Supreme Court Decision Makes Inherited IRAs Fair Game in Bankruptcy

A recent U.S. Supreme Court decision has changed the way inherited IRAs are viewed when it comes to bankruptcy, and calls for those who inherit these retirement account assets to find new ways to protect that inheritance. In Clark v. Rameker, Heidi Heffron-Clark...

How to Protect Life Insurance Proceeds from Taxation

If you have been responsible enough to purchase a life insurance policy as added protection for your loved ones, then you will want to carry that responsible action a little further by protecting that important payout from taxation. If you are married and have named...

Savvy Year-End Tax Moves for Retirement Plan Owners

Even though the elections are over, no one knows what Congress will do by the end of the year when it comes to taxes so retirees are advised to look at strategies to cut their tax bills now rather than wait for Congress to act. Some considerations from Kiplinger’s:...
Retirement Planning Guidelines for Every Age

Retirement Planning Guidelines for Every Age

You’re never too young or too old to save for retirement; here are some guidelines by age group: Under 25:  If you graduated from college with debt, you are certainly not alone – the average debt burden is currently $26,500 for 65 percent of college graduates. Once...

How to Correctly Name Beneficiaries for Your IRAs

You could be unintentionally reducing your family’s wealth potential if you do not properly designate the beneficiaries of your IRAs. Improper estate planning could mean that your IRA assets could pass to the wrong people or entities, so how you execute your...

What to Do When You Inherit a Retirement Account

At Pierchoski Estate Law we are often asked to help people who inherit a retirement account. The action you need to take with an inherited IRA depends upon your unique situation; the IRS has rules for each and recently announced that they will be cracking down on...

How Can I Plan for a Strategic Retirement?

Not sure how you can ensure a smooth transition from working life to retired life? Walking away from regular paychecks and employer-provided benefits can feel a little nerve wracking. Minimize the impact of these major life changes by planning accordingly. Time It:...

Know How You Are Invested

If you have money invested in the stock market, whether through a retirement account or a straight brokerage account, I challenge you today to find out exactly what your money is invested in and make a conscious choice about what you are supporting in the world. If...

Signing Up for Medicare

People who are nearing the age of 65 should be making plans for the transition from private health care to Medicare. It is not a simple process or one that happens automatically. You have to initiate the enrollment process at a specific time or suffer a monetary...

5 Key Decisions to Make With Your Spouse Before You Retire

Retirement decision-making for boomers is very different than it was for our parents, when it was usually just one spouse (Dad) who retired, with Mom sometimes reminding him that, I married you for better or worse, but not for lunch! Now both working spouses must make...
The 10 Keys to Planning and Living Your Best Retirement

The 10 Keys to Planning and Living Your Best Retirement

Three-day weekends like the Labor Day just passed give us all the tiniest snippet of a glimpse into what retirement might be like – i.e., extra time to do what we want. But to have a fulfilling and enriching retirement, you need to do more than just wait to...

5 Steps to Fix Your Battered Retirement Plan

It’s no secret that a majority of Americans are ill-prepared for retirement.  A recent Forbes.com post detailed the 5 steps you can take now to being repairing the hole in your retirement plan: Pay Yourself First. Set up an account that is not easy for you to access...