Taylor’d Finance Blog
Welcome to my blog! I’m Taylor Ledbetter, a Paraplanner and Wealth Advisor at Jessup Wealth Management. I joined the team in July 2020 as a financial planning intern. By 2021, I graduated from Wright State University with double Bachelor’s Degrees in Financial Services and Accounting and an Associate’s Degree in Business Administration from Sinclair Community College.
This blog aims to dissect relevant financial planning topics and educate readers. I put a lot of thought into providing insights and strategies to help you enhance your financial lives. Whether you’re looking to optimize your investments, plan for retirement, or manage your budgets, I’m here to guide you toward achieving your financial goals.
The IRS has modified the 10-year distribution rule for inherited IRAs starting in 2025. Before 2020, IRA owners could leave their accounts to their kids or grandkids, and heirs could stretch RMDs over their lifetime. In December of 2019, the SECURE Act imposed a new requirement that inherited IRAs would have to be depleted by the end of the 10th year of the original account owner’s date of death.
When you quit your job, you may leave behind a 401(k) that you are unsure what to do with. You may be able to leave your account with your old employer, depending on the balance. Alternatively, you may roll over the money from the old 401(k) into your new employer’s plan or an individual retirement account (IRA). You can also withdraw some or all the money, which may lead to serious tax consequences.
A 529 plan is a common tax-advantaged savings vehicle used when preparing for your child’s future education expenses. This plan allows for tax-free withdrawals when used for qualified education costs. When a child finishes college, sometimes there are 529 funds left in the account. Determining what to do with these funds going forward can be difficult. However, if handled properly, some options can benefit the family and the student.
If your employer offers a retirement plan, chances are it's a 401(k) plan. Even though this is the most popular type of plan for employers to offer, there are several other retirement savings options out there. All retirement plans incentivize employees to do the same thing: save for retirement!