2023 IRA, 401k Increase
Increased amounts of contributions allowed for retirement accounts. Anyone with earned income can open and contribute to an IRA, including those who have a 401(k) account through an employer. The only limitation is on the combined total that you can contribute to your retirement accounts in a single year while still getting the tax advantages. When you open an IRA, you can choose to invest in a wide range of financial products, including
stocks, bonds and exchange traded and mutual funds. There are even self directed IRAs that permit investors to make all the decisions and give them access to a broader selection of investments, including real estate, commodities and even your own business.
Estate Planning
Just for fun download Akin Investments free "Procrastinators Guide to Estate Planning"
It's a great way to begin a very important and often difficult task for some.
Here are a few things to consider.
Update other documentation as well as your will. Choose you executors, trustees or other representatives carefully. Make sure the contact information for them is up to date. Review all accounts and insurance policies and name your beneficiaries
Have you moved? Estate planning documents drafted out-of-state, as long as they were drafted with the formalities and requirements of that state, will be effective in all 50 states. That being said, having out-of-state documents can unnecessarily complicate trust or estate administration, or the ability to exercise powers of attorney or health care directives.
Investopedia says:
Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death or in the event they become incapacitated.
Planning tasks include making a will, setting up trusts and/or making charitable donations to limit estate taxes, naming an executor and beneficiaries, and setting up funeral arrangements.
A will is a legal document that provides instructions on how an individual’s property and custody of minor children, if any, should be handled after death.
Various strategies can be used to limit taxes on an estate, from creating trusts to making charitable donations
Heads Up! More to come on Crypto Rules and Regulations. We'll keep you posted.
