IRS Releases Proposed Regulations to Create Qualified Longevity Annuity Contracts

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irs_retirement

REG–115809–11, Released February 3, 2012  On February 3, 2012 IRS released proposed regulations regarding the establishment of “qualified longevity annuity contracts” (QLACs). The new QLAC rules will allow retirement account owners to purchase certain annuity contracts with a portion of their retirement assets that will be able to be excluded from their required minimum distribution (RMD) calculations. Annuity payments, the ONLY distribution option available from QLACs (no lump-sum … [Read more...]

Filed Under: Annuities, Featured Home Ad Top, Financial, Financial Planning
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Do You Pay Taxes on Social Security Income

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socialsecurity

Many retirees are surprised when they lose a substantial chunk of their Social Security income to taxes. Here is what you need to know: if your gross income amounts to less than $25,000 a year (excluding one-half of your Social Security benefits), none of your monthly check will be taxed. Or, if you are married and you and your spouse together make less than $32,000, you are also in the clear. However, as soon as you enter the next income brackets – which I am sure include many of you – the … [Read more...]

Filed Under: Annuities, Financial, Financial Planning, Pick Right
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Participating Whole Life – Why Now?

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whynow_pp2

In today’s world of financial uncertainty, participating whole life, and the guarantees it offers, may be an attractive option for consumers. Based on recent sales trends, clients are again considering participating whole life policies as a way to build cash value and offer a death benefit while they are focusing on raising a family. Although the primary use of life insurance is to provide a needed death benefit at the time of the insured’s death, it is important to remember that the … [Read more...]

Filed Under: Financial, Financial Planning, Life, Pick Right
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The Care of the Retired Client

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retired

One of the biggest challenges we face as advisors is the retirement of a client. We may have spent 20 years or more with them in the ‘accumulation phase’. Once they learn the intense value of saving each month, they enjoy seeing their accounts grow. They are less than happy when they decline, but expect us to give good ‘talk story’ on the reasons why they seem to be losing money. They have added to their 401-ks, 403(b)s and SEP-IRAs wisely and effectively for years. Marriage, kids, … [Read more...]

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How to Deal With 2010 and 2011 Roth Conversions In 2012

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roth

This year, a rare event will occur during tax season. Clients, advisors and CPAs will be dealing with Roth conversions from two years, 2010 and 2011, at the same time. With the rules for Roth conversions changing in 2010 — and then changing back again in 2011 — it’s easy for even a seasoned advisor to get confused. Below is a brief guide to help you deal with the tax implications of clients who made Roth conversions in 2010 and/or 2011. Paying the Tax on 2010 Conversions; The Day of … [Read more...]

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The Hidden Insurance Sales Concealed Within Your Clients Federal Income Tax Return

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1040image

I’ve been a member of the Million Dollar Round Table (MDRT) for 35 years and earned 21 Court of the Table designations and 12 Top of the Table designations. Taking the time to learn the federal income tax return has helped me achieve my success. As advisors, we have honed in on the federal income tax return, yet many of us are unaware of the additional sales hidden within this extraordinary tool. The only way to achieve results is to know exactly what to review and what to discuss with your … [Read more...]

Filed Under: Featured Bottom Left, Financial, Financial Planning, Life, One on One, Selling Skills
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