Time keeps on slippin.’ Will two out of three IRA owners pay a huge tax penalty? New research from Fidelity offers a wake-up call to IRA holders over age 70 and a half. Time reports the findings: Among the 750,000 IRA holders required to take distributions and pay taxes by December 31, 68 percent have yet to take their full amount. More than half—56 percent—have so far taken nothing. If the money is not taken out, the IRS assesses a hefty penalty equal to half the amount to be distributed out of the account. As many as 250,000 IRA owners each year miss the end-of-year distribution deadline, according to the Treasury Inspector General. This generates potential tax penalties totaling $175 million.
By Jessica LoPiccolo
Veterans Day is a day of celebration to honor America’s Veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good. The holiday is observed on November 11th every calendar year. The reason it is always on November 11th goes back to World War I when the fighting ceased seven months before the Treaty of Versailles on the 11th hour of the 11th day of the 11th month, in 1918. That is the date generally known as the end of “the war to end all wars.”
In 1954, President Eisenhower officially changed the name of the holiday from Armistice Day to Veterans Day.
Today, there are about 23.2 million military veterans in the United States. My dad is one of them. He was in the United States Marine Corps for 4 years where he proudly served the Commander in Chief, President Ronald Reagan, in Helicopter Marine Experimental -1 (HMX-1), the Presidential Helicopter Squadron at Quantico, Virginia. He was certified in Communications, Aircraft Maintenance, Electronic Warfare, Aircrew, and Ground Maintenance. His rank was E-4 Corporal. I received an email from my dad today stating that he was chosen for Veteran of the Month by his employer, Boeing. He has been with Boeing for 18 years where he is an engineer. I found it fitting to share this accomplishment, with Veterans Day just around the corner.
By Roy Whited
While I have heard some very detailed definitions for the term “estate”, I especially like the one used by Certified Elder Law Attorney Thom L. Cooper during his educational seminar for seniors: He says, “It is all your stuff; all of the things that you own at your date of death; put it in a box and it makes up your estate.”
However, while you may only have one ‘box of stuff’ or estate, your estate may be made up of many different types of estates. For example you can have a probate estate, a non-probate estate, a trust estate, a taxable estate, and a non-taxable estate. In this writing we will be talking about your probate estate.
Generally, a probate estate is made up of any asset owned by an individual at their death that is subject to probate administration. The probate administration process is designed to provide proof to the probate court that the individual’s Will is genuine.
Types of assets found in a probate estate:
All assets that are owned in the individual’s name alone
All assets that are owned by the individual as a “tenant in common”
All assets that are payable to the estate of a beneficiary
All assets owed to the individual before death but are paid after the date of death
Other personal property items such as household goods, jewelry, etc.
Probating an estate can be costly and time consuming, causing delays in the distribution of assets to heirs. Call 1-800-798-5297 and schedule a free one-hour consultation with a Certified Elder Law Attorney at Cooper, Adel & Associates to learn how to avoid probate.