October 2019 Roundup for Professional Advisors

elderly couple meeting with a professional advisor

Article of the Month: How to Collect Charitable IRA Beneficiary Designations
Did you know that IRAs and other qualified retirement plans now equal approximately one-fourth of household net worth? In September of 2018, the Federal Reserve estimated that net household worth in America was $107 trillion, while total retirement assets were worth $28.3 trillion. This article outlines new data and information that’s important when helping your clients with their IRA or 401(k) Bequests.

Personal Planner: Separate & Joint Property
Helping individuals understand how their property is owned can make a huge difference in their estate plan. Property can be owned outright, as tenants in common, as joint tenants with right of survivorship or in a trust. This article explains each scenario and how it impacts an estate plan.

Washington News: Excellent Time to Check Your Withholding
With only a few months left in the year, now is an excellent time to check your withholding amounts. Taxpayers can adjust their withholding over the last four months of the year. By withholding the correct amount, taxpayers may avoid either a large refund (which is essentially an interest-free loan to the federal government) or a shortfall in payments that may result in a tax under-withholding penalty.

Case of the Week: No Marital Deduction Needed
Keith and Karen Crosby, ages 75 and 72, own a parcel of undeveloped real estate that they have held since 1979. They purchased the property for $10,000 and the current fair market value is approximately $800,000. Their goal for this property was to transfer it to their two children upon their passing, but they could use more income now. They have not considered selling the property because of the capital gains tax consequences, so they find themselves between a rock and a hard place on how to increase their income. Find out how they were able to transfer value to their children and also provide for charity.

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