A tax law change in 2019 essentially ended “stretch IRAs” by requiring most beneficiaries of inherited IRAs (other than a spouse) to withdraw all of the funds within 10 years. Since then, there’s been confusion surrounding inherited IRAs and the so called “10-year rule” for required minimum distributions (RMDs). That
Chris West, CPA, PFS Grandma would always tell us kids to “save some money for a rainy day.” Grandma was always very wise in many matters, and being wise with money was no exception. Essentially, Grandma was referring to the three foundational behaviors of building wealth, which are:
Much of estate planning focuses on transferring your wealth to loved ones in a tax-efficient manner. But for some people, it’s equally important to protect that wealth against frivolous lawsuits or baseless creditors’ claims. If your business, professional or personal activities expose your assets to attack by litigants or creditors,
Christopher L. West, CPA, PFS I am an enthusiast for all things personal finance. Over my 30-year CPA career, I have been blessed to work side-by-side with many brilliant CPAs and advisors and nurtured close advisory relationships with numerous successful clients. My role with these clients has been
Here’s a not-so-fun fact: The generation-skipping transfer (GST) tax is among the harshest and most complex in the tax code. So, if you’re planning to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s
For many business owners, estate planning and succession planning go hand in hand. As the owner of a closely held business, you likely have a significant portion of your wealth tied up in the business. If you don’t take the proper estate planning steps to ensure that the business lives
