(George Sterling) - If you plan on leaving your wealth for your children, then effective estate planning is the most important thing you should care about. Here are some common mistakes people make that have them end paying extra and unnecessary taxes to the IRS taxing authorities resulting in reduced wealth left for heirs. If you follow the [...]

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(Money Manager) - SBO-401(k) plans are designed specifically for small business owners (SBOs). These plans are government registered and tax deferred, and can be used only by eligible participants. In order to be eligible to participate in an SBO-401(k) plan, the business must consist of the owner of the business along with their spouse.

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(Money Manager) - The term "inherited IRA" is used to refer to an individual retirement account (IRA), which after the owner's death, is left to one of his or her beneficiaries. The tax laws for IRA plan inheritance can be quite complicated for the average person to figure out. Because of this, it is generally recommended that any beneficiaries who inherit an IRA seek out the counsel of a tax professional or financial advisor.

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(Money Manager) - Extended IRA Plans, which are sometimes referred to as multi-generational IRA plans, are designed for use by individuals who do not want to spend all of the money accumulated in their IRA plan, or those simply do not need to spend the money to cover their own needs. These plans are designed to allow a person to "pass down" an IRA account during their life expectancy to a designated beneficiary, known as the first generation beneficiary.

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(Money Manager) - The term "spousal IRA" refers to an IRA that is set up and funded by an individual specifically for his or her spouse. These plans are generally implemented when a person's spouse has little or no income as a way to plan and save for that person's retirement.

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