Forbes Tax & Estate Planning Trusts Updated for 2020

Do I Need a Trust If I Have a Will?

A will and a trust are two different estate planning tools. Consider a will like a high-level set of instructions to be used after you pass away. You generally use a will to name the executor of your estate and guardianship for your children. Although you can leave assets to…

Kristin McKennaMarch 31, 2020

Forbes Retirement Planning Secure Act Tax & Estate Planning

You Can Now Take Required Minimum Distributions At 72. But Should You?

This article was written by Darrow advisor Kristin McKenna, CFP® and originally published by Forbes. (more…)

Kristin McKennaFebruary 18, 2020

Forbes Inheritance IRA Rollover Roth IRA Secure Act Tax & Estate Planning Traditional IRA Trusts Updated for 2020

The End of the Stretch IRA and What it Means for Your Estate Plan

The Secure Act became law on December 20th, 2019, bringing the most significant changes to the retirement system in over a decade. Among the changes is the end of the so-called 'Stretch IRA' which allowed non-spouse beneficiaries of an IRA (or other type of retirement account) to 'stretch' withdrawals over…

Kristin McKennaJanuary 15, 2020

Forbes Inheritance Retirement Planning Tax & Estate Planning

Want to Leave Your Kids an Inheritance? They May Only Have 10 Years to Take it.

The Secure Act, which was signed into law in December 2019, brings about several major changes to the retirement system. One such shift marks the end of so-called “stretch IRAs” for non-spouse beneficiaries who inherit a retirement account after 2019. Although there are a couple of exceptions, starting in 2020, most…

Kristin McKennaJanuary 14, 2020

Charitable giving Infographics Inheritance Secure Act Tax & Estate Planning Updated for 2020

Calculating How Much Charitable Donations Will Reduce Taxes

How much charitable giving will reduce taxes depends on what you donate. The tax deductions for charitable giving will vary for donations of cash, stock, or even retirement assets. To maximize the tax benefits of charitable giving, consider the different ways you could give. To find the best tax savings,…

Kristin McKennaFebruary 5, 2019

Estate Planning Financial Planning Inheritance Tax & Estate Planning Updated for 2020

What to Do After Receiving an Inheritance

If a loved one has passed and you're expecting to receive an inheritance, you may have a number of questions about the process; such as is an inheritance taxable and what to do after receiving an inheritance. Whether an inheritance is taxable to you, the beneficiary, will depend on what…

Kristin McKennaMay 24, 2017

Inheritance Tax & Estate Planning Updated for 2020

How is an Inheritance Taxed?

If you're receiving an inheritance you may be wondering about how it will be taxed. The tax treatment will ultimately depend on a number of factors, such as the type of inheritance you are receiving (real estate, a retirement account, cash, etc.), your state, the size of the estate, and…

Kristin McKennaApril 18, 2017

Real Estate Tax & Estate Planning Tax planning

Is Airbnb Rental Income Tax-free?

Do you have to pay tax on short-term rental income? Some Airbnb or VRBO income may be exempt from federal tax, but that may not apply to state and local taxes. Although tempting, hosts looking to subsidize a vacation by renting a home while traveling need to first understand the…

Kristin McKennaFebruary 17, 2016