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Financial Focus: Help protect your family s inheritance | Business

You might contribute to your IRA for decades to help pay for your retirement. But if you don’t need all the money, you may want to leave what’s left to your children or grandchildren. However, if you want to ensure they get the most from this inheritance, you’ll need to do some planning. Here’s a little background: Up until a couple of years ago, when you left the proceeds of your IRA to your beneficiaries, they could choose to “stretch” required withdrawals over a long period, based on their life expectancies. These required withdrawals were generally taxable, so this “stretch IRA” allowed your beneficiaries to greatly reduce the annual taxes due, while benefiting from longer tax-deferred growth potential. And the younger the beneficiary, the longer the life expectancy and the lower the withdrawals, so this technique would have been especially valuable for your grandchildren or even great-grandchildren.

As the tax filing deadline approaches, here are some planning strategies

As the tax filing deadline approaches, here are some planning strategies By: Web Staff and last updated 2021-04-01 18:16:29-04 The tax filing deadline has been extended until May 17, so Carl Carlson, CEO and Founder of Carlson Financial, is providing tax planning insight. He said tax planning doesn’t just involve whether to put money into a traditional IRA or a Roth IRA or how much to put into your retirement plan at work; it also involves things like Social Security claiming strategies, Roth conversions, which investments to own in which types of accounts, what types of taxable accounts to own and how much money to have in each, what type of insurance products to own and how to use them, and when it comes to itemized deductions the possible use of strategies like bunching and others.

Commentary: Peter Roff - The big bailout hidden in relief

Commentary: Peter Roff - The big bailout hidden in relief Peter Roff FacebookTwitterEmail The $2 trillion in new spending just enacted by congressional Democrats is a COVID relief bill in name only. It’s plenty of money all right, but so little of it goes to fighting the pandemic it brings to mind an observation attributed to Benjamin Franklin concerning an ox that had been mistaken for a bull. “He’s thankful for the honor,” the great man supposedly said, “but he’d much rather have restored what’s rightfully his.” The politicians and public sector employees whose campaign contributions keep them in office have seized on the COVID crisis to replenish the funds in their chronically underfunded pension plans while the voters weren’t looking. And they should be ashamed of themselves.

Where to find the most bang for your savings buck Wall Street

Where to find the most bang for your savings buck Wall Street
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