Word: iras
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...leave behind $1 million in real estate and $2 million in an IRA. The estate tax comes to about $1 million, allowing for standard deductions and exemptions. But your estate will owe an additional $800,000 right away if heirs take the IRA as a distribution rather than leaving it intact to continue growing tax free. What might force such a distribution? If no beneficiary is named on the IRA and you are past age 70 1/2 at the time of death, it automatically gets liquidated, with taxes due. But even if you've named a beneficiary...
These documents are essential to any estate plan. But think twice before giving one of your children durable power. That grants the authority to do things like change IRA beneficiaries. If two children fight and only one has durable power, the other could get cut out. Grant joint durable power, or go outside the family...
...good news is that IRAs, so tax efficient during your lifetime, can be tax efficient for heirs too. Properly handed down, an heir can stretch out mandatory distributions over his or her remaining lifetime, giving the savings an additional 40 or 50 years to grow tax free. "The key is to pass IRA savings on to heirs intact so the money keeps growing long after you are gone," says Ed Slott, editor of Ed Slott's IRA Advisor. The travesty, Slott says, is that many estate planners are well versed in how to handle real estate, a family business, stocks...
BankBoston executive Ira A. Jackson '70, will return to Harvard this summer, serving as the new director of the Center for Business and Government (CBG) at the Kennedy School of Government, officials announced Monday...
...they adopted their latest cease-fire, they refuse to simply hand over their weapons as long as the British army remains in Northern Ireland because they perceive that would be to surrender their legitimacy. Hence the convoluted semantics of "completely and verifiably beyond use." But the Unionists regard the IRA gunmen as nothing more than criminals, and despite the carefully choreographed measures prescribed by the Good Friday Agreement, Trimble has faced a growing mutiny within his own ranks over sharing the reins of government with the Sinn Fein while their IRA allies still have access to arms. So, while...