New rules have expanded the SEC definition of “Accredited Investor,” opening a few more opportunities for investment in private
For a limited time, investors can help reinvigorate distressed communities while deferring capital gains on profits earned elsewhere. The 2017 Tax Cuts and Jobs Act created the Qualified Opportunity Zone program in order to offer tax incentives for investment in economically blighted communities. When you invest in an Opportunity Zone, you can defer and possibly … Read more
The fiduciary rule, a regulation that required financial advisers to put their clients’ interests ahead of their own, is now dead. When celebrity chef and author Anthony Bourdain died, his will contained a directive leaving his frequent flyer miles to his estranged wife to “dispose of in accordance to what she believes to be his wishes.”
A college town can be a good place to own rental property. Students are continually rotating through, and even faculty can be a transient group in need of temporary places to live. With dorm costs rising and space at a premium in certain college towns, some parents are investing in off-campus property as a way … Read more
When it comes to real estate, some legal experts suggest that the massive tax overhaul could have some unintended consequences, including discouraging homeownership and slowing the pace of home appreciation. Here’s how the new law affects homeowners: Lower limits on mortgage interest deductions Limits on state and local tax (SALT) deductions to a $10,000 Standard … Read more
We represent many persons who act in the trusted role of “fiduciary,” as successor trustee of a trust, executor of a will, administrator of an estate (when a person dies without a will) or other role. Fiduciaries often have a tough and thankless job. They must marshal assets, file tax returns and distribute property according to the will, trust and applicable laws. Fiduciaries who fail to work closely with a trusted advisor can make mistakes. Here’s a look at the most common ones:
There’s a new product on the market called “longevity insurance.” This is really just a new name for an old concept, the deferred annuity. Unlike most annuities, which are purchased with a lump sum and begin paying out soon afterward, these policies typically don’t begin paying anything until some 10 or 20 years after you … Read more
Converting a traditional IRA into a Roth IRA has many advantages and disadvantages, but what many people don’t realize is that it can provide some estate planning benefits.
If you convert to a Roth, you’ll have to pay income tax on the value of the IRA right away – just as if you received the entire amount as income. On the other hand, all future withdrawals will be tax-free, and there are no minimum required distributions during your lifetime.
Converting may make sense if
Volume 9, Issue 7
In a landmark, unanimous 9-0 decision handed down on June 12, 2014, the United States Supreme Court held that inherited IRAs are not “retirement funds” within the meaning of federal bankruptcy law. This means they are therefore available to satisfy creditors’ claims. (See Clark, et ux v. Rameker, 573 U.S. ______ (2014))
The Court reached its conclusion based on three factors that differentiate an inherited IRA from a participant-owned IRA: