Often, individuals employed by large corporations have the option to invest some of their qualified retirement plan contributions (e.g., 401(k) contributions), as well as employer contributions, into their employer’s stock. If you believe in the long term prospects of the company, that may make sense as part of your asset allocation strategy. But what happensContinue reading “Net Unrealized Appreciation and Qualified Retirement Plan Distributions”
Tag Archives: wealth
Are you a helper, I need you
If you sits in one or more board of directors in a non-profit or other organization, I need you. I need a helper to refer me to people who needs professional financial advise from team of experts. You might be a teacher, firefighter, policemen,nurses,clergy,volunteers,social workers, and just a philantrophist who can can make a differenceContinue reading “Are you a helper, I need you”
Type of Qualified Retirement Plan for high net income pros and business owners
Owner Goal Employees (Non-Owner) Plan Type Requirements Advantages Older Than Employees Maximize Contributions, Deductions & Benefits 0-4 Fully Insured Defined Benefit Plan, also known as a 412(e)(3) Plan Steady Profits: Business generates enough income to support ongoing plan contributions,. Plan funding required each year. Highest Possible Contribution, Deduction & Benefits. All Plan Assets HeldContinue reading “Type of Qualified Retirement Plan for high net income pros and business owners”
Early or Premature Withdrawals from IRAs
Taking money out early from your IRA may trigger an additional tax. Generally, amounts received from a traditional, SEP, or SIMPLE IRA are taxable distributions and must be reported as ordinary income for the taxable year in which they are received. If you are under age 59 1/2, any distributions received are considered early orContinue reading “Early or Premature Withdrawals from IRAs”
Conversion of Traditional IRAs to Roth IRAs
Roth IRAs (“Roth”) have been out of reach for many taxpayers because of income limitations imposed by the IRS. These same taxpayers have also been denied the ability to convert a Traditional IRA to a Roth IRA by a separate, but similar, income restriction. But the rules regarding conversion changed over time. Having the optionContinue reading “Conversion of Traditional IRAs to Roth IRAs”
Maximum Total Deductible Contribution to Both Defined Benefit and Profit Sharing/401(k) Plans
Generally, employers that adopt both a defined benefit plan and a defined contribution plan (including a profit sharing plan with or without 401(k) salary deferral contribution features) are able to make the maximum contribution to both plans. However, that’s not always true. In some cases, there is a lower maximum deduction that may be applicableContinue reading “Maximum Total Deductible Contribution to Both Defined Benefit and Profit Sharing/401(k) Plans”
Inherited IRAs are Not Protected in Bankruptcy as “Retirement Funds”
On June 12, 2014, the U.S. Supreme Court decided the case of Clark v. Rameker. The Court held that Inherited IRA’s were not “retirement funds” and therefore, not protected assets in bankruptcy. Background The petitioners in the case had filed for Chapter 7 bankruptcy and were seeking to exclude approximately $300,000 from the bankruptcy estateContinue reading “Inherited IRAs are Not Protected in Bankruptcy as “Retirement Funds””
Financial strategy keeps business owners in the black
Now that I am working with a team of financial advisors and experts, I learn more each day. Financial strategies can keep a business with less expenses, adding more money in their pocket and doctors with less income taxes. Financial strategies can help a new home owner be at peace with the mortgage. For theContinue reading “Financial strategy keeps business owners in the black”
Free 30-min chat with a financial advisor 408-854-1883
Call Connie Dello Buono to schedule you to one of the many financial advisors who can listen to your financial goals for 30-min at 408-854-1883 and email motherhealth@gmail.com. And then when you know that you need a financial strategy, another 40min free introduction to the financial strategy will be scheduled. There is the listening toContinue reading “Free 30-min chat with a financial advisor 408-854-1883”
4 Ways Men and Women Approach Finance Differently by Maria Cornelius
Anyone familiar with John Gray’s Men Are from Mars, Women Are from Venus knows the premise that men and women communicate very differently. Perhaps this explains why most female investors prefer to work with a female adviser and most married women leave a male adviser after the husband dies. Starting with the first conversation, womenContinue reading “4 Ways Men and Women Approach Finance Differently by Maria Cornelius”
Is your house your retirement plan?
Your house is not your retirement plan. Many seniors in care homes have sold more than 2 houses to pay for their caregiving services. Contact Connie 408-854-1883 motherhealth@gmail.com for a financial advisor and an LBS expert to help you optimize your retirement savings to last forever with efficient tax strategies and protection for the future.Continue reading “Is your house your retirement plan?”
How to avoid capital gains tax
First, you can use a tax-protected retirement account to avoid paying capital gains taxes on the proceeds from your stock sales. As long as you keep the proceeds in the account and resist the urge to make premature withdrawals, you can grow your retirement savings on a tax-free basis for an indefinite period of time.
However, your retirement account may be subject to certain contribution limits. If you’re under the age of 50, you can contribute just $5,000 per year into your tax-protected IRA account. If you’re over the age of 50, you may be able to contribute as much as $6,000 into your account. Before you make any contributions, be sure to check with a licensed tax professional.
Business for sale, linking others
I am selling a small ski rack business. The ski racks are for storing skis in the home. The business comes with a stock of inventory and detailed manufacturing plans and contacts. The asking pricing is $35,000. I am also looking to sell an electronic version of a Sched C. to a small business consultant. TheContinue reading “Business for sale, linking others”
44 Social Security ‘Secrets’ All Baby Boomers and Millions of Current Recipients by Laurence Kotlikoff
Social Security’s Handbook has 2,728 separate rules governing its benefits. And it has thousands upon thousands of explanations of those rules in its Program Operating Manual System, called the POMS, which provides guidance on implementing the 2,728 rules. Talk about a user’s nightmare! As a young economist, I did a fair amount of academic researchContinue reading “44 Social Security ‘Secrets’ All Baby Boomers and Millions of Current Recipients by Laurence Kotlikoff”