Protecting an IRA from Prohibited Transactions

What is a prohibited transaction?

A prohibited transaction occurs when an IRA owner uses IRA assets in a self-serving or self-dealing manner that improperly benefits the IRA owner.

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This entry was posted on November 20, 2015 by The Advisors of Bane O’Leary

Avoiding Charitable IRA Beneficiary Mistakes

Can IRAs be used to benefit a charity?

IRAs can be a great source of funds to provide a benefit for a favorite charity, but using these funds can create a number of traps that must be avoided in order to maximize benefits to both the charity and other IRA beneficiaries.

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This entry was posted on November 13, 2015 by The Advisors of Bane O’Leary

Fixing a Missed RMD in 5 Easy Steps

What is a missed RMD (required minimum distribution)?

RMDs must be taken by IRA owners beginning in the year they turn age 70 1/2 and by IRA and non-spouse Roth beneficiaries beginning in the year after the death of the account owner. RMDs not taken are subject to a penalty of 50% of the amount not taken each year.

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This entry was posted on October 30, 2015 by The Advisors of Bane O’Leary                                                                                                                                                                                                                                      

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