Aging Baby Boomers (the wealthiest generation) are inheriting from their parents and preparing to pass more than $30 trillion in assets to their Gen X and millennial children (CNBC) in the next several decades. Do you know the rules when inheriting IRAs, non-qualified annuities, stocks, bonds, mutual funds and even the kitchen sink? Do your children? Considering that most U.S. middle income households (81%) had flat or falling income between 2004 and 2014 (MarketWatch), every dollar counts. Secondly, we are going to briefly cover whether or not your IRA is protected from creditors and bankruptcy. Our guest expert, Shannon L. Evans, Esq. of Evans & Associates in Las Vegas, Nevada, contributed to the Ed Slott Newsletter with charts to help us navigate. The laws vary state and affect owners and beneficiaries. With 76.4 million Baby Boomers born between 1946 and 1964, 20% will be 65 or older by 2029. There will be a lot of funds passing from one generation to the next. Join us today as Dennis teaches you how to inherit.
Listen as Dennis Prout chats about the importance of estate planning with local attorney Timothy White from Smith Haughey Rice & Roegge of Traverse City, Michigan. Tim practices law in the areas of Business Law, Probate Litigation, Tax Law and Trusts & Estates.
Listen to this week's episode as Dennis Prout and Shea Petaja explain the Roth option of various retirement plans such as 401(k), 403(b) and 457(b). They also explain the TSP Distribution rules.
If you waited to do your taxes, be depressed no more! The odds might be in your favor. This show is about last minute tax tips. Waiting allows you to catch a few things you might have missed. It buys time for you to consult about what to do better next year too. You have until April 18 this year, which is another bonus. Also included in this episode is a fun Social Security quiz from Kiplinger.