IRS denies relief following financial planner's failure to deposit IRA-earmarked funds within 60 days

Article Abstract:

The IRS does not have the authority to either extend or waive the 60-day period during which individual retirement plan rollovers may be made from a qualified retirement plan distribution. This conclusion is the result of a case involving a financial planner who failed to deposit into an IRA a check given by the surviving spouse of a plan participant. This situation illustrates the need for caution when using a third party to transfer distributions.

Laws, regulations and rules, Distribution, Financial planners, Qualified benefit plans

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Estate planning for large balance IRAs

Article Abstract:

IRAs are ideal estate planning tools, but a 15% tax is imposed on IRAs with large balances to discourage individuals from building their estates. Large-balance IRAs, or those with balances of more than $1 million, require special strategies. Individuals with large-balance IRAs should focus on taking advantage of the marital deduction, delaying the minimum required distributions and lowering penalty taxes related to these delays.

Methods, Estate planning

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