Spence Desenberg + Lee, PLLCEach year Americans give billions of dollars to charity. Gifting an interest in a defined contribution plan or IRA to a charity can be a very effective tax strategy for making charitable gifts. (Note: This discussion does not apply to Roth IRAs; they are subject to a different set of rules.) Special Rule for IRAs IRA owners over […]
Given what is going on in the Houston economy right now, we are anticipating a substantial increase in the number of companies that end up in bankruptcy (“BK”). You likely have clients or customers that are really struggling to survive and/or are actively preparing to file BK. If a client is preparing to file BK, […]
In previous posts we have discussed the unique characteristics of defined contribution plans (such as profit-sharing plans and 401(k) plans) and IRAs. We noted that a person is usually better off delaying distributions from a defined contribution plan or IRA as long as possible. There are some situations where deferring distributions is not a good strategy. A […]
We started this series of articles two weeks ago by noting the five key traits of qualified defined contribution retirement plans, such as profit-sharing plans or 401k plans, and IRAs. We mentioned the need to consider these characteristics when planning for these assets, including dispositions upon the plan beneficiary’s death. The traits that we listed […]
Last week we discussed five traits of 401(k) plans, profit sharing plans, and IRAs. We need to keep these traits in mind to maximize the economic benefits of these assets. These traits come to the forefront when we are doing estate planning. This week we discuss three of the five traits and their impact: (1) plan income […]