Timothy Sumer

Listing a trust as the beneficiary of your IRA is usually not a good idea. Learn more at For More Resources... Tax Planning: Personal Planning: Business Planning: ... ( 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 Individual Retirement Accounts (IRAs) have become a popular vehicle for retirement savings since their introduction in the United States in 1974. With the added benefits of tax-deferred growth and potential tax savings, a significant portion of an individual's retirement assets can be held in an IRA. However, there may be unforeseen consequences for heirs who inherit an IRA after the account holder passes away. This is where estate planning becomes crucial. One important aspect of estate planning is to designate beneficiaries to receive the assets from your IRA upon your death. This not only ensures that your wishes are follo

Inheriting an IRA? Basic rules explained. Add me on Insta: michellemarki The Great Wealth Transfer means that millions of Millennials and Gen Xers could stand to inherit $30 trillion to $68 trillion from Baby Boomers in the coming decades. For fellow Millennials, this could mean that we go from collectively owning $4.5 trillion in 2018 to $20 trillion by 2030 -- or a compounded annual return rate of 13.3%. This impressive rate reflects both our own savings and investing rates, as well as what we might inherit. However, it is sad and difficult when our elders pass on. And then it's made when worse when the situation of inheriting Individual Retirement Accounts (IRA) such as a Traditional IRA, 401k, or Roth IRA is confusing and complicated because of current interpretations of the rules. As of 2022, the IRS has been working on making some final interpretations of the SECURE Act of 2019 that took effect in 2020 for inherited retirement accounts. I'm sharing what I&

Congratulation to last week’s wine winner, Miranda and Rod R., from North Wilmington, NC! You worked hard for your money and now you’re getting ready to retire and live a little. The big question is, should you leave your money where it is, in the 401k you’ve trusted all these years, or should you look at rolling it over into a Roth? How much will you pay in taxes on the money you saved? Which one earns more? Those are good questions, important ones to consider when deciding which option is better for you. What makes sense? How do you determine what to do? In this week’s “Happy Half-Hour” we will look at a traditional IRA versus a Roth IRA and answer the question of which one earns more. Grab your favorite beverage, invite your family, friends and neighbors and join us as we shed a little light on the world of IRAs! 🙋‍♀‍ We LOVE “likes” on our videos, comments and questions! ☎️ If you have a question regarding your own situation, you can schedule a FREE 15-minute phone ca