This week’s Weekly Webinar consists of a discussion of recent headlines, IRA and retirement issues from the Ed Slott Group, market updates and analyst reports, and a deep dive into how to know if your IRA is protected from creditors.
Mark begins with a review of the recent event he had with David McKnight and Ed Slott, as well as gave a brief recap on last week’s live stream that he did with David. If you haven’t watched it yet, you can go back to the archives and catch up on anything you may have missed. Mark then moves on to discuss headlines that have been dominating the news such as the debate over the debt ceiling, inflation, and a potential recession. This upcoming week more news will come out relating to these headlines so it’s important to stay tuned for how this news will impact your finances. One of the things coming out this week is the PCE Report, which Mark takes some time to explain what it is and why it’s so important for us to pay attention to.
Moving on, Mark takes time to share the Ed Slott updates, where he delves into how you can better understand the once-per-year rollover rule. This rule is one of those IRA rules that has serious tax consequences and cannot be fixed if violated so it’s important that you understand it fully before you decide to do a rollover. He goes on to give more advice and insight into how best to navigate IRAs so that you’re making the most of your money in savings.
From here, Mark discusses the recent numbers from the markets. Last week, the Dow Jones Industrial Average was up .05%, the S&P 500 was up 1.71%, and the NASDAQ was up 3%. Year-to-date, the NASDAQ is up 21.3%, the S&P 500 is up 9.90%, and the Dow Jones is up 1.69%. For Mark, this is a good example of why diversification in your portfolio is so important if you want to find success in the markets. He also shares updates on the global markets and what investment analysts are saying about the state of the markets.
Mark ends the webinar with the Financial 15, where the topic is whether or not your IRA is protected from creditors.
Is Your IRA Protected from Creditors?
- Federal protection for ERISA plans, that’s qualified plans with at least one employee other than the business owner or spouse who are plan participants.
- SEP/SIMPLE IRAs and IRAs.
- SEP/SIMPLE IRAs are NOT considered ERISA but have complete bankruptcy protection under Bankruptcy Code. Non-bankruptcy protection is based on state law so be sure you know what is going on in your state.
- IRAs: The bankruptcy protection limit is $1,512,350 per IRA owner (not account if owner has multiple accounts), indexed for inflation. It’s important to note, that non-bankruptcy protection is based on state law.
- IRA owner’s potential creditors
- Bankruptcy: federal/state
- Civil creditors: judgments & charging orders: state statutes & case law control
- Child support & alimony: state law controls
- Qualifying for Medicaid/SSI: must spend down IRA
- IRA beneficiaries: No Federal Protection – state statutes control
- State protection depends on the state where the beneficiary resides, NOT the deceased IRA owner’s state of residence.
- Inherited IRA Accumulation Trusts: if properly drafted, can offer protection even if particular state law does not.
If you’re looking for more details on what types of accounts are protected from creditors and how it’s important to watch the video of the webinar where Mark provides tables that provides a breakdown of how certain accounts are protected. Further in the Financial 15, Mark goes on to break down each account’s protection by state. Tune in if you’re looking to determine whether your IRA is protected from creditors and how well.
Each Tuesday at 10:00 a.m. (except Tuesdays that follow Market Holidays), Mark holds a Live Webinar where he discusses recent headlines, IRA and retirement issues from the Ed Slott Group, market updates, analyst reports, and a timely Financial Planning strategy or technique.
Please don’t hesitate to email us with any questions you have or if you’d like to schedule an appointment with us. You can reach us at questions@attleborowealth.com.
Each webinar is indexed so you can jump to the section that interests you most or watch the entire broadcast.
Mark Byelich is a Certified Financial Planner™ practitioner and also holds the Accredited Investment Fiduciary® designation. He is a member of Ed Slott’s Master Elite Advisor Group. This exclusive group is comprised of nearly 400 of the nation’s top financial professionals who are dedicated to the ongoing training and mastery of advanced retirement account and tax planning laws and strategies.
Mark is committed to education and professional development in the financial services field and has been asked to speak by major news organizations and to his peers around the country about financial planning strategies.
The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.
Attleboro Wealth Management, LLC is a Registered Investment Adviser. This program is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Attleboro Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Attleboro Wealth Management, LLC unless a client service agreement is in place.
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