Tax Warrior Chronicles

Why Beneficiary Designations Are Critically Important

Posted on Wed, Jul 28, 2021

by: Cecilia Fernandes and Robert N. Polans, CPA, MT, PFS, ChFC

 

The COVID-19 pandemic unexpectedly took the lives of many loved ones. It made many of us stop and reflect deeply about what is most important: health and family! With that in mind, there is no better time than now to check your beneficiary designations related to your retirement plan accounts, traditional IRAs and Roth IRAs, tax-deferred annuities, and life insurance policies, to ensure they are all up to date and in line with your overall estate distribution goals.

Read More

Tax Implications of Selling a Structured Settlement

Posted on Mon, Mar 27, 2017

By: Ted Nebiolo and Bruce Benjamin, CPA, MT

 

College tuition, purchasing a home, starting a business.  These are all life events that may call for a large, upfront cash outlay.  If you are receiving a structured settlement payable as an annuity, it may be an attractive solution to sell it to obtain the cash for the lump-sum payment. If you are considering this route, know the tax implications and the process that determines the real value of your settlement.

Read More