Financial Education

Don't let your inheritance get hit with a massive tax bill! Tim breaks down the key tax differences of tax-deferred, taxable, and Roth account types and how each is impacted when inherited.

Tim clarifies RMD rules and highlights the IRS's recent decision to waive penalties for failing to take RMDs from inherited IRAs under the 10-year payout rule for the 4th consecutive year.

Whether you're navigating inheritance or planning your estate you'll want to know how the 10-year RMD rules work for inherited IRAs. Tim provides clarity on distribution timelines, tax implications, and beneficiary designations.

In this video, Tim discusses Individual Retirement Accounts (IRAs) as well as inherited IRAs, beneficiaries of different account types, and some estate planning items to consider.

Does retirement income get taxed in Illinois? Find out in this quick overview of Illinois tax laws. We also examine property, sales, gas, alcohol, and other taxes IL residents pay.

Five crucial mistakes that often slip under the radar for retirees can cost them large sums of money, often reaching into the hundreds of thousands, if not millions of dollars, over the course of their retirement.

In this short YouTube video, Tim describes what the widow's or widower's tax is. With careful tax planning, you can avoid this this extra tax hit at an already difficult time in your life.

On Retire Your Way Radio, Tim shares a list of 7-figure retirement dos and don’ts. List lovers will appreciate these 8 financial tips for a successful retirement.

On Retire Your Way Radio, I talk about how proposed guidance from the IRS about required minimum distributions (RMDs) from inherited IRAs could affect you or your heirs.

In this episode of Retire Your Way Radio, I share 7 steps for widows and widowers to manage the first year alone, based on estate attorney Anna Byrne's personal and professional experience.

There are several nuances when it comes to inheriting the assets of an IRA. This depends on the relationship of the beneficiary to the IRA owner, whether the IRA was funded with pretax or after-tax money, and whether the account owner was required to take minimum distributions. I will touch on some of those nuances here as a guide of things to think about when it comes to planning your legacy. However, please consider talking to an estate attorney about your specific situation.

In this episode, I discuss estate planning, including why estate planning is important, common misconceptions about estate planning, and how to get started with estate planning.