DEAR TRUST OFFICER: I’ve inherited a substantial IRA from my parent. What are my choices? Can I roll over the money into my own IRA? What I’d really like to do is convert the inherited IRA to a Roth IRA. — FORTUNATE HEIR DEAR FORTUNATE: Those approaches are not available to you. Because you are […]
Read MoreCategory: Trust Update
Articles from The Trust Company of Kansas’ Quarterly Trust Update
Retirement Readiness
DEAR TRUST OFFICER: How much money must I have in order to be able to retire? Is $1 million enough? — PEAK EARNING YEARS DEAR PEAK: The better question is: How much income will you need during your retirement? If you will have a pension and Social Security checks coming in, $1 million might easily be […]
Read MoreReview Your IRA Beneficiary
Sometimes mistakes in an estate plan can be repaired after death. Sometimes not. Charles Sukenik executed his will on November 4, 2004. His estate was to be divided between his surviving spouse, Vivian, and the couple’s private foundation. His revocable trust was restated at the same time, giving Vivian certain real property and the balance […]
Read More529 Plans: Advanced Questions
The cost of higher education and the burden of education loans upon recent graduates continues to be a recurring theme. Families with higher incomes have addressed these costs by contributing to tax-preferred savings vehicles, such as the 529 plan (named for a section of the tax code). We’re reasonably confident that 529 plans are here […]
Read MoreABA WEALTH MANAGEMENT AND TRUST CONFERENCE
LEARNING NEVER ENDS With dynamics affecting the wealth management and trust industry, our advisors make constant efforts to stay on top of all changes. Our continued education helps us put you in the best possible position to grow your wealth and protect your legacy. This month, Chairman & CEO Stephen English and Vice President & […]
Read MoreASK A TRUST OFFICER: LIVING TRUSTS
Dear Trust Officer: My parents are retired, living in another state. They have a sizeable investment portfolio and are financially comfortable. However, as they are getting older, they are having trouble keeping up with their paperwork. Last year they were late in making tax payments, very unlike them. I would help them, but I just […]
Read MoreWHEN GOOD FORTUNE COMES YOUR WAY.
Whether expected or not, an inheritance, divorce settlement, severance package or pension payout, proceeds from the sale of a business, life insurance, legal judgments, or even lottery winnings—all can put in your hands the equivalent of several years of earnings. NOW YOU’RE AT A CROSSROADS — suddenly called upon to switch from wealth-building mode to […]
Read MoreQ & A : IRA ROLLOVERS
A recent report from the GAO suggests that IRAs are becoming an increasingly important element of retirement security. An estimated 43 million taxpayers have IRAs, worth an estimated $5.2 trillion. Some 42.3 million of these IRAs are worth less than $1 million each, and 800,000 are worth more. 314 taxpayers have IRAs worth $25 million […]
Read MoreI NEED PROTECTION FOR MY 401(K) DISTRIBUTION
Dear Employee Benefit Officer: When I retire in about a year, I’m expecting a six-figure distribution from my employer’s 401(k) plan. The success of my retirement turns on what I do with this money, and I’m more than a little unsettled by the prospect. What should I do to keep my all my options open? […]
Read MoreARE YOU A LIVING TRUST CANDIDATE?
Any comprehensive review of an older person’s financial planning is likely to touch upon the value of a revocable living trust for investment management. THE TRUST APPROACH provides a great tool for delegating investment responsibility into experienced hands without giving up control of assets. Anyone with a substantial portfolio should consider a trust and the […]
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