The IRS has tightened its IRA rollover rules.  The "one-rollover-per-year" rule which allows you to withdraw IRS funds tax and penalty-free, provided you reinvest the funds in the same or another IRA within 60 days, will be restricted to one account per year, regardless of how many IRA's you have.  There remains no limit on trustee-to-trustee transfers between IRA's.  Click here to read the official rule.

In addition, in June the Supreme Court ruled unanimously that inherited IRAs are not protected from creditors in bankruptcy. This ruling does not affect your own IRAs but could apply if your non-spousal beneficiaries declare bankruptcy. The good news is that certain states can offer bankruptcy protection - and, for that matter, creditor protection in non-bankruptcy situations - to inherited IRAs under state law, including Florida.  If your beneficiaries reside in another state, however, you may want to explore an IRA trust to continue their IRA protection.

Many people think estate planning is only for the wealthy. This is their first mistake! Thinking and, more importantly, planning to maintain the value of your assets for you and your beneficiaries you would be wise to consider these options when reviewing your estate.

1. Hire an experienced estate planning attorney. Pay now or you may pay much more later. Many do not want to pay legal fees for something that they think they can do themselves with will-writing software that sells for less than $100. It is important to know the legal intricacies that only a lawyer with expertise in estate planning can provide. Make time to meet with your estate planning attorney on a regular basis to ensure your estate will pass to your beneficiaries the way you intended.

2. Choosing the right trustee - Choosing an unbiased third party to manage the interests of preserving family peace and abiding the direction of the estate.  Family members or close friends may be put into an uncomfortable situation that can easily be avoided.

3. Consider a revocable trust - Many people consider their last will and testament as the best way to distribute your assets, but this may result in your estate enduring a public probate process that can be costly and intrusive. A revocable trust can eliminate this process and ensures privacy. But remember, a trust only avoids probate if it holds your assets; It is important to rename your accounts in the name of the trust. 

4. Estate planning doesn't take care of itself - Consider how much has changed in your life this year. Have your circumstances or goals changed? Do you have more assets that need to be addressed? Do you have additional beneficiaries? One of the biggest misconceptions of estate planning is setting it up and forgetting it.  Life changes and so might your current framework.