Retirement Strategies
IRAs
A document published by the Internal Revenue Service (IRS) that provides information on individual retirement arrangements (IRAs), including how to set up an IRA, how to contribute, how much can be contributed, how to treat distributions and how to take tax deductions for contributions made to IRAs. IRS Publication 590 also provides information on penalties that taxpayers might face if IRA regulations are not followed properly. Learn more here.
401(k)
By far the most common employer-sponsored retirement plan is the 401(k) plan. The 401(k) plan is a defined contribution plan. It allows employees to make pre-tax contributions, and the funds contributed plus any earnings accumulate tax deferred.
Estate Planning Funding Strategies
Estate planning is the process of anticipating and arranging, during a person’s life, for the management and disposal of that person’s estate during the person’s life and at and after death, while minimizing gift, estate, generation skipping transfer, and income tax. Estate planning includes planning for incapacity as well as a process of reducing or eliminating uncertainties over the administration of a probate and maximizing the value of the estate by reducing taxes and other expenses. The ultimate goal of estate planning can be determined by the specific goals of the client and may be as simple or complex as the client’s needs dictate.1 Guardians are often designated for minor children and beneficiaries in incapacity.2