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Planning for retirement is a crucial aspect of financial stability, and Individual Retirement Accounts (IRAs) are a powerful tool in that plan. But what if one spouse isn’t earning income or earns significantly less? That’s where a Spousal IRA comes in. This guide will explore what a Spousal IRA is,…

Article Highlights: What Is a Living Trust? Is a Living Trust Appropriate? Establishing a Living Trust Pros of a Revocable Trust Cons of a Revocable Trust You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts…

Article Highlights: How Naming Beneficiaries Impacts Traditional IRA Distributions The Impact of Naming Your Trust as a Beneficiary IRA Beneficiary Taxation Keeping your designated IRA beneficiary current is very important. You may not want your account going to your ex-spouse, and you certainly do not want a deceased individual to…

Moving to a new state can be an awesome new adventure. Whether you are moving for a new job, to be closer to family, to retire, or for some other reason. No matter what takes you to your new residence, you can’t forget about taxes. Here’s what you need to…

Article Summary: Foreign-Account Reporting Requirement Financial Crimes Enforcement Network Penalties for Failure to File Types of Accounts Affected Form 8938 Filing Requirements All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial…