Middle Aged Man Dies Leaving Substantial IRA With No Beneficiary – What Happens Next?

A client, “Susan,” contacted me recently to help settle the affairs of her recently deceased son, “Frank.” Frank owned a traditional IRA that has a fairly substantial balance. Unfortunately, Frank did not list a beneficiary for the account. Shelly is Frank’s only living heir. Frank was 57 when he died in 2018. What are Susan’s […]

April 1 Deadline to Receive first RMD Looms.

For all of you out there who turned age 70½ in 2018, you must start receiving required minimum distributions (RMDs) from your traditional IRAs and employer sponsored plans [401(k), 403(b), etc.,] by April 1, 2019. The April 1 deadline applies to all employer sponsored plans and traditional IRAs and IRA-type plans, such as SEPs, SIMPLEs, […]

Frozen Pension Benefit – Do You Take the Lump Sum?

It’s a difficult question without an easy answer. For many, income security in retirement depends upon getting the answer right. Employers have been fazing out pension programs for many years now, replacing them with 401(k) and similar employee-contribution type plans. Many of these fazed out pensions were frozen, leaving participant employees eligible to receive at […]

The Law of Unintended Consequences – and Failure to Plan.

According to a recent story in the Boston Globe, Marcelle Harrison’s family has lived in a three-story home in Cambridge, Massachusetts for almost 40 years, during which time four generations of her family have lived. She and her family (two generations worth) may have to vacate the home because her stepfather died intestate (without a […]

A Savior Is Born!

“And there were in the same country shepherds abiding in the field, keeping watch over their flock by night. And, lo, the angel of the Lord came upon them, and the glory of the Lord shone round about them: and they were sore afraid. And the angel said unto them, ‘Fear not: for, behold, I […]