Should You be Making Roth IRA Contributions or Conversions?
SHOULD I CONVERT TO A ROTH IRA? Sounds like a simple yes or no question, doesn’t it? If only that were true. The wonderful thing about Roth IRA accounts is they grow and compound into income tax-free dollars. The problem is you must pay taxes on the funds before they can be contributed to a Roth […]
ONCE-IN-A-LIFETIME OPPORTUNITY: IRA-TO-HSA TRANSFER
Did you know that once-in-your-lifetime you can convert dollars, which would inevitably be taxed when distributed from your Traditional IRA, to your Health Savings Account (HSA) where they’ll grow and be distributed tax-free? Sounds great, right? Here’s how… First, you must be HSA eligible and remain HSA eligible for at least 12 months. If […]
USING CHARITABLE REMAINDER TRUSTS TO REDUCE TAXES, GIVE TO CHARITY, AND PROVIDE INCOME.
Every year thousands of generous people leave a part of their final estate to worthy charities, leaving a legacy that will continue to help others after they have passed. Having taken care of their families, these Good Samaritans also help those less fortunate and in need of help and care. But what if there were […]
Warning for IRA Account Owners with Trust Beneficiaries
Using a see-through trust as a tax-deferred Traditional IRA beneficiary has steadily risen among estate planning attorneys. The benefits of using a trust as the IRA beneficiary includes: Avoids the problem of minor beneficiaries managing investments before their age of majority Protects a spend-thrift heir from self-harm upon the inheritance Protects a married child from […]
A Cryptocurrency Conversation
Bitcoin, Ethereum, Dogecoin– you might have heard about these crypto currencies recently and wondered what’s going on. We enlisted the help of Alex Strain of Bitwise Investments who arranged an interview with their Director of Research, David Lawant, to get a clearer picture of what is happening in the world of Crypto. If you don’t know what […]
DETERMINING YOUR LIFE INSURANCE NEEDS
Many families have a need for life insurance. But more times than not, they do not act because they are afraid of the process. Life insurance is a great tool for protecting heirs that depend on an income stream or to replace the economic value of a stay-at-home parent. But life insurance is not an […]
CASH FLOW & TAX PLANNING: MOVING TAXABLE ASSETS TO TAX-ADVANTAGED ACCOUNTS WITH UNCONVENTIONAL CASH FLOW PLANNING
What if you could transfer assets from your taxable individual or joint accounts into tax-advantaged retirement plans, Traditional IRAs, and Roth IRAs—all while saving taxes now and in the future? We help clients do just that. Over the past few years, we’ve had several clients with large taxable investment accounts that received major tax reductions […]
HOW THE ULTRA-WEALTHY PAY LITTLE TO NO INCOME TAX
Recently, a report by Propublica revealed that the richest Americans do not pay federal income tax at nearly the same rate average Americans do. How does this happen? What legal pathways do these ultra-wealthy Americans take advantage of to ultimately pay so little in taxes? These are the questions many ordinary Americans are asking.This works because the […]
HOW TO CHOOSE THE RIGHT SOUTH CAROLINA STATE RETIREMENT PLAN
To choose the best South Carolina state retirement plan our CERTIFIED FINANCIAL PLANNER™ practitioners analyze your goals, retirement horizon, appetite for risk, cashflow and many other factors while constructing your personalized financial plan. If you would like to learn more about developing a comprehensive financial plan, reach out to Oak Street Advisors today Employees of the […]
Two Reasons to Never Convert All of Your Traditional or Rollover IRAs to a Roth IRA
Converting funds from a tax-deferred Rollover or Traditional IRA to a tax-free Roth IRA in retirement can be a smart move for managing your total income tax bill. Often, Roth conversions can be accomplished in lower tax brackets, protecting you from possibly higher brackets in the future and minimizing the income tax bite of Required […]
