Lifetime income? Tax deferral? What you should know about annuities

  Whether it’s lifetime income, tax deferral or the prospect of protection from falling markets, an annuity can sound like a good idea for many investors. But clients ought to bring plenty of questions and some skepticism to the table before they commit. “We know that there are people in this industry who have annuities in their bag, and if you have a hammer, everything looks like a nail,” said Skip Schweiss, managing director of retirement plan solutions and advisor … Continued

New IRS Guidance for Designated Roth Accounts

  Does your employer offer a 401(k), 403(b) or governmental 457 plan? If so, you may be able to set up a designated Roth account through your company’s plan. Then your Roth account will be allowed to receive designated Roth contributions that are taken out of your salary through so-called “salary-reduction contributions.” Here’s more on how this strategy works, why it may be advantageous for certain taxpayers and how new IRS regulations add greater flexibility to allocating distributed after- and … Continued

The RMD Choice: Take A 50% Tax Penalty Or Leave A Family Legacy – Forbes

  A long time ago, I helped my dad set up his IRA account. Years later, after he had turned 70, I received an angry call from him. His tax person was telling him he was forced to take a distribution he didn’t want and, even worse, pay taxes on that unwanted income. More pointedly, he wanted to know why I put him into such a bad deal. He was, of course, referring to the fact that he had to … Continued

101-year-old lawyer is still working at Fox Rothschild

  Murray Shusterman says he has no plans to give up law practice, though he is 101 years old. Shusterman still works at Fox Rothschild in Philadelphia, where his practice has focused on corporate and real-estate law, the Philadelphia Inquirer reports. “What? Retire? Sit in a rocking chair and wait to die?” Shusterman said in an Inquirer interview. Shusterman was born in the Ukraine and and came to the United States with his parents as a youth. He graduated from … Continued

Minding Retirement Accounts in Estate Plans – WSJ.com

  When crafting their estate plans, some people neglect to pay much attention to how best handle their retirement accounts. And that lack of attention to detail can create potential problems–such as higher estate and income taxes–for their heirs. Many people often assume an estate plan is as simple as naming a beneficiary. In fact, it can include a trust to protect spendthrift kids or a spouse. Or a well-developed plan may have provisions to get a tax advantage by … Continued