Retirement Benefits THE BENEFITS OF PROPER PLANNING
For most of us, besides our home, our 401(k)s and IRAs represent
so it is very important that they are filled out correctly.
Not withstanding the simplicity of executing beneficiary designations, what people don’t often realize is that the IRS has also enacted special rules allowing certain types of beneficiaries to continue to defer taxes on the assets inside of the IRA over the beneficiary’s lifetime rather than a more immediate distribution, as is usually the case. These rules are commonly known as “IRA stretch-out rules.” The stretch-out rules can be a huge benefit to your beneficiaries, resulting in additional compounded growth and supplemental retirement funds. Unfortunately, the stretch-out rules enacted by the IRS are often incompatible with traditional estate planning techniques and objectives. An unwary estate planner can cost your beneficiaries thousands of dollars by failing to account for these rules. A well-constructed
our largest assets. The good news for these types of accounts is that the estate planning process is fairly painless. To direct where the funds in these accounts go upon your death, you will need to fill out a form know as a “beneficiary designation.” When properly filled out, the beneficiary designation form governs the dispersion of funds upon your death without having to go through the probate process. This is a HUGE plus! Beneficiary designations also trump any contrary provisions in your will or living trust,
estate plan should always weigh the tax- deferral opportunities for your beneficiaries against your overall estate planning objectives. Sometimes, these objectives will be incompatible, but many times, a solution can be crafted to account for your estate planning goals while capturing at least some of these deferral benefits. If you would like me to evaluate your current beneficiary designations and whether tax- deferral opportunities are available to your beneficiaries, please feel free to contact my office to set up an appointment.
ORANGE-BALSAMIC LAMB CHOPS
Laugh Out Loud
Ingredients
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4 teaspoons olive oil, divided 2 teaspoons grated orange rind 1 tablespoon fresh orange juice
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8 (4-ounce) lamb rib chops, trimmed 1 teaspoon kosher salt 1/2 teaspoon freshly ground black pepper
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3 tablespoons balsamic vinegar
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Cooking spray
Directions
1. Combine 1 tablespoon olive oil, rind, and juice in a large zip-top plastic bag. Add lamb to bag; turn to coat well. Let stand at room temperature for 10 minutes. Remove lamb from bag and add salt and pepper. 2. Heat a large grill pan over medium-high heat. Coat pan with cooking spray. Add lamb and cook 2 minutes each side. 3. Place vinegar in a small skillet over medium-high heat; bring to a boil. Cook 3 minutes or until vinegar is syrupy. Drizzle vinegar and remaining teaspoon oil over lamb.
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Recipe courtesy of CookingLight.com.
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