The Wealthy & Wise Blog
American Rescue Plan Act of 2021 Summary
A brief summary of key provisions included in the American Rescue Plan Act of 2021, signed into law March 11, 2021.
8 THINGS YOU NEED TO KNOW ABOUT YOUR INHERITED IRA
A significant percentage of IRA assets will ultimately go to nonspouse beneficiaries. When these beneficiaries inherit the funds, special rules kick in. Inherited IRAs are not like other IRA accounts. Here is what you need to know if you inherited an IRA from someone who is not your spouse...
IRS Clarifies COVID-19 Relief Measures for Retirement Savers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 ushered in several measures designed to help IRA and retirement plan account holders cope with financial fallout from the virus.

The rules were welcome relief to many people, but left questions about the details unanswered. In late June, the IRS released Notices 2020-50 and 2020-51, which shed light on these outstanding issues.
How The Secure Act Has Modified Legacy Planning - and how do you stop your heirs from losing out?
Under the prior rules, before the Secure Act existed, was the stretch IRA and stretch Roth IRA. It was a wonderful world where IRAs inherited by younger generations could enjoy tax advantaged growth for the lifetime of your heir.

Depending on the heirs age at inheritance, a minimum amount needed to be distributed each year and the remainder could retain the tax beneficial growth.However, things have changed...
Retirement Savings in a Volatile Market - is now the time for a Roth IRA Conversion?
Since the coronavirus has begun, the markets and millions of retirement account balances have suffered significant losses and some of them – those detached emotionally that stayed put have recovered for the most part.  
But this turmoil and volatility, has left many IRA owners wondering what the next step should be. One strategy to consider in a market downturn is a Roth IRA conversion
IRS Announces BLANKET Relief for Unwanted 2020 RMDs!
The IRS has just released IRS Notice 2020-51 which extended the deadline to August 31, 2020 to return any unwanted 2020 RMDs.

Unprecedented Relief!
Secure Act Changes Special Needs Trusts
The SECURE Act was a game changer for trusts named as an IRA beneficiary. Most trusts will be limited to a 10-year payout rule, just like most other non-spouse beneficiaries.
However, Congress was careful to...
How does the Secure Act alter Roth conversion strategies?
Recent speculation has some believing that the Secure Act would reduce some of the benefit of Roth conversion strategies because of the required payout within 10 years...
4 CARES Act Misconceptions
The Coronavirus Aid, Relief and Economic Recovery Act (CARES Act), signed into law on March 27, includes several important retirement-related provisions. Because some of these provisions are confusing, several misconceptions about the new law have arisen. In this blog post, we will attempt to set the record straight. ..
Timing is EVERYTHING
Not only does a successful tax strategy require implication at specific times, but when you choose to take action is also time sensitive. With the current tax bill currently... 
Why do you need a tax planning professional & NOT just a CPA or accountant? 
Well... the Gettysburg address is 269 words, The Declaration of Independence is 1,337 words, and the Bible is only 773,000 words. However ... the tax code has grown from..
Why You Can't Afford To Miss Out On A Roth IRA 
With a Roth IRA, you do have to pay income tax on your plan contributions (and/or Roth
Conversions), but your investment earnings will NEVER be subject to income taxes...
Get The Case Study And Discover How The 'ADVANCED FINANCIAL FREEDOM PLAN' Has Already Cut Eric & Jane's Income Taxes By Over $1,000,000 And Increased Their Net WealthTM By $3,000,000!
...And See How We Could Easily Do The Same For You.
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Tax Advisory Services offered through The Tax Plan for Wealth, Inc. Tax Plan For Wealth, Inc does not provide investment advice. Should you request information about services including financial planning or investment advisory, those services may be referred to as an affiliated business. Please refer to https://www.assuredgroup.com/ for more information. We always suggest you seek professional advice. Past performance is not a guarantee of future results. Investing involves risk including loss of principal. The information provided is not directed at any investor or category of investors and is provided solely as general information about products and services or to otherwise provide general investment education. None of the information provided should be regarded as a suggestion to engage in or refrain from any investment-related course of action as neither National Securities nor its affiliates are undertaking to provide you with investment advice or recommendations of any kind. Every family's set of details bring a unique outcome, therefore these opinions should not be relied on for your unique circumstances.
 Securities and Variable Insurance Products are not offered by Tax Plan for Wealth, Inc. but may be made available via our affiliate, Assured Concepts Group, Ltd. Such offerings are made through National Securities Corporation www.yournational.com. Member FINRA/SIPC. www.finra.org / www.sipc.com. Advisory services provided through National Asset Management, Inc. (NAM), a SEC Registered Investment Advisor; a copy of NAM’s Brochure is available at NAM’s website: National Asset Management. National Securities Corporation (NSC) is a full-service brokerage firm, operated primarily through independent registered representatives. Accounts are carried by National Financial Services LLC, Member NYSE/SIPC, a Fidelity Investments® Company.
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