Author Archives: Janice J. Kerkove

Short Timeline to Reverse 2020 IRA & Retirement Withdrawals


The CARES Act enacted on March 27, 2020, eliminates  an individual’s requirement to take a Required Minimum Distribution (RMD) from their IRA accounts and/or retirement plans for calendar year 2020.  If you have already taken your Required Minimum Distribution for calendar year 2020, the IRS has created a short time window for you to reverse Continue reading

Federal Estate Tax Filing Deadline Extension Provides Valuable Opportunity for Surviving Spouses – Full Article


The federal estate tax exemption amount establishes a maximum limit on the value of assets an individual can pass to non-spouse and non-charitable recipients without incurring federal estate tax liability.  Although the federal estate tax exemption amount has changed frequently over the years, one constant has been the rule that the federal estate tax exemption Continue reading

Federal Estate Tax Filing Deadline Extension Provides Valuable Opportunity for Surviving Spouses


This is an abbreviated version of a longer article which can be found here. IRS Revenue Procedure 2014-18, issued on January 27, 2014, grants an extension of the federal estate tax portability provisions to the estates of all decedents who: • died during calendar year 2011, 2012, or 2013; • left a surviving spouse; and Continue reading

Financial Advisor Liable to Beneficiary for Estate Plan Gone Wrong


The Iowa Supreme Court issued an opinion on December 27, 2013, which confirms that financial advisors may be held liable to intended beneficiaries if the financial advisor helps the client complete an estate plan that turns out badly.  This is similar to the professional liability exposure previously extended to life insurance agents for a beneficiary Continue reading

New Duties Imposed on Insurance Agents


The Iowa Supreme Court issued an opinion today that is worth a read for insurance agents and financial planners.  A summary of the case is as follows: Decedent named his daughter as beneficiary of the first $35,000 of life insurance (as required under the divorce decree) and his second wife as beneficiary of the remaining Continue reading