Posted on November 4, 2013 by Gregory Herman-Giddens

2014 Tax Changes

As we are in the final quarter of 2013, our North Carolina tax attorneys are taking a look ahead at what the New Year brings for American taxpayers: Estate tax. United States taxpayers will have the freedom to pass on an additional $90,000 tax-free starting January 1, 2014. Adjusted for inflation, the new federal estate, […]

Posted on October 24, 2013 by Gregory Herman-Giddens

Retirement Accounts Vulnerable to Back Taxes

Tax shelter for long-term savings is one of the features that attract people to Individual Retirement Accounts (IRAs). Once certain age requirements are met, distributions from IRAs are penalty-free, and Roth IRA distributions are tax-free—as opposed to taxable Traditional IRA distributions, since contributions to these retirement accounts are made with pre-tax dollars. Regardless of the […]

Posted on September 24, 2013 by Gregory Herman-Giddens

Creditor Protection for Inherited IRAs

estate planning singles

In June 2013, North Carolina’s Governor signed Senate Bill 279 into law, which made changes to statutes related to estates, trusts, and guardianships. One change provides additional creditor protection on retirement accounts in North Carolina. The updated law states: Any money or other assets or any interest in any such plan remains exempt after an […]

Posted on January 13, 2011 by

Don’t Pay more than 24.5% Tax on Your Roth Conversion

Do you think you have to pay income tax on large ($500k++) Roth IRA conversions at the top marginal tax rates? Think again.  I have recommend the following strategy to several of my clients.  In most cases, you can stay with your current investment manager. By utilizing the Jagen™ investment strategy, you may be able […]

Posted on August 21, 2010 by

IRA Experts Keen On Roth Conversions

Three of four prominent IRA experts have either already utilized a Roth conversion or plan to do so, and the fourth says he plans to if the market gets even worse. Click here to see what Ed Slott, Robert Keebler, Seymour Goldberg and Natalie Choate have to say about their personal Roth conversion decisions. While […]

Posted on December 11, 2009 by

8 Reasons to Convert to a Roth IRA

As most people know by now, the $100,000 income limit on the ability to convert a traditional IRA to a tax-free Roth IRA will disappear next year.  In addition, a taxpayer who does a conversion in 2010 can pay the tax due from the conversion in 2011 and 2012 (by including 50% of the conversion […]

Posted on January 15, 2007 by

New Charitable IRA Rollover Guidance

Professor Christopher Hoyt of the University of Missouri School of Law has proved a useful summary of IRS Notice 2007-7, 2007-5 IRB 1, which provides guidance about Charitable IRA Rollovers.  This law, which became effective in 2006, allows anyone over age 70 1/2 to have up to $100,000 distributed directly to a qualifying charity and […]

Posted on November 19, 2006 by

Owning Real Estate in an IRA

Owning real estate in a self-directed IRA can seem like a great way to save for retirement.  However, I have found that most clients want to structure the ownership and/or management of the real estate in such a way that they will run afoul of the prohibited transactions rules.  Once they learn of the restrictions involved, they […]