How 3 Account Types are Taxed and Used to Lower Taxes
The type of account where you invest your retirement savings affects how withdrawals, gains, losses, and eventually inherited assets are taxed.
Hear from founder and president, Tim Doehrmann.
Tax Implications of Inheriting an IRA, Roth IRA, or Taxable Account
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.
IRS Waives 2024 RMD Penalty for IRA Beneficiaries Under 10-Year Rule
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.
Inherited IRA Required Minimum Distribution (RMD) Rules
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.
Inherited IRA Beneficiary and Estate Planning Considerations
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 IL Tax Retirement Income? An IL Tax Guide.
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.
5 Costly Mistakes to Avoid in Retirement
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.
What is the Widow's and Widower's Tax?
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.
Your 7-figure Retirement Dos and Don’ts
Tim shares a list of 7-figure retirement dos and don’ts. List lovers will appreciate these 8 financial tips for a successful retirement.
New RMD Rules for IRA Beneficiaries
Tim talks about how proposed guidance from the IRS about required minimum distributions (RMDs) from inherited IRAs could affect you or your heirs.
7 Steps for Widows and Widowers in the First Year
Tim shares 7 steps for widows and widowers to manage the first year alone, based on estate attorney Anna Byrne's personal and professional experience.
What IRA Owners Need to Know About Beneficiaries
There are several nuances to inheriting an IRA, depending on the relationship of the beneficiary to the IRA owner, whether the IRA was funded with pretax money, and whether the account owner was required to take RMDs.
Estate Planning Misconceptions
Tim discusses estate planning, including why estate planning is important, common misconceptions about estate planning, and how to get started with estate planning.