Case Study: Inherited IRA Mistake Cost Years of Tax-Free Growth | |
Child Lost the Potential for Years of Tax-Free Growth in IRA | |
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A new client came to one of our Storen Financial advisors with questions about an IRA she had inherited from her late spouse. Her previous advisor with another firm had recommended she disclaim (or legally refuse to take ownership of) the Roth IRA to her child. Unfortunately, this was negligent advice. Since the child was not an Eligible Designated Beneficiary (EDB), the money will have to be taken out in the next 10 years even though the mother is still alive. This means that the child missed out on the opportunity for years of tax-free growth. Our team would have recommended an alternative route with the opportunity to benefit the family overall...
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Blog by Greg Storen, MBA –
President/CEO, Advisory Services Director
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This is a hypothetical example and is not representative of any specific situation. Your results will vary. | |
Avoid Falling Prey to Scams With These Resources | |
Protect your identity and safeguard your wealth from scams | |
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Each year, countless people fall victim to cunning scammers looking for any opportunity to steal someone else’s money. In particular, many of these scams target older adults who are especially vulnerable to this deception. In 2023 alone, the FBI reported that older adults lost $3.4 billion to scams. This statistic, of course, includes only those scams that were reported at all. A vast majority go unreported, meaning that a great deal of older adults lose their money to increasingly intricate scams each year. These scams can include but are not limited to…
- AI scams
- Government impersonation scams
- Sweepstakes and lottery scams
- Robocalls/ phone scams
- Grandparent scams
- Romance scams
- Sextortion
- Pig-butchering scams
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Blog by Greg Storen, MBA –
President/CEO, Advisory Services Director
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Wishing you and yours a safe and happy holiday season from all of us at Storen Financial! In celebration of the upcoming holidays, our office will be closed on the following days: November 28th and 29th, as well as December 23rd through 27th. We will also be closed on January 1st. Click here for office hours.
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More Important News & Resources | |
Our goal is to share valuable and practical information with you through our blogs, resource links, social media posts, and updates. On our blog, you’ll find all the tools, resources, and information you need. Have questions? Give us a call! | | |
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October 2024 Team Day Recap | The entire Storen Financial team gathered for a day of company forecasts, updates, and future plans led by our team leaders. This meeting was a lively and efficient way to recap the successes from our year-to-date and look ahead to what 2025 holds in store. Highlights from the day included... Click here to read this blog. | | |
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The Positive Impact of Building a Business Budget | |
A business budget serves as a financial roadmap, guiding your business toward profitability, growth, and long-term sustainability. Simply put, a budget is a spending plan for your business based on your income and expenses. For example, a budget might include...
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What services require a 1099? | If you own a business, then there’s a good chance you’ve paid $600 or more for a service this year. Did you outsource your marketing or hire someone to clean your office monthly? Did you pay someone to mow the lawn outside your business? For all of these situations, you’ll need to file a 1099. Here are a few examples of services that require this filing… Click here for details. | | |
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Team Attends Virtual Ed Slott Training
| It’s incredibly important to our team that we’re always learning and refreshing our understanding of the information needed to safeguard, manage, and grow your accounts. Recently, several of our team members attended Ed Slott’s Virtual 2-Day IRA Workshop for Financial Advisors. During this training workshop... Click here for details. | | |
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Video: Young Professionals Program – Data Protection Explained | Join us as one of our Financial Assistants, Joseph Cavazos, sits down to discuss the financial milestones that young professionals in their 20s-30s often face. In this video, Joseph explains and simplifies data protection. Click here to watch this video. | | |
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Video: Top Three Tips for Safely Browsing the Internet | Join us as Communications Specialist, Kaylee Kriese, travels around the office in search of quick answers and helpful information from our advisory, business, and tax teams. In this video, Amy White, Technology Manager, will share her top tips for safely browsing the internet and why it’s so crucial. Click here to watch this video. | |
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Have feedback to share with us? Send us a testimonial! We’d love to hear about your experience with Storen Financial. Click here to share.
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Comprehensive Financial Services | |
We are here year-round offering comprehensive tax, accounting, and financial planning services that will help you pursue your financial objectives... | |
Our team is committed to delivering professional financial services with personalized customer attention. Have you met... | | |
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Nicki Burns –
Digital Document Specialist
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Nicki joined the Storen Financial team in 2021, and she manages our clients’ digital experience, from setting up our clients’ secure portals to organizing uploaded documents to gathering digital signatures. She enjoys helping others, being a part of our team, and assisting our clients with their digital experience. Click here to read more. | |
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ADDRESS
1120 W Oak St, Suite 200
Zionsville, Indiana 46077
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Storen Financial is an established independent investment and accounting firm in the Indianapolis area, headquartered in Zionsville, serving clients in 43 states. A local institution for over 50 years with a focus on team, family, and community involvement, we pride ourselves on forward thinking innovations and dedicated customer service. We offer year-round, comprehensive options that implement tax-saving strategies to help individual and business clients pursue financial goals. Click here to learn more about Storen Financial. | |
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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.
No strategy assures success or protects against loss. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Brass Tax Wealth Management, a registered investment advisor. Tax/accounting/CPA related services offered through Storen Tax & Financial Group Inc. DBA Storen Financial. Greg Storen and Storen Tax & Financial Group Inc., a separate legal entity, are not affiliated with LPL Financial. LPL Financial does not offer tax advice or Tax/accounting/CPA related services. Registration as an investment advisor does not imply any level of skill of training.
Brass Tax Wealth Management and Storen Financial are separate entities from LPL Financial. The information contained in this e-mail message is being transmitted to and is intended for the use of only the individual(s) to whom it is addressed. If the reader of this message is not the intended recipient, you are hereby advised that any dissemination, distribution or copying of this message is strictly prohibited. If you have received this message in error, please immediately delete.
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