The SECURE Act has changed the game, especially for parents who were planning on leaving substantial nest-eggs to their kids, with the elimination of Stretch IRAs. Uncle Sam may be the biggest beneficiary.
Giving to charity doesn’t have to mean your kids get less. You might be able to make everyone happy… except Uncle Sam.
Jim Lorenzen, CFP®, AIF® Giving to charity? While most anything can be given to charity, these are the more common forms of donated property: Cash:Cash
You’ve just inherited an IRA from someone not your spouse… usually a parent. Guess what! Your rules are different.
If you’ve changed jobs or are getting ready to retire, don’t leave your old retirement account behind. Rolling over your employer-sponsored plan—like a 401(k) or 403(b)—into an IRA or new employer’s plan keeps your money growing tax-deferred and gives you more control over your investments.
