Last Monday, Presidential Brokerage, gave an informative presentation to the Roxborough Windflowers Club about how to avoid tax traps in retirement.
Certified Planners Marla Mason and Peter Lengsfeld had a “knack” for making these complex concepts understandable. They offered a multitude of pertinent tax saving topics for charitable giving, 529 education savings plans, beneficiary designations, and IRA distributions to an attentive Roxborough audience … and the tasty refreshments provided by the Hospitality Committee were much appreciated.
Some of the interesting facts that Marla and Peter brought to our attention:
- Be sure to designate both primary and contingent beneficiaries, because often you and your spouse are in the same automobile or traveling together on the same plane flight.
- Avoid naming your estate as beneficiary for IRAs and qualified plans because an estate doesn’t have a life expectancy like a person does. In most cases, the taxable distributions would have to be made over a much shorter time frame than would apply if an individual was named as beneficiary.
- If parents own a 529 education savings plan, it may affect a child’s ability to get financial aid. This problem does not occur if grandparents own the 529.
- Give signed copies of your Durable Power of Attorney documents to your designated agent because they will not be able to get into your safe deposit box if you store these important documents at the bank.
To find out more, you can contact Marla or Peter at 303.694.1600. Their office is located in the Denver Tech Center.