditors, and Bankruptcies ........................................................... ....................... ............................... ' ? ? You might think that your parents retirement plan assets, like an IRA, Roth IRA or 40

stretch IRA beneficiary rules, what are they.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA The Stretch IRA is a type of individual retirement account that allows account owners to pass on their savings to their beneficiaries beyond their own lifetime. The Stretch IRA is a popular estate planning tool that offers many tax benefits and can help ensure that heirs receive a steady stream of income for years to come. However, the rules surrounding Stretch IRA beneficiaries can be complicated and require careful planning to ensure that the account is handled properly. Here are some important things to keep in mind when naming Stretch IRA beneficiaries: 1. Eligibility for Stretch IRA Benefits To receive Stretch IRA benefits, a beneficiary must be named on the account. Generally, beneficiaries must be individuals, such as a spouse, children,

How Is Beneficiary IRA Taxed? #shorts #retirement #taxes Buy Our Book: Click Here For More retirement planning Videos: Full Video Here: How Do Inherited IRA's work? || When Must Inherited Ira Distributions Start? In this video, I want to talk about how inherited IRA's work for non-spouse beneficiaries. If you are someone who has an inherited IRA from someone who is not your spouse, you have 10 years to distribute the entire IRA account and pay the taxes. This new rule went into place after the SECURE ACT was signed late in 2019. Now, if you had an inherited IRA BEFORE Jan 1 2020, the old rules for distributing your inherited IRA are still in effect. Let me give you the old Inherited IRA rules first, and then we will discuss the new inherited IRA rules and when must inherited ira distribution rules start. Old Inherited IRA Distribution Rules (Pre Jan 1, 2020): 1. 5 Year Rule-You can take 5 equal distributions from your inherited IRA over 5 years 2. Stretch Opt

The Inherited IRA rules are confusing! **This video is not tax advice and if you're looking for advice you should seek an expert.** Thanks for watching! We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments while teaching you all about your money. #retirement #retirementplanning #dohstr8 ---Ready to subscribe--- For more information visit: --- Instagram @jazzWealth --- Facebook --- Twitter @jazzWealth Business Affairs 📧Support@JazzWealth.com... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA For individuals who have inherited an IRA, the new rules that have come into effect this year have created some confusion and frustration, especially as custodians are finding it challenging to provide clarity around the rules. The new rules, which were implemented as part of

What is the difference between a Spouse Beneficiary and a Non-Spouse Beneficiary? What should you expect if you inherited an IRA after 2020? What factors should you consider when deciding on a beneficiary prior to the Secure Act 2.0? In this video, John Bowens, Director, Head of Education and Investor Success at Equity Trust Company, explains the ins and outs of Beneficiary IRAs, also known as Inherited IRAs. Can you Self-Direct your Beneficiary IRA/Inherited IRA? The answer is yes! Download our guide to Self-Directed IRA Rules and Regulations: Timestamps 0:00 Intro 0:49 What is a Beneficiary IRA/Inherited IRA? 1:23 What are the three classifications of beneficiaries to retirement plans? 2:11 Spouse Beneficiary vs. Non-Spouse Beneficiary 7:29 What is a Non-Designated Beneficiary? 8:20 What to know if you inherited an IRA prior to 2020 11:00 Inherited IRA rules after the Secure Act 13:28 What is an eligible designated beneficiary? 15:36 H

what is a stretch IRA and how does the inherited IRA work? Did you know a beneficiary IRA is the same as a multi generational IRA? Stretch IRAs and Stretch IRA rules.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA A stretch IRA is a tax-advantaged retirement savings account that allows an individual to pass on their assets to their beneficiaries. This form of IRA is designed to extend the life of a retirement account by allowing the beneficiaries to "stretch" the distributions over their lifetime, enabling tax-deferred growth for years to come. When it comes to managing a stretch IRA, it is crucial to seek advice from an advisor who understands the nuances of these accounts. There are a variety of advisors that can assist individuals with stretch IRA management. However, two critical types of advisors include financial advisor

what is a stretch IRA and how does the inherited IRA work? Did you know a beneficiary IRA is the same as a multi generational IRA? Get answers about the stretch IRA rules.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA A Stretch IRA is a powerful and popular wealth management strategy allowing an individual to extend the tax-deferred growth of a traditional Individual retirement account (IRA) to future generations. This technique creates an inherited IRA that the beneficiaries can stretch out over a longer time horizon than the original owner. Unlike a traditional IRA, which requires account holders to withdraw their money by the age of 72, the Stretch IRA enables investors to leave most of their wealth untouched until their heirs inherit it. The primary benefit of a Stretch IRA is that assets can remain tax-deferred for many years, red

As new clients open accounts or transfer their IRA's to us they are asked who they would like to add as a beneficiary. While most of us understand exactly what this means, it does raise many other questions. We've saved up those questions and today, Dustin covers the top FAQ's when it comes to beneficiaries on your IRA's. If you have a Roth IRA or other IRA type then you can have a beneficiary or even many beneficiaries on your account. You can name a person or even a charity if you like. First there are primary beneficiaries. These are the first in line to get your IRA should you leave this earth. You can name as many as you like as long as you specify a total percentage that equals out to 100%. Next are back up beneficiaries in the event that your primary beneficiary has passed before you. This can also be anyone you like. We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments and, usin

