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    Protecting an IRA from Prohibited Transactions…in 5 Easy Steps

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    Protecting an IRA from Prohibited Transactions…in 5 Easy Steps

    What is a prohibited transaction? A prohibited transaction occurs when an IRA owner uses IRA assets in a self-serving or self-dealing manner that improperly benefits the IRA owner.

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    To Convert or NOT To Convert…in 5 Easy Steps

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    To Convert or NOT To Convert…in 5 Easy Steps

    What is a Roth IRA Conversion? A Roth IRA conversion is the process of moving IRA or employer plan assets to a Roth IRA.

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    Planning for a Disclaimer…in 5 Easy Steps

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    Planning for a Disclaimer…in 5 Easy Steps

    What is a disclaimer? A disclaimer is a formal refusal of an inheritance (or part of an inheritance) by a beneficiary. By creating a “path” for disclaimed assets to follow, a skilled planner can provide a beneficiary with the option to pass assets to alternate beneficiaries.

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    Avoiding Charitable IRA Beneficiary Mistakes…in 5 Easy Steps

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    Avoiding Charitable IRA Beneficiary Mistakes…in 5 Easy Steps

    Can IRAs be used to benefit a charity? IRAs can be a great source of funds to provide a benefit for a favorite charity, but these funds can create a number of traps that must be avoided in order to maximize benefits to both the charity and other IRA beneficiaries.

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    Avoiding the 10% Penalty…in 5 Easy Steps

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    Avoiding the 10% Penalty…in 5 Easy Steps

    What is the 10% penalty? A 10% early distribution penalty applies to taxable distributions made before age 59 1/2. Distributions made after 59 1/2 are not subject to the 10% early distribution penalty.

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    Planning For Multiple Beneficiaries…in 5 Easy Steps

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    Planning For Multiple Beneficiaries…in 5 Easy Steps

    When do multiple beneficiaries exist? Multiple beneficiaries exist when an individual names more than one beneficiary for their IRA. When should you name more than one beneficiary? When you want your IRA assets to go to more than one person or entity without having to incur additional fees …

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    Fixing Missed 60-Day Rollover Deadlines with Self-Certification…in 5 Easy Steps

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    Fixing Missed 60-Day Rollover Deadlines with Self-Certification…in 5 Easy Steps

    If I miss the 60-day deadline for completing an IRA rollover, is there anyway to save the rollover amount from tax? Failing to complete a 60-day rollover on time can cause the rollover amount to be taxed as income and perhaps subject to a 10% early withdrawal penalty. However, the deadline …

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    Calculating an IRA Deduction…in 5 Easy Steps

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    Calculating an IRA Deduction…in 5 Easy Steps

    What is an IRD (Income in Respect of a Decedent) deduction? An IRD deduction is a way of offsetting the impact of double taxation (federal estate tax and income tax) on certain inherited assets. It is an income tax deduction for the beneficiary (miscellaneous itemized deduction, not subject …

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    Avoiding Non-Spouse Beneficiary Mistakes…in 5 Easy Steps

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    Avoiding Non-Spouse Beneficiary Mistakes…in 5 Easy Steps

    How can I avoid making costly mistakes when I inherit an IRA from a person who was not my spouse? Inheriting an IRA can be a financial windfall, but it’s important to understand the complex, specific rules that apply to non-spouse  IRA beneficiaries to avoid critical errors.

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    Using IRAs to Help Children…in 5 Easy Steps

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    Using IRAs to Help Children…in 5 Easy Steps

    Can children have IRAs? There is no minimum age for having an IRA. Due to the power of compound interest, saving tax-free in an IRA from childhood can provide a significant head start on financial security. Saving $6,000 in an IRA annually form age 14 through 24 and earning 7% per year prov …

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