Timothy Sumer

Losing a life partner is one of the hardest moments in a person's life. Unfortunately, one person in every relationship will be faced with this difficult reality. Speaking personally, my number one objective, if I were to pass away, is to make sure money is the last thing my wife needs to worry about. ...not only during the grieving process but for years (and maybe decades) to come. I'm sure I share this sentiment with many of you. However, because of the lack of real retirement planning in our industry, I find many retirees don't have a real answer for what happens to their plan if one spouse passes away earlier or later in than was originally estimated. Many focus on the loss of income from Social Security and pensions. This makes sense. Given the situation, the potential loss of income can be substantial. However, there is a lot more at play here... The surviving spouse will face numerous unexpected tax hurdles. They will see certain expenses rise bot

What if you inherit an already inherited IRA during the 10-year rule? Does a new 10-year rule start or continue from when the initial beneficiary inherited the IRA? It is confusing, but this complex estate planning issue will start to become more common. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit or call 574-247-5898. Find more information about the Wise Money Show™ at Be sure to stay up to date by following us! Facebook - ​ Instagram - Twitter - ​ Want more Wise Money™? Read our blog! ​ Listen on Podcast: ​ Subscribe on YouTube: Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss o

Nick Lowitt, Peak Pro Financial Vice President of Sales Development, breaks down a simple strategy to help non-spousal inherited IRA beneficiaries minimize taxes, supplement retirement income and build a tax-free legacy.... ( 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 Inheriting an individual retirement account (IRA) from a loved one can be both a financial blessing and a complex dilemma. While it offers an opportunity for wealth transfer, the rules regarding inherited IRAs can often be confusing and leave individuals in a quandary. However, recent changes have been made that aim to simplify the inherited IRA dilemma. Traditionally, when a non-spouse beneficiary inherited an IRA, they were required to take distributions from the account over their lifetime, also known as the "stretch IRA" strategy. This allowed beneficiaries to ex

The SECURE Act 2.0 has eliminated the RMD for the Roth 401k. Have a question you want to be answered on the show? Call or text 574-222-2000 or leave a comment! Want to speak with a Certified Financial Planner™? Visit or call 574-247-5898. Find more information about the Wise Money Show™ at Be sure to stay up to date by following us! Facebook - ​ Instagram - Twitter - ​ Want more Wise Money™? Read our blog! ​ Listen on Podcast: ​ Subscribe on YouTube: Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.... ( read more )

Crucial California Estate Planning strategies for 2022: SECURE Act, Prop 19, California Trust Administration, Incapacity. 👉 Book a Call at w/California Estate Planning Attorney to update your Estate Plan for 2022. Estate Planning strategies have had to adapt to huge changes in law in the last few years: the SECURE Act, Prop 19, upcoming shifts in gifting laws, and now in 2022 a new set of rules that greatly increase the complexity of administering a trust in California. For example, starting Jan 1, if your mother becomes incapacitated but is still living, you have an affirmative obligation to deliver a copy of her trust to all who inherit under that trust. You’re also required to prepare a periodic accounting! Don’t wait to educate yourself and bring your estate game plan up to date. Kick off your New Year’s Estate Planning resolutions with this webinar! To watch this video on our website, click here: For more information about California Estate Planning, click here:

Lange's Cascading Beneficiary Plan has been a major staple in Jim Lange's practice since the 1990s and has been peer-reviewed by many industry heavyweights, including Jane Bryant Quinn. In this third video learn from Jim this plan is another major tool in combating the SECURE Act. To learn more get Jim's book at Please go to to sign up for our newsletter!... ( 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 Lange's Cascading Beneficiary Plan: Ensuring Your Estate is Securely Managed Planning for the future is an essential part of responsible financial management. One inevitable aspect of this planning is considering what will happen to your assets once you pass away. Estate planning ensures that your loved ones are well taken care of and that your wealth is distributed according to your wishes. Among the various estate plannin

The SECURE Act was passed as part of the spending bill in late 2019 and there are nearly 30 new provisions or major changes that will impact nearly everyone – recent retirees, employers, advisors, full-time employees and part-time employees. Get a plan: annexwealth.com/get-started... ( read more ) LEARN MORE ABOUT: IRA Accounts CONVERTING IRA TO GOLD: Gold IRA Account CONVERTING IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA The SECURE Act, also known as the Setting Every Community Up for Retirement Enhancement Act, was signed into law in December 2019 and aims to make significant changes to retirement plans for individuals across the United States. This article will provide an overview of the SECURE Act and highlight how it may affect you and your retirement savings. One of the key features of the SECURE Act is an increase in the required minimum distribution (RMD) age. Previously, individuals were required to begin taking withdrawal

Secure Act 1.0 adds new considerations for spouse beneficiaries. The spouse beneficiary is among the few eligible to take RMDs from inherited accounts over their life expectancy rather than within 10 years. Three options available= 1) Beneficiary IRA 2) Treat-as-own 3) Rollover to their own. Choosing the Right options: “Ultimately, which option is right for a spouse beneficiary depends on their beneficiary profile, including whether they need to avoid the 10% additional tax and/or minimize distributions.” – Denise Appleby Article referenced: “What is the Right Option for a Spouse IRA Beneficiary?” Disclaimer, this content is not legal, tax, or investment advice. You should always consult a qualified professional regarding your personal situation. #MoneyNotMath #Money #Retirement #Beneficiaries #taxes #MemorialDay #Remember #SecureAct Podcast: ... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVE

In this episode of Adam Talks, IRA Financial's Adam Bergman Esq. discusses a provision in SECURE Act 2 that discusses prohibited transactions and how they affect you if you have multiple IRAs. -- Learn more about SECURE 2: -- Discover more videos by IRA Financial: Subscribe to our channel: -- About IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions. Learn More: #selfdirectedira #secureact #retirement #prohibitedtransactions #IRARules #investing #alternativeinvestments #taxes #irafinancial #adambergman #secureact2... ( read more ) LEARN MORE ABOUT: IRA Ac

SECURE Act Explained! Retirement Solution? or IRA TAX Grab? (Secure Act 2020) The Secure Act is here, but it is designed to help you plan for retirement or hurt your inheritance? What is the secure act? Video Outline and Time Stamps so you can quickly jump to any topic: • Retirement IRA RMD rules have changed! - 0:37 • More retirement options for part-time employees - 1:14 • Changes to automatic enrollment 401(K) cap - 1:46 • Annuities coming to 401(K)s? - 2:37 • Taxes on inherited IRAs - 2:59 • Exceptions to these rules - 5:58 • Other important provisions of the Secure Retirement ACT - 6:10 • My overall thoughts regarding the secure act - 7:10 Here are some of the key highlights (These are highly summarized) 1. RMD Age (for Some) Pushed Back to Age 72 Right now, those with traditional IRAs have to start taking required minimum distributions (RMDs) by April 1 following the year in which they turned 70 ½. This provision takes effect on January 1, 2020. So, if you’re sla

Quick announcement! I’m working on building an online platform that will help you to easily create and maintain your estate plan -- if you’d like to get early access or learn more once we’re ready, fill out the 3 question form by clicking on the link below: For many, their IRA or retirement account is their largest financial asset. Find out how you should designate your primary and contingent beneficiaries, and whether you should designate a trust as a beneficiary.... ( 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 When it comes to ensuring your financial future, planning is essential. One of the many tools at your disposal is an individual retirement account (IRA). By contributing to an IRA while you're working, you'll have a reliable source of income when you retire. Another advantage of an IRA is that you can designate beneficia

As part of the gigantic $1.7 BILLION spending bill, the SECURE 2.0 Act introduces several important provisions that should help retirement savers across the nation. On this episode of Adam Live, IRA Financial founder, Adam Bergman, Esq. will discuss the impact that SECURE 2.0 will have on Self-Directed IRA retirement accounts, and how you should prepare. Join us LIVE on Wednesday, January 4th at 12PM EST! -- About IRA Financial: IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(k) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions. IRA Financial is a retirement account facilitator, document filing, and do-it yourself document service, n

The rules around Inherited IRAs are complex. If your loved one passed away AFTER 1/1/2020 and the SECURE Act, then this video is for you! We break down the different beneficiary types, what you are required to do, and the options you have available. CHAPTERS : 1:15 Information to Know 2:12 How does SECURE Act impact Beneficiaries? 2:56 What is an Eligible Designated Beneficiary? 3:35 What is a Designated Beneficiary? 3:58 What is a Non-Designated Beneficiary? 4:48 Eligible Designated Beneficiary Rules 5:57 Designated Beneficiary Rules 8:53 Non-Designated Beneficiary Rules 10:06 What kind of IRA Account? 11:49 Are you PRE-SECURE Act? Read more about the SECURE Act : READ ARTICLE HERE : Coming Soon WEBSITE : BLOG : PODCAST : FACEBOOK : We are Financial Design Studio: Michelle, Steve, Rob, Trevore, Jake, Lisa, Anna. A team of experience, fee only, fiduciary financial advisors in Chicago. Our team specializes in tax efficient financial planning and investment manag

Stretch IRA's, RMD's, Inherited IRA's , QCD's and IRA penalty free distribution exception for IRA.I'll give you an explanation of the 5 parts of the new law that are most likely to impact your finances. RMD changes and Stretch IRA is dead. Check out www.bradrosley.com for many educational posts. brad@fortunefinancialgroup.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 The SECURE Act, which came into effect on January 1, 2020, introduced significant changes to retirement planning . One of the most significant changes is the elimination of the Stretch IRA provision. This provision allowed non-spouse beneficiaries of an IRA to stretch out distributions over their lifetimes, significantly reducing the tax burden on inherited IRAs. However, under the new SECURE Act, non-spouse beneficiaries must distribute the entire IR

The IRS may be switching up the regulations for inherited IRAs once again. If it feels like playing a game with a friend who changes the rules as they go, trust your instincts. And unfortunately, like playing with your “clever” friend, these new rules aren’t designed to benefit you.... ( 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 Secure Act 2.0 is an updated version of the original Secure Act which was passed in December 2019. The new act seeks to provide more protection for retirement savings and encourages individuals to save more for retirement. The updated act includes several changes, including increased age limits for required minimum distributions (RMDs) and more flexibility for small businesses to offer retirement plans to their employees. However, a significant change that has caught many by surprise is the new rules for inherite

LFS 5-Minute Planner Series In this video, we will guide you through the decision to either leave your 401k with your employer or move it to your own IRA account. Get notified when we release our next 5-Minute Planner video, subscribe to our Market Updates: #PersonalFinance #Retirement #Money #WealthAdvisor IMPORTANT NOTICE This presentation is intended to serve as a basis for further discussion only. Although great effort has been taken to provide accurate numbers and explanations, the information in this presentation should not be relied upon for preparing tax returns or making investment decisions. Assumed rates of return are not in any way to be taken as guaranteed projections of actual returns from any recommended investment opportunity. The actual application of some of these concepts may be the practice of law and is the proper responsibility of your personal attorney. Disclosure: Securities offered through Fortune Financial Services, Inc. Member FINRA/SIPC.