Protecting an IRA from Prohibited Transactions

What is a prohibited transaction?

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

It may be a prohibited transaction anytime an IRA owner or beneficiary has a self-directed IRA account invested in a business in which the account owner also engages outside of the IRA, has unexplained large deposits or balances in the IRA, or funnels business expenses or income through a Roth IRA.

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To Convert or NOT To Convert – Roth IRA Conversion

What is a Roth IRA conversion?

Roth IRA ConversionA Roth IRA conversion is the process of moving IRA or employer plan assets to a Roth IRA.

1.  When will you need the money? If you have an immediate need for the funds or need them to continue your current standard of living, then a Roth IRA conversion is probably not for you. However, if you have no immediate need for the funds, a Roth IRA conversion is potentially a great way for the funds to grow tax-free over your lifetime.

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13 Retirement Planning Mistakes

Retirement planning mistakes can be costly. Seek the help of a financial planner Retirement Planning Mistakesor tax attorney to achieve the goals for a comfortable and stress free retirement.

1. Not Having a Plan

Do you know how to achieve the retirement lifestyle you want? Consider these three things.

  • When do you want to retire?
  • How much income will you need?
  • What steps can you take not to help you achieve your goals?

When you have defined your goals, we can develop a financial plan to reach them.

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