Author Archives: Glen Goland

About Glen Goland

Senior Wealth Strategist

Midsummer Tax Deadlines

Congress and the IRS have both been busy and, as a result, summer 2020 is shaping up to be an interesting one for taxpayers. First, Congress extended the tax filing deadline until July 15 this year, assuring that many accountants will be missing socially distanced July 4 celebrations. Second, the IRS recently issued IRS Notice 2020-51, which allows taxpayers who have taken required distributions from retirement accounts in 2020 to return those distributions by August 31, 2020. This article will outline what these changes mean for taxpayers. Read more »

How Will Government Spending Affect Your Financial Planning?

COVID-19 has taken an extraordinary toll on humanity in a few short months. The respiratory illness has killed over 22,000 people as of this writing and has caused global stock markets to come off of historic highs and drop toward recession. Governments around the world have responded to this crisis by cordoning off citizens and spending money at a breakneck pace. The United States’ similar response will have long-term impacts that may affect your financial planning today. This is the subject of today’s post – and an extension of my earlier post on financial planning in a bear market, which you can find here. Read more »

One more reason you may want to convert to a Roth

Last week I wrote an article, Seven Reasons to Fund a Roth, on some of the reasons a taxpayer would consider rolling retirement funds into Roth accounts. Just after the article was posted, global stock markets subsequently endured their worst week in over a decade — giving me reason to amend my prior post, as the drop in stock valuations has made converting IRA funds to Roth funds less expensive than it was a week ago. If you believe the market is in a short-term correction and that equity prices will recover, you may want to consider funding a Roth. Read more »

The SECURE Act: The elimination of the stretch IRA and how it impacts conduit trusts

Our recent post about the SECURE Act addressed many of the provisions of the new law and discussed how these provisions will impact most taxpayers. In today’s post, I’d like to follow up with a discussion about how the SECURE Act affects the applicable rules in one specific area unique to families with substantial IRA assets: the elimination of the stretch IRA and its impact on conduit trusts. Read more »

Add an Advance Directive to your New Year’s Resolutions

Saying final good-byes to loved ones is one of the most difficult parts of the human experience. These good-byes can be infinitely more difficult when the one saying good-bye is saddled with the responsibility of making end-of-life decisions for someone who can no longer communicate his or her wishes. The legal system has come up with a document to help give incapacitated individuals a say in these decisions. Most states call this document the Living Will or the Advance Directive. It is the most depressing multiple choice test you will ever take, as it poses a variety of end-of-life situations and asks the signer to indicate their wishes for each situation. This document is often combined with a medical power of attorney, depending on which state you live in. Read more »

Tom Petty: Beneficiaries Who “Won’t Back Down”

Perhaps the most appropriate musical ode to disgruntled estate beneficiaries that I’ve ever heard is the late Tom Petty’s I won’t back down. This track was the first single off of his 1990 album, Full Moon Fever, and has been a fan favorite since the day it was released. The single opens with the narrator defiantly telling the world, “I won’t back down, no I won’t back down. You can stand me up at the gates of hell but I won’t back down.” One of the more frustrating things about the time I spent practicing law was dealing with beneficiaries who must have constantly had Tom’s song playing in the back of their heads as they wasted attorney’s fees trying to settle some ancient score with a sibling, stepchild, or other beneficiary.    Read more »