Having just one IRA instead of several may simplify paperwork and minimize fees. But when you begin to think about leaving IRA funds to heirs, consider using more than one IRA to do so. Here are reasons why:   Preserve Funds for Bequests in a Roth IRA Statistics show...

Question: Dear Mr. Slott, In 2013, my husband was offered a buyout from his employer, Ford Motor Co.  He had been retired since 1999 and so was already receiving a monthly pension check. (My husband had been diagnosed with Alzheimer's Disease in 2011 and then passed...

It now appears that the new fiduciary rules proposed by the Department of Labor (DOL) back in June of 2016 are all but dead. Late last week, the Fifth Circuit Court of Appeals rejected a last-minute appeal of its March 15th decision to toss the DOL rules. The appeal...

Let's say you wish to contribute to an IRA in 2018, but have too much income to make a either a deductible contribution to a traditional IRA or a contribution to a Roth IRA. You still have the option to make a nondeductible contribution to a traditional IRA. Might...

Question: I want to leave my IRA accounts (money) to various charities. Should the beneficiary of these accounts be “my estate”? Jean   Answer: Hi Jean, It is wonderful that you are charitably inclined. Instead of naming your estate as the beneficiary of your IRA, you...

If you have a Health Savings Account (HSA) with family coverage, determining your 2018 contribution limit has been an adventure. This in one of the many unintended consequences of the Tax Cuts and Jobs Act (TCJA). Many of the HSA limits are indexed annually for...

Question: Can you please advise regarding the following: I’m 63 years old and am required to take a yearly RMD [required minimum distribution] from my deceased Mom’s IRA (BDA).  In order to save on taxes, am I allowed to have my financial institution send the RMD...

Beware of making these 3 mistakes with your IRA... 1. Late Investments  If, like so many people, you made your IRA contribution for 2017 only recently in 2018, just before the 2017 tax return filing deadline, you missed earning up to 15 months of pre-tax investment...

With the tax deadline having just passed, now is the perfect opportunity to start planning for next year. Last year’s return should be readily available, and you may even have many important items committed to memory. Additionally, four months into the year is the...

Question: I was curious if a Roth conversion of post-tax money from an IRA is subject to the pro rata rules if the IRA owner also owns a SIMPLE IRA?  Is the SIMPLE excluded from the calculation? Thanks Joseph Answer: Joseph: The pro-rata rule looks at the balance...