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New ROTH 401(k) & ROTH 403(b) Plans |
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As we have noted in the past, there is one significant problem with Roth IRAs, only married couples filing jointly with adjusted gross incomes (“AGI”) of less than $160,000, single individuals with an AGI less than $110,000, and most married individuals filing separate returns with an AGI less than $10,000 can contribute to them. Those with incomes higher than this have been limited in what they could do (though we discuss strategies for high income earners in the IRA Class).
For the new Roth K plans, there are no income limits. As long as you have W-2 type income to fund them, up to $15,000 a year ($20,000 if over age 50) can be contributed to a Roth 401(k) or Roth 403(b) account similar to the Roth IRA. Compare that to the Roth IRA where the maximum contribution for 2008 is $5000 ($6000 if age 50 or older).
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An IRA Prohibited Transaction |
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In the IRA Class we cover the rules and techniques used to invest your IRA, traditional and Roth, in real estate. Making loans secured by real estate to true third parties is one of the easiest and safest ways to grow your IRA. But what about a loan from your IRA to help a buyer of one of your properties?
If you have a rental or a quick-turn property you are looking to sell, why not offer the property with financing from your IRA? Maybe just a second mortgage to help the buyer out? As tempting as this is, do not do it!
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Buy-Sell Agreements Part 1 |
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This is the first in a series of articles on Buy-Sell Agreements. Who needs them? Well, everyone who has a joint venture, company or partnership with someone other than their spouse—even other family members in a family business or investment. This agreement should be an absolute necessity for any joint venture. It can be thought of as a “pre-nuptial agreement” for the venture. The buy-sell agreement is even more important than the pre-nuptial in that with the pre-nuptial, both partners are sharing the same financial situation. With an investment or a business the partners have separate financial situations that can place different pressures on the venture.
Often, investors believe that just holding a controlling interest in the venture is enough to solve problems that may arise. In most states there are statutes that protect a minority interest holder. Getting a court involved in a dispute can easily drain the resources of a small venture and its partners. It is always best to avoid litigation as much as possible.
There are many reasons to have a buy-sell agreement, such as:
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