- Individual retirement accounts or qualified accounts allow for the growth of principal and dividends to be tax deferred. The client must start taking required minimum distributions (RMD) at the age of 72.
- The beneficiary of an inherited IRA after January 1, 2020 must withdrawal the balance of the IRA within a 10-year timeframe.
Capital appreciation and dividends are tax-free inside of a Roth IRA. Also, there are no requirements to withdrawal the assets at a certain age.
- The beneficiary of an inherited Roth IRA after January 1, 2020 must withdrawal the balance of the Roth IRA within a 10-year timeframe.
- SEP IRAs are for business owners who do not have W-2 employees and sole proprietors. SEP IRA contributions are tax-deductible. Investments grow tax-deferred until retirement, distributions are taxable income.
- SEP IRA Contributions can vary each year between 0% and 25% of compensation (maximum contribution for 2022 is: $61,000).
Donor Advised Funds
- Interested in philanthropy? Glover Park Wealth will work with you to create a donor advised fund to meet your charitable giving goals. The donor advised fund offers significant advantages over other options and makes giving assets to your charitable causes seamless.