A&I Wealth Management > Blog > Life and Taxes from Transamerica

coworkers discussing finance

Learn from Nick Arndt, a tax expert from Transamerica, about how to find tax saving opportunities and other advice.

One of the questions we had was about inherited IRAs. If you inherited your IRA before the year 2022, you can continue with the current withdrawal schedule. However, any inherited IRA since 2022 is subject to a maximum 10 year rule. This means you have to pull all of it out before the 10 years is up.

Another popular topic was the beneficiary change worksheet. Because of tax law changes, you may want to make sure that all your beneficiaries are correct. This helpful worksheet from Transamerica asks 10 questions that may help you.

Changes in personal and family circumstances may necessitate updates to retirement plans, wills, beneficiary designations, insurance needs, or a discussion on estate planning issues.

  • Family developments (spouses, kids, grandkids)
  • Marriage/Divorce
  • Parents (health, support)
  • New financial goals (college, vacation home)
  • Financial (emergency fund, windfalls, setbacks)
  • Job changes/promotions
  • Retirement expectations
  • Insurance coverage (life, liability, LTC)
  • Tax and regulatory changes

For more helpful advice, check out the lunch and learn video.

About the author

Karl Frank, Certified Financial Planner ®, MSF, MBA, MA, is the President of A&I Financial Services LLC, a local business that specializes in wealth management, insurance planning, and retirement planning. Karl cares for business owners and the businesses that care for them. Learn More about Karl.