FAITH, FAMILY, AND THE FARM
GREAT THINGS ARE WORTH PROTECTING

Orange City Estate Planning Blog

4 Financial Effects After a Spouse’s Death

The death of a spouse is one of the most difficult things imaginable. Besides the emotional toll, surviving spouses typically confront financial issues, which often trigger tax-related questions and consequences.

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Investment Accounts

Traditional IRA vs Roth IRA

Traditional IRAs have been available to retirement savers who have earned income since 1974. That’s 23 years longer than Roth IRAs (introduced in 1997) have been on the scene. The big difference between these two types of individual retirement savings vehicles is when you pay federal (and possibly state) income tax on your savings.

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Investment Accounts

The Stretch IRA Is Not Completely Gone

In the pre-SECURE Act universe, there were designated beneficiaries. These beneficiaries could be individuals (sometimes called named beneficiaries), institutions, such as charities, or estates.

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5 Tax-Related Retirement Mistakes

One of the best ways to prepare for retirement is to set aside money in a tax-advantaged retirement account. Hopefully, you have done so year after year and built a nice nest egg.

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Joint Accounts and Beneficiary Designations

Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.

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