Author: Rick Henderson, CPA, CFP®, AIF®

Creating a Tax Efficient Retirement Withdrawal Strategy

In working with my retired or soon-to-be retired clients, perhaps the most frequent question I am asked is “What is the best way to withdraw from my investment and retirement accounts in retirement in order to provide me my desired retirement income?” I believe they ask me this question because many of them have investments in a mix of different accounts with varying tax characteristics such as taxable investment accounts, IRAs, 401k or retirement plan accounts, Roth IRAs, and possibly real estate investments such as rental property. In addition to that, they may also have retirement income coming in from multiple sources and at different times such as Social Security income, pension income, and deferred compensation. If you are interested in increasing what you can spend in retirement and reducing the impact taxes have on your retirement nest egg, it is important to have a multi-year retirement income plan that takes into account the impact taxes will have on both your retirement income sources, and the withdrawals you take from your different investment and retirement accounts.

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What to Do When You Inherit Your Spouse’s IRA

For many people, a time will come when a parent, spouse, sibling or other beloved family member passes away and they will inherit IRA assets. Because the rules regarding inherited IRAs are not simple, mistakes are often made with inherited IRAs, whether they are inherited by spouses, children or others.  In our experience in working with married couples, most of them name their spouse as the primary beneficiary of their IRA or other retirement accounts like their 401(k) or 403(b). Therefore, it is important for married couples to know how to apply the rules when a spouse inherits an IRA.

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5 Advantages of Revocable Living Trusts: Should You Have One?

In working closely with two separate, long-term clients over the last three months, I saw first-hand how they and their families experienced the benefits of having their assets in a revocable living trust.  Depending on your circumstances, a revocable living trust could be very beneficial to you and your family. For my older clients, it is something that I highly recommend they consider. Below I will highlight five key advantages of having a revocable living trust and how having one may be beneficial for you.

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The Importance of Personal Umbrella Policies

In a blog that I wrote a few months ago regarding asset protection, I mentioned that a generally efficient and expedient way for many people to protect their assets is by having an appropriate umbrella liability policy in place. However, this is a part of a comprehensive financial plan and strategy that is often either overlooked or not kept current by many people, so I wanted to follow up with some more detail on the importance of umbrella liability insurance policies. Why do you need an umbrella insurance policy? How would you answer the following questions?

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So, You Just Received a Financial Windfall

What would you do if you received a major financial windfall? Would you buy a new house or vacation home, give some to your family members, donate to your favorite charity, or take the trip(s) that you have always dreamed about?While most people will not receive a major financial windfall during their lives, it is not uncommon. You might receive a financial windfall by:

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Asset Protection: Don’t Just Build Wealth— Defend It

Are you prepared to protect your assets in case you get sued? Hopefully this won’t happen to you, but the hard reality is that successful, financially secure individuals, especially business owners and professionals, are targets — a magnet for actions such as lawsuits and torts. For example, more than a third of physicians (34%) have had a claim filed against them at some point in their careers.1 For business owners, 36-53% of small businesses are involved in at least one litigation in any given year.2 Even if these claims or lawsuits are frivolous, they can be frustrating and potentially devastating to your financial well-being.

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