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Home » IRA

IRA

New Tax Proposal re: Retirement Savings

July 23, 2019 by Stephen A. Mendel, Estate Planning Attorney

There are new tax proposals working their way through the House and Senate. These proposals, if passed, would change retirement savings significantly. Read on to learn more about these proposals and whether they might impact you or your clients. New Tax Proposal re: Retirement Savings … [Read more...] about New Tax Proposal re: Retirement Savings

Filed Under: Estate Planning, Legal Education Tagged With: IRA, retirement plans, SECURE act, tax proposal

Why and IRA Makes an Excellent Estate Planning Tool

March 18, 2015 by Stephen A. Mendel, Estate Planning Attorney

We all know that one of the biggest considerations in an estate plan is avoiding taxes. Your estate assets at the time of death are potentially subject to estate taxes which is why any complete estate plan must look for ways to avoid taxation. One tool you may wish to include in your estate plan that can help avoid taxes is a Roth IRA. Many people choose to make contributions to an individual retirement account, or IRA, to help fund their retirement. A Roth IRA can accomplish that goal; … [Read more...] about Why and IRA Makes an Excellent Estate Planning Tool

Filed Under: Estate Planning, Financial Planning Tagged With: IRA, Roth IRA

Why an IRA Trust?

July 13, 2011 by Stephen A. Mendel, Estate Planning Attorney

Your IRA allows you to designate one or more beneficiaries to receive your account funds in the event of your death, so why would you want to go one step further and create an IRA trust? There are a couple of reasons why you might opt to include this tool in your estate plan. First, a brief overview of how an IRA trust works: it’s a revocable trust that you establish, naming the trustee as beneficiary of your IRA. When you pass away, the balance of your IRA will pass to your trustee, who will … [Read more...] about Why an IRA Trust?

Filed Under: Estate Planning, Wills and Trusts Tagged With: IRA, wills & trusts

Traditional IRA Basics

May 13, 2011 by Stephen A. Mendel, Estate Planning Attorney

A traditional IRA can be an excellent retirement savings tool, particularly if your earnings are too high for you to contribute to a Roth IRA or you don’t have the opportunity to invest in a 401(K). A traditional IRA allows your retirement contributions to grow tax-free, and in many circumstances your contributions to the account are tax deductible, too. There are some limits to the amount you can contribute to a traditional IRA in any given year. First, you can only contribute up to the … [Read more...] about Traditional IRA Basics

Filed Under: Retirement Planning Tagged With: IRA, retirement planning

Roth IRA Basics

May 11, 2011 by Stephen A. Mendel, Estate Planning Attorney

Unlike a traditional IRA, which offers tax-deferred growth for your retirement savings, a Roth IRA offers tax-free growth. Your contributions are not tax deductible, but after you reach age 59 ½ , the distributions you take from your Roth are not taxed – and this includes the money that initially went into the account as well as the interest earned on those funds. There are some pretty strict restrictions on who can contribute to a Roth IRA, and how much can be contributed each year. First, the … [Read more...] about Roth IRA Basics

Filed Under: Retirement Planning Tagged With: IRA, retirement planning, Roth IRA

What are the 2011 IRA Contribution Limits?

November 25, 2010 by Stephen A. Mendel, Estate Planning Attorney

The IRS recently announced the contribution limits for those funding an Individual Retirement Account during 2011 – and they’re the same as the 2010 limits. So, whether you have a regular IRA or a Roth, you’re allowed to contribute $5,000 to the account next year. If you’re 50 or older, you can take advantage of the “catch up” provision, and put an extra $1,000 in your IRA. What about Income Limits? If you’re considering a Roth IRA, you may be wondering whether the income limits will change … [Read more...] about What are the 2011 IRA Contribution Limits?

Filed Under: Retirement Planning Tagged With: IRA, Roth IRA

Should You Convert to a Roth?

October 20, 2010 by Stephen A. Mendel, Estate Planning Attorney

This year marks a change in the law that governs who can and can’t convert a traditional IRA (or 401(k)) to a Roth IRA. In the past, there were income restrictions that prevented people above a certain income threshold from converting. This year, the income restrictions have been removed, and anyone can convert. But should you? There are some things you’ll want to consider in deciding whether to convert to a Roth IRA: How will you pay the conversion tax? Traditional retirement accounts … [Read more...] about Should You Convert to a Roth?

Filed Under: Estate Planning, Retirement Tagged With: IRA, Roth conversion, Roth IRA

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The Mendel Law Firm, L.P.
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