American IRA CEO, Jim Hitt
The Same Sex Marriage ruling will open doors that will make it much easier for same-sex couples to plan for their future. This will apply to Self-Directed IRA/retirement accounts and many other areas.
Charlotte, NC (PRWEB) July 06, 2015
The Same Sex Marriage ruling will open doors that will make it much easier for same-sex couples to plan for their future. This will apply to Self-Directed IRA/retirement accounts and many other areas.
For those LGBT, individuals who are not married yet, but who may be considering it in the future, and who own self-directed IRAs or other retirement plans, the Supreme Court’s ruling may benefit them in the following ways:
1.) Spousal IRAs. Getting married will allow a working spouse to contribute to a spousal IRA to a stay-at-home spouse. This allows individuals to contribute up to $5,500 per year to an IRA or Roth IRA for a spouse who does not have their own income. Another $1,000 is authorized for those over 50 in catch-up contributions. There are income requirements to meet to determine eligibility for Roth IRAs or for deductions to traditional IRA contributions.
2.) Estate Tax Considerations. When married, their IRA or other retirement plan will qualify for the unlimited spousal exemption under the Estate Tax. Otherwise, their IRA or other retirement assets would count against them. Without a formal marriage in place, any asset a surviving heir or heirs receive over $5.43 million is subject to the federal estate tax – with another layer of tax possibly applying under state law, depending on their jurisdiction. If they have assets over this threshold between them, getting married would allow them to pass the entire amount to their surviving spouse, tax free. However, they still may want to explore some tax planning strategies if a surviving spouse wants to pass on a legacy to family or loved ones.
3.) Inherited IRAs. Getting married will also allow a surviving spouse to take advantage of inherited spousal IRA rules, such as the ability of a surviving spouse who inherits an IRA to treat the IRA as their own, rather than be forced to begin taking distributions right away.
There are also other benefits related to Self-Directed IRAs, Social Security, Personal Residence Capital Gains, and Insurance. Click here to read more on the American IRA website.
Caution: Individuals who own a Self-Directed IRA and are considering getting married to a person they have previously purchased assets with need to be aware that there may be some prohibited transaction rules that apply to them. Anyone in this situation is encouraged to contact the American IRA office for further details.
About American IRA, LLC:
American IRA is committed to providing every client with gold-level service, regardless of account size. Experience their expertise through their certified IRA services professionals. Enjoy the value with one low annual fee of $285 with unlimited assets and unlimited account values. American IRA clients love the benefit of no charge for "All Cash" accounts. The performance of the American IRA staff is unmatched, with quick and efficient processing within 48 hours.
American IRA services thousands of clients and has over $300 million in assets under administration.
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