INPAC Wealth

🏠 Do You Know What a Quit Claim Deed Is?

It’s a legal document used to transfer property ownership—but in the wrong hands, it can be a tool for property fraud.

Believe it or not, more and more criminals are filing fake “Quit Claim” deeds to fraudulently transfer property ownership in an attempt to steal homes.

👇 What can you do to help protect against this:

1️⃣ Search “[Your County] Property Fraud Alert”
2️⃣ Register with your name, email, and Assessor Parcel Number (found on your tax bill)

This “Property Fraud Alert” service is designed to monitor official records 24/7 and notify you if any document—like a lien or deed transfer—is filed against your property.

It can’t hurt to take a few minutes to help safeguard one of your most valuable assets.

Did you know that disorganized estates can take years to settle, while well-prepared estates can be resolved in a shorter period of time?

Here’s the truth: organizing your legacy isn’t about paperwork—it’s about helping to protect your loved ones.

Our top tips:
👉 Keep a physical “life folder” of essential documents—digital vaults are great, but in our experience, a paper folder can be more manageable for families to access when they need it most
👉 Double-check those beneficiaries—in some instances, they actually override your will
👉 Consider consolidating scattered accounts (your family will thank you later)
👉 Look into TOD options to help manage the probate process
👉 Get specific about sentimental items—they often cause the biggest conflicts

The best time to organize your legacy? When you don’t need to. Let’s talk about making things better prepared for your loved ones.

The Internal Revenue Service has announced key changes to retirement contribution limits for 2025.

Here’s what you need to know:.

Workplace Retirement Updates:
▪️ 401(k) contribution limit increases to $23,500
▪️ Special catch-up provision for ages 60-63: up to $11,250 in additional contributions
▪️Standard catch-up amount remains $7,500 for those 50+

Individual Retirement Account (IRA) Changes:
▪️ Annual contribution limit stays at $7,000
▪️ Traditional IRA phase-out range expands: $79,000-$89,000 for individuals
▪️ Roth IRA phase-out range increases: $150,000-$165,000 for individuals
▪️ Married filing jointly Roth phase-out: $236,000-$246,000

These adjustments could affect your retirement strategy. Want to discuss how to make the most of these opportunities?

Remember, once you turn 73, you must take required minimum distributions (RMDs) from your 401(k) or other defined contribution plans in most cases. Withdrawals from these plans are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

Similarly, once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

With a Roth IRA, to qualify for tax-free and penalty-free withdrawal of earnings, distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.

⏰ April 15th is around the corner—Have you maximized your 2024 IRA and HSA contributions?

As the April 15 deadline approaches, it’s important to review your retirement savings and understand the potential tax advantages for the 2024 tax year.

Reminder of Contribution Limits:
👉 IRA (Traditional or Roth):
▪️$7,000 for individuals under 50
▪️$8,000 for those 50 and older

👉 Health Savings Account (HSA):
▪️$4,150 for single coverage
▪️$8,300 for family coverage
▪️Additional $1,000 catch-up for those 55+

With just a few weeks remaining, review your contribution status and consult with a financial professional to check whether you’re taking advantage of these opportunities and whether they align with your overall financial strategy.

Once you reach age 73, you must begin taking RMDs from a traditional IRA in most circumstances. Withdrawals from traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty.

With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.

Once you start Medicare, you can no longer contribute pretax dollars to your health savings account (HSA). Any money withdrawn from your HSA for nonmedical reasons is considered taxable income and faces an additional 20% penalty. This penalty is void after the age of 65; however, it will still become taxable income.

Did you turn 73 in 2024? Don’t miss your first RMD deadline!

📅 Key Deadlines:
1. April 1, 2025: Final deadline for your 2024 RMD
▪️ 👉 NOTE—Only applies if you didn’t take it in 2024
▪️ Based on December 31, 2023, account balance
2. December 31, 2025: Deadline for your 2025 RMD
▪️ Based on December 31, 2024, account balance

💡 Important Notes:
▪️Applies to traditional IRAs, 401(k)s, 403(b)s, and other tax-deferred accounts
▪️Roth IRAs are exempt during your lifetime
▪️Current employer 401(k) may be exempt if still working

⚠️ Caution: Failing to take the full RMD can result in a 25% penalty on the amount not withdrawn (reducible to 10% if corrected promptly).

An effective RMD strategy is key to optimizing your retirement income. Partner with a financial professional to create a distribution strategy that manages taxes and aligns with your long-term goals.

Remember, once you turn 73, you must take RMDs from your 401(k) or other defined contribution plans in most cases. Withdrawals from these plans are taxed as ordinary income and may be subject to a 10% federal income tax penalty if taken before age 59½.

With a Roth IRA, to qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a 5-year holding requirement and occur after age 59½. Tax-free and penalty-free withdrawals can also be taken under certain other circumstances, such as the owner’s death. The original Roth IRA owner is not required to take minimum annual withdrawals.

Ever wonder who’s really managing America’s wealth? The answer might surprise you. 💪

49% of women now serve as their households’ financial decision-makers, up from 41% in 2021!

To put that in perspective: Before 1974, women often couldn’t even open a bank account without a male co-signer.

Today, they’re projected to control $34 trillion in U.S. investable assets by 2030.

What makes women exceptional financial leaders? Research shows they:
▪️Tend to take a more patient approach to investment decisions
▪️Maintain strategies during market volatility
▪️Champion sustainable and socially responsible investments
▪️Know when to seek guidance

Women’s History Month is a powerful reminder of women's progress in pursuing financial independence and leadership.

As more women take control of their financial futures, opportunities to help build lasting wealth, create financial strategies, and shape meaningful legacies have never been greater.

⏰ Final Reminder: Medicare General Enrollment Ends March 31!

The general enrollment period (GEP) is the chance of enrolling in Medicare if you missed doing so when you first became eligible (the initial enrollment period [IEP]).

🧐 What’s the difference between the IEP and the GEP?

🔹 Initial Enