Attorney Antoinette Middleton Helping People Protect their IRAs
Attorney
To help people protect their IRAs, Middleton lists the following five common mistakes to avoid:
No. 1: Trying to avoid income taxes now. "The Internal Revenue Code, commonly referred to as the 'tax code,' created special rules to allow for IRAs because the government was trying to institute a significant public policy to ensure people became less dependent on
No. 2: Incurring unexpected excise taxes. "Everybody's trying to save income taxes, and they don't even know to avoid excise taxes," added Middleton. "Individuals often have to pay excise taxes in addition to income taxes because they make two major mistakes: they take money from their IRA too early or take it too late."
No. 3: Losing your IRA to long-term care costs. As people age, there's always the possibility they will not be able to care for themselves, which can come at a cost and one's IRA can be a great way to be able to afford the care they need to be able to stay in their home. "The question becomes, 'How much is it going to cost and are you going to be able to afford it?" asked Middleton.
No. 4: Paying income and estate tax. "Another common mistake many people make is having to pay income and estate taxes on their IRA," said Middleton. "Most people still do not use all their IRA before their death and can pass it on to their beneficiaries, but before their beneficiaries can receive the IRA, there may be estate taxes due. The horror of this is you will have to pay the income tax on any money taken from the IRA to pay the estate tax, which leads to your IRA being subject to two taxes after your death."
No. 5: Naming your beneficiaries as beneficiary. "In 2014, the
In their book, attorney Middleton and attorney and CPA
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