Timothy Sumer

Generally, if you receive a distribution from an IRA or qualified retirement plan prior to reaching age 59 1/2, you pay a 10% penalty tax (in addition to the ordinary income tax) on the distribution. However, if you retire on or after reaching age 55, you may be able to receive penalty-free distributions from your employer's qualified retirement plan (such as an employer-sponsored 401(k), 403(a), or 403(b). In this presentation, we discuss the general requirements, exceptions, and reporting surrounding the rule of 55.... ( read more ) LEARN MORE ABOUT: Qualified Retirement Plans REVEALED: How To Invest During Inflation HOW TO INVEST IN GOLD: Gold IRA Investing HOW TO INVEST IN SILVER: Silver IRA Investing Tenth of an Hour: Episode 111 - Rule of 55: Early Distributions from Qualified Retirement Plans retirement planning is a critical aspect of every individual's financial journey. As we work towards ensuring a secure future, understanding the...

What to do with my Inherited IRA? #estateplanning #probate #wealth #family #kids #taxhacks #estatetax #realestate #campanilelaw #njestateattorney #divorce #will #newjersey #wills #trusts #nj #inheritance #inheritancetax #executor #IRA I love comments. I create these videos to help people out withe estate planning and I have zero expectations. I love to help people and love to interact. Please take a second and say ‘Hi’ in the comments and let me and know what you thought of the video… and p.s. It would mean the world to me if you hit the subscribe button. -- If you want to talk more about estate planning or probate go to -- If you need estate planning or probate help, send me a message and I will schedule time, at no cost, to discuss your needs with you. David Campanile is the owner of Campanile Law, LLC. He created it with one goal to ensure your legacy is preserved for future generations. You’ll find information here on estate planning, probate, revocable living trus...

For anybody who is the beneficiary of an inherited IRA, the rules regarding distributions and access to the inherited IRA can be tricky to navigate. In this presentation, we give a fresh look to the general principles of inherited IRAs, including some (but not all) of the changes from the SECURE Act.... ( 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 On Tenth of an Hour, Episode 119, we explore the basics of Inherited IRAs. Inherited IRAs are individual retirement accounts that are transferred to a beneficiary after the death of the account holder. These accounts can be passed on to any person or entity, including spouses, children, grandchildren, and trusts. There are two types of Inherited IRAs: Traditional and Roth. Traditional Inherited IRAs are taxed as ordinary income upon withdrawal, while Roth Inherited IRAs are not taxed, provided the...

Estate planning attorney Andrew Bethel discusses how to maximize your estate by minimizing three potential tax hits that dramatically lower how much you pass onto the next generation: inheritance taxes, estate taxes (death taxes), capital gains taxes, and gift taxes. Like us on Facebook - Check out our website - Sign up to our newsletter! - *Disclaimer* Viewing this video does not create the expectation of an Attorney-client relationship. The information from this video is for general information purposes only. Nothing should be taken as legal advice for any individual case or situation.... ( 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-to-minimize-inheritance-estate-capital-gains-taxes/?feed_id=52508&_unique_id=63a4b37497e44 #Inflation #Retirement #GoldIRA #Wealth #Investing #avoidinheritan...

Does your retirement tax plan include crucial estate planning strategies? Are using all of the tax savings strategies available to you? You can schedule an appointment with one of our Retirement Experts to look at your situation and help you plan for your future. Call us at (920) 544-0576 or go to Timestamps: 0:00 Does your tax plan end when you do? 0:43 Spousal Gifting for a Double Step-Up in Basis 4:46 Double Step-Up in Basis + Your Retirement Withdrawal Strategy 7:57 Unequal Beneficiaries for Maximum Tax Savings #EstatePlanning #TaxPlanning Disclaimer: This content is shown for illustrative purposes only. Every situation varies widely, and therefore the effectiveness of any strategies discussed on the Safeguard Wealth Management Youtube Channel will vary widely. Please use experienced help when implementing any retirement, tax, or estate planning strategy. - - - - - - - - - - - - - - - - - Always remember, "You Don't Need More Money; You Need a Better Plan...

How will your beneficiaries be taxed when they receive an inheritance from you? In this video, Senior Financial Planner Allison Alley, CFP® from Pure Financial Advisors outlines how different types of inherited assets are (or aren't) taxed. Transcript: We recently got a question regarding how does the inheritance tax work. Well, there's a few different things that go into it. Three different taxes could come into play: ordinary income taxes, capital gains taxes, and then estate taxes. When it comes to ordinary income taxes, the accounts that could be inherited that might be subject to those would be retirement accounts. So if you inherit an IRA or a 401(k), once you start taking distributions from those accounts, you will be subject to ordinary income taxes on those withdrawals. Other accounts - anything not inside a retirement account , whether that's real estate, individual stocks and bonds, and mutual funds, etc. - there's really no tax when you inherit...

To request a free zoom video meeting to design your estate plan, click the following link and complete the short questionnaire: This video describes what you can do as part of your overall estate planning strategy to provide appropriately for your spouse. Married couples customarily go through the estate planning process together. Often, providing for one’s spouse is the most important objective of someone, even more so than: providing for children or other beneficiaries, making the estate settlement easy, avoiding disputes, or even avoiding taxes. Those people who put providing for their spouse as most important are often thinking, “I married up and my spouse married down. My spouse has had to put up with my shenanigans for decades, so the least I can do is make sure my spouse is adequately provided for from my estate.” Failing to provide properly for your spouse can create a host of problems for your spouse in the future - court guardianship proceedings when you bec...