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Robert D. Cavanaugh, CLU - ArticlesRobert D. Cavanaugh, CLU is a 36 year financial and estate planning veteran. The Estate Preservation Advisor provides financial planning information to seniors and those approaching retirement.
Five Uses for Survivorship Life InsuranceSurvivorship life insurance can pay estate taxes, offset income taxes on inherited qualified plans, and replace assets. When putting your estate plan together, do not overlook this valuable planning tool. Sep Iras: a Path to More Retirement Income?Do you have your own business? Do you have a 401(k) at work and have self-employment income on the side? If so, the SEP IRA may be one alternative to building a bigger retirement nest egg. Opportunity Cost and your Long Term Care DecisionAre you considering long term care insurance but are balking because you don't think you will ever need it? Here is an approach that does not require annual premiums and provides a tax-free benefit to your heirs if long term care is never needed. How to Make a Sizable Charitable Donation From your Ira - Tax FreeIf you are over 70 1/2, have an IRA and are charitably inclined, a new law allows you to make a substantial gift from your IRA — tax-free. However, there is a narrow window of opportunity. Home Sales: Do you Really Know the Tax Exclusion Rules?Will you be selling your home soon? How much of the gain can you exclude from tax? Do you know the current rules? Do you know the exceptions? Did your spouse die, are you divorced, remarried or in the Armed Forces? All these circumstances require special planning. Simplifying a Difficult Senior Planning Decision: the Family HomeWhether or not to sell their home is one of the biggest sources of consternation to seniors. Here are reasons to stay put and ways to remain in the home and get the equity out. Iras and Early RetirementIf you retire early and roll your 401(k) into an IRA, what is the best way to take out income to live on? What are the rules? What are the penalties for taking money out before the magic age of 59 1/2? What are the exceptions? What are the work-arounds? Who Should be the Beneficiary of your Ira?Why is making the proper beneficiary election for your IRA important? Does your election follow the rules? Is it the best one for your family circumstances? Is there a better one? Find out by taking a look a few common beneficiary elections and their results. Ira Distribution Rules at Death: Critical Knowledge for Good DecisionsYour IRA could be one of your biggest assets. Do you know the IRA distribution rules at death? Do you have your IRA set up so your desires match the rules? Here’s a quick primer that could help you avert costly mistakes. Roth Ira Distributions at Death: Pitfalls to AvoidYour IRA may represent the bulk of your estate. Care must be taken to assure that your wishes for the distribution at your death follow the rules. Here are the rules and several common mistakes to avoid.
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