The days of counting on Social Security Retirement benefits to fund your retirement are long gone. Nevertheless, most people are still counting on those benefits as part of their retirement income. If that includes you, a Mesa elder law attorney at Morris Hall, PLLC wants to make sure you know what … [Read more...] about Understanding Social Security Retirement Benefits
Planning for your retirement should begin as soon as you enter the workforce. Initially, your retirement plan is likely to be nothing more than a designated savings account or retirement account. Over the years, that plan will grow and become more detailed and complex. One of the most important … [Read more...] about How Does Arizona Stack Up as a Retirement Destination?
Social Security has been in our country since 1935, and for some, a resource that has been counted upon at retirement. Currently there is consideration being given to reducing the amount of Social Security that is paid out. Congress is evaluating the use of a means test to do so. No one knows if … [Read more...] about Could You Become Too Affluent for Social Security?
As the months of 2015 wisp away, now is a good time to think about what you or your loved ones have put away for tomorrow. Saving for retirement should be a big goal for everyone. And the earlier you start (or encourage your kids and grandkids to start), the more financially stable your … [Read more...] about 2015 IRA Contribution Limits
IRAs are a great way to defer current income tax into the future. By contributing to your IRA, the amount contributed is not taxed today. The tax is deferred until the time you start withdrawing (Currently the government forces a withdrawal when you are 70 ½ years old). The government likes that … [Read more...] about Self-Directed IRAs – the Lurking Danger
Many of us have retirement accounts, such as IRAs, 401ks and 403bs. The retirement accounts might very well be the largest assets we have, and they can grow income tax free. It is because of the tremendous potential for growth in these assets that we should spend particular time and attention to … [Read more...] about What did the Supreme Court just do to my IRA?
On June 12, 2014, a unanimous decision by the US Supreme Court forever changed how Americans need to plan for their IRAs. The precedent setting case of Clark v Rameker has clearly established that once an IRA is inherited, it is no longer considered a “retirement” asset and is therefore not … [Read more...] about What Just Happened to Your IRA?
The Supreme Court in a unanimous decision written by Justice Sotomayor made it clear that inherited IRA’s are not protected from creditors under the Federal Bankruptcy Code. In the opinion the Court found that Heidi Heffron-Clark, who inherited an IRA from her deceased mother in 2001, and then filed … [Read more...] about Unanimous Decision by the United States Supreme Court Rejects Protection of Inherited IRA’s:
It is not often that you hear this, but some people might not be concerned about their retirement. Why? Perhaps they are expecting an inheritance and feel that any additional planning is unwarranted. Relying on a possible inheritance from your parents or other relatives to fund your retirement … [Read more...] about Don’t Rely on an Inheritance to Secure Your Financial Future
You have worked hard, and saved hard. You have accumulated wealth in your IRA (I am using “IRA” to include all retirement plans, 401(k), 403(b)…). And the government appreciates your efforts because it gives you protections against the claims of your creditors. But when that IRA goes to your … [Read more...] about When Does a Retirement Account stop Being a Retirement Account?