Tag: IRA

What Is an Individual Retirement Account (IRA)?

An individual retirement account (IRA) is a tax-advantaged investing tool that individuals use to earmark funds for retirement savings. There are several types of IRAs as of 2020: Traditional IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs.

Below are posts we have published that mention IRAs. Many of these posts have to do with estate planning, long term care planning and planning for Medicaid. If you have an IRA and are interested in making sure it’s set up to be optimal for your estate plan, review these posts and let us know if we can help.

At Joseph L. Motta, LPA we specialize in making your estate planning easy. We stay up-to-date on news and updates that could effect your planning, so feel free to come back often and check in with us to see if there are important changes that effect your estate planning and medicaid strategies.

New Advice: Consider Leaving an IRA to a Special Needs Trust.

Special Needs Trust Beneficiary of IRA

The SECURE Act, passed at the end of 2019, changed a number of rules regarding inherited IRAs, making it more difficult for most beneficiaries to save on taxes by “stretching” distributions over many years. (Read our post, SECURE Act Increases Tax Read More …

Must Read: Three Ways Coronavirus Relief Changes Retirement Account Tax Rules

coronavirus retirement plan changes

Those of you familiar with Joseph L. Motta, LPA know that we typically focus our blogs, posts and updates on estate planning, long term care planning and special needs planning. However, we will be expanding our topics to provide expertise Read More …

Important Change Affects Special Needs Planning: Stretch IRAs Eliminated.

Update Special Needs Planning

A stretch IRA was an estate planning strategy that applied to an Individual Retirement Account (IRA) inherited by a non-spouse, such as a child beneficiary. By using the stretch strategy, IRAs could be passed on, taking advantage of tax-deferred and/or tax-free Read More …