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ILLIQUID ASSETS AND IRA RMDS

By Beverly DeVeny IRA Analyst I get the same question every year at year end. “My client has an illiquid IRA and can’t take his RMD. Can we just write a note to IRS explaining the problem?” Every year my answer is the same. “NO.” What is an RMD? It is...

IRA CONTRIBUTIONS & QCDS: TODAY’S SLOTT REPORT MAILBAG

By Andy Ives, CFP®, AIF® IRA Analyst Question: Mr. Slott, My spouse turned 70 on June 27th, 2018, so in December 2018 she will be 70 ½. She would like to complete a Qualified Charitable Distribution (QCD). Does the QCD need to be dated from December 27 to December 31,...

POST DEATH PLANNING FOR IRAS WITH MULTIPLE BENEFICIARIES

By Jeremy T. Rodriguez, JD IRA Analyst One piece of advice we commonly reiterate is, when you inherit an IRA or other retirement plan asset, touch nothing! That’s because many transactions cannot be undone, and the IRS rarely grants relief simply because the taxpayer...

THE GRINCH RECOMMENDS 3 IRA TAX SCHEMES…THAT DON’T WORK!

By Andy Ives, CFP®, AIF® IRA Analyst It turns out the Grinch stirs up a blizzard of trouble beyond stealing Christmas trees and presents from the innocent Whos down in Whoville. That candy cane he slipped out of Cindy Lou’s fingers? Child’s play. The breadcrumb he...

IRA CUSTODIANS & CONTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG

By Sarah Brenner, JD IRA Analyst Question: Good morning! I am hoping you can provide some direction for an issue we have encountered. In December of 2016, we changed our broker-dealer. A particular client had not completed the transfer paperwork and had to mail a...