By Bill Monte, The Estate, Legacy and Long-Term Care Planning Center of Western NY Well, it finally happened. After being passed in the House of Representatives by a 417-3 vote back in May, The Setting Every Community Up for Retirement Enhancement (SECURE) Act was attached to a broad …
WANT YOUR CHILDREN TO PAY ZERO TAXES WHEN THEY INHERIT YOUR IRA? HERE’S HOW.
By Bill Monte, The Estate, Legacy and Long-Term Care Planning Center of Western NY Legacy planning, from a financial perspective, focuses on how you can most effectively and efficiently maximize the passing of your assets at death to your chosen beneficiaries by negating any form of taxes that …
Q: Can My Beneficiaries Avoid Paying Income Taxes on My Annuity When I Pass Away? A: Definitely YES!
I continue to find that most owners of fixed or variable annuities lack knowledge about the taxation of their annuities after they pass away. I see some very surprised faces looking back at me when I tell them that it is their annuity beneficiaries who will be socked with paying the income …
May 2020
CARES Act Relief for Retirement Account Withdrawals and Plan Loans The Coronavirus Aid, Relief, and Economic Security (CARES)Act, signed by President Trump on March 27, 2020, includes important retirement account withdrawal and plan loan relief. This new law allows qualified individuals to take …
April 2020
Government Responds to COVID-19 Federal Tax Filing and IRA Contribution Deadline Extended On March 20, Treasury Secretary Steven Mnuchin announced the tax- filing deadline for 2019 federal income tax returns has been extended from April 15 to July 15, 2020 (IRS Notice 2020-18). Taxpayers will …