Spouses that inherit a retirement account when they are under age 59.5 have choices. They can choose to assume the inherited account as their own or elect to establish a beneficiary IRA. Before making this decision, it's important to assess whether you'll need to withdraw funds before age 59.5 in order to avoid the 10% early withdrawal penalty. My professional focus is retirement planning for individuals over age 55. Please visit our website or reach out for a complimentary planning session. Ted Erhart, CFP® Financial Planner Anoka, Minnesota Disclaimer: Since we don’t know your specific situation, none of this information should be construed as tax, legal, financial, insurance, financial advice or other advice and may be outdated or inaccurate. It is your responsibility to verify all information yourself. This content is prepared for entertainment purposes only. If you need advice, please contact a qualified CPA, attorney, insurance agent, financial advisor

Inherited IRAs – New Rules You Need To Know - Make retirement planning Easier Subscribe Now: Schedule Your FREE Retirement Assessment Today Download Our Retirement Toolkit: Inheriting an IRA can be very complicated. If you have inherited an IRA or plan to inherit an IRA in the near future, then this is an important video for you. With the passing of the Secure Act at the end of 2019, the rules for how you must distribute an inherited IRA changed. There have been recent updates over the past few months that have changed the initial interpretation of the Secure Act rules. If you are inheriting an IRA from your spouse, things are still pretty simple. It is when you are a non-spousal beneficiary of the IRA that things can get complicated. It can become even more complex if the original owner of the IRA was taking Required Minimum Distributions (RMDs). The Secure Act Established the 10-year rule for inherited IRAs and in this video, we look at the exceptions to that ru

Denise Appleby explains that there are many factors that affect RMDs for a beneficiary . Visit her website at www.DeniseAppleby.com . Clip from: Edward Jones All Stat Tax Series “ What Tax Practitioners Should Know about Required Minimum Distributions from IRAs and Qualified Plans” at . Book Denise for a webinar, panel , training at her website www.DeniseAppleby.com... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA https://inflationprotection.org/ira-beneficiary-and-rmds/?feed_id=58178&_unique_id=63ba7c97d6887 #Inflation #Retirement #GoldIRA #Wealth #Investing #beneficiaryira #DeniseAppleby #inheritedira #RMD #InheritedIRA #beneficiaryira #DeniseAppleby #inheritedira #RMD

what is a stretch IRA and how does the inherited IRA work? Did you know a beneficiary IRA is the same as a multi generational IRA? Stretch IRAs and Stretch IRA rules.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA https://inflationprotection.org/can-my-stretch-ira-beneficiaries-be-changed/?feed_id=49428&_unique_id=6398d153d8016 #Inflation #Retirement #GoldIRA #Wealth #Investing #beneficiaryira #generationalIRA #inheritiedIRA #multi #stretchira #stretchirarules #InheritedIRA #beneficiaryira #generationalIRA #inheritiedIRA #multi #stretchira #stretchirarules

what is a stretch IRA and how does the inherited IRA work? Did you know a beneficiary IRA is the same as a multi generational IRA? Get answers about the stretch IRA rules.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA https://inflationprotection.org/how-does-the-stretch-ira-work/?feed_id=48238&_unique_id=639431c56a246 #Inflation #Retirement #GoldIRA #Wealth #Investing #beneficiaryira #generationalIRA #inheritiedIRA #multi #stretchira #stretchirarules #InheritedIRA #beneficiaryira #generationalIRA #inheritiedIRA #multi #stretchira #stretchirarules

what is a stretch IRA and how does the inherited IRA work? Did you know a beneficiary IRA is the same as a multi generational IRA? Stretch IRAs and Stretch IRA rules.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA https://inflationprotection.org/benefits-for-listing-grandchildren-on-stretch-ira/?feed_id=45641&_unique_id=638a492d9d7b7 #Inflation #Retirement #GoldIRA #Wealth #Investing #beneficiaryira #generationalIRA #inheritiedIRA #multi #stretchira #stretchirarules #InheritedIRA #beneficiaryira #generationalIRA #inheritiedIRA #multi #stretchira #stretchirarules

Congress passed the largest retirement savings reform in more than a decade when they passed the Secure Act also known as the Setting Every Community Up For Retirement Act. Do you know what the Secure Act means for you and your retirement? Financial professionals Joe Anderson and Alan Clopine help you to become Secure Act Savvy by breaking down the changes in the rules and regulations to enable you to make the most of your financial plan moving forward. Important Points: (00:45) – The SECURE Act  (01:16) – Retirement Savings (02:43) – SECURE Act Savvy -Required Minimum Distribution Changes -Repeal of Age Limit on IRA Contributions -Repeal of the Stretch IRA -Notable 401(k) Changes (03:46) – Key Ages to Remember For retirement planning (05:08) – Required Minimum Distribution (RMD) Changed to Age 72 (06:49) – Calculating your Required Minimum Distribution (10:26) – The 10-year rule on Beneficiary IRAs (12:39) – Stretch Exemptions (13:25) – Tax Rates (19:23) – Change

Forbes Best-In-State Wealth Advisor, Cary Stamp, CFP®, discusses the best way to tax-efficiently use the assets in an IRA that you have inherited. TRANSCRIPT: Hi, I'm Certified Financial Planner Cary Stamp, and today I'd like to talk about the topic of IRAs, specifically what happens when somebody has an IRA, they pass away, and they name YOU as the beneficiary of the IRA. You have several choices. Number one, you can take the cash. If it's a bank or a financial institution or a brokerage firm, you can call them up and say, hey, cut me a check, send me the person's IRA money. If it's in a traditional IRA, you will pay a bucket load of taxes on that distribution because every dollar that you're going to take out of that account is going to be taxable in the year in which you withdraw it. There's another way to do this and most custodians of IRAs don't even know how to explain this to most beneficiaries. And that's to use what we call an i