Cook Financial Group

Come Join us at Lamar Dixon Saturday-Monday 10-5pm

If you are the parent of a Junior, Sophomore, or Freshman

You are invited to a Free

COLLEGE PLANNING CLASS

“How to choose the BEST Colleges For your Student and you Pocketbook”

In this informal class, you will learn:

1.How to help students decide which college to apply to.

2.The important questions to ask colleges before students apply .

3. How to maximize a students potential to receive scholarships, grants and other forms of gift-aid.

4. How families with high incomes can receive financial assistance to help pay for college .

“AND SO MUCH MORE “!!!!

Reservations are Necessary!

Call our reservation line at: 504-615-5750 (24 hours)

Or register by email at: [email protected]

Tuesday, September 18th
6:30 - 7:30 pm

Jefferson Parish Library
4747 West Napoleon Ave. Metairie La. 70001
Napoleon Meeting Room

10 common IRA mistakes

10. Trying to do it by yourself

Don't be afraid to seek assistance and guidance from a financial professional. He or she has the experience to help you make the best decisions based on your individual needs, preferences, and goals. You also may wish yo consult with:

* An insurance planner, who can help you with a range of insurance products, including life, disability, and long-term care insurance.

For more information contact us @ 225-439-7077 or 504-615-5750. www.cookfinancialgroup.com

10 common IRA mistakes

8. Overlooking income-tax deductions with inherited IRAs

If a person you inherited the IRA from owed estate taxes, you may be able to use a deduction for income in respect of a decedent to lower the taxes you owe. When estate taxes are paid based on IRD , the beneficiary may have the right to take an income -tax deduction equal to the amount of estate taxes attributable to the IRD.

For more information calls us @ 225-439-7077 or 504-615-5750. www.cookfinancialgroup.com

10 common IRA mistakes

7. Not knowing your options regarding inherited IRAs

Your distribution options will vary depending on your relationship to the person you inherited the IRA from. As the surviving spouse, you have the option to treat your deceased spouse's IRA as your own or you can roll the IRA assets into your own IRA. Nonspousal beneficiaries often liquidate their inherited IRA assets too quickly, resulting in immediate income taxes. Consider a stretch IRA, which allows you to prolong the tax-deferred or tax-free status over one or more generations, spreading the tax liabilities over your lifetime, and potentially your beneficiary's lifetime also.

For more information call us @ 225-439-7077 or 504-615-5750. www.cookfinancialgroup.com

10 common IRA mistakes

6. Naming a trust as a beneficiary

Estate planning attorneys frequently use trust as beneficiaries of IRAs. However, if the trust is not structured properly and does not qualify as a look- through trust ( a trust that allows distributions to be stretched based on the life expectancy of the oldest beneficiary), the IRA assets will most likely have to be paid out within five years after the owner dies. This eliminates the stretch option for beneficiaries and results in immediate taxation.

For more information contact us @ 225-437-7077 or 504-615-5750. www.cookfinancialgroup.com

10 common IRA mistakes

5. Having an outdated beneficiary

It's prudent to check your beneficiary designation forms periodically, especially if you've experienced any of the following life changes:

* Gotten married, remarried, or divorced
* Had a baby [ or a grandchild ]
* Gotten a new job
* Established a trust
* Had an illness or become incapacitated
* Inherited assets

While some states have laws that automactically revoke any beneficiary designation in favor of a former spouse upon divorce, many do not. If you fail to change your beneficiary after a divorce, your assets could wind up with your ex- spouse.

For more information contact us @ 225-439-7077 or 504-615-5750. www.cookfinancialgroup.com

10 common IRA mistake

4. Falling to name a beneficiary

It's important to know that when an IRA owner dies, the assets can directly pass to the designated beneficiary, avoiding the lengthy probate process. This makes it essential that beneficiary designations are accurate and up to date. The IRA beneficiary designation form could be one of your most important estate planning documents. It's also prudent to name a contingent beneficiary on your accounts. If the primary beneficiary is deceased and a contingent beneficiary is not named, the IRA custody agreement will generally invoke a default mechanism that will distribute the funds to your estate, where they will become subject to your creditors and lose many of the income-tax advantage of the IRA.

10 common IRA mistakes

1.Making common rollover mistakes

Many people make mistakes when rolling over thier funds. You have 60 days to put rollover money into an IRA or you risk losing the tax-deferred status of the investment.There are two types of rollovers: direct and indirect.

* A direct rollover is when the financial institution that holds your old IRA directly deposits your funds into the financial institution that holds your new IRA.

* An indirect rollover is when the financial institution that holds your old IRA issues a check made payable to you. You then deposit those funds into your new IRA.

A direct rollover is the easiest way to ensure that your funds are transferred in a timely manner.

https://www.youtube.com/watch?v=6wRxFh9Nw7s

ABCs of Retirement Planning Fixed Indexed Annuities The "B" Column or Protected Assets. These assets offer potentially moderate returns, are tax deferred, and offer partial withdrawals during the surrender per...