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Tom discusses Michigan’s new Qualified Dispositions in Trust Act that makes it easier to create a trust to protect your assets from your creditors. Find out how simple it can now be to protect what you own from risks of lawsuits and creditors.
We just launched our new weekly Internet radio program called “Tuesday with Tom”. New episodes will be available on Tuesday mornings by 8am.
The recently passed Protecting Americans from Tax Hikes (PATH) Act of 2015 made Charitable IRA rollover legislation permanent for 2015 and future years.
With the Charitable Rollover IRA, you can make a contribution to a public charity directly from your IRA (or Roth IRA). To qualify:
To take advantage, simply direct the custodian of your IRA to make the charitable contribution. The portion of the IRA so contributed (up to $100,000) never comes into your income.
Please note, a 401k or other retirement plan is not eligible unless it is first rolled into an IRA.
Here is a link to a Morningstar interview of Vanguard retirement expert Maria Bruno in which she discusses strategies for managing retirement withdrawals to minimize tax consequences. Maria explains which accounts (i.e. taxable investments, IRAs, 401ks, Roth IRAs) should be used before others in order to minimize your taxes.
Tom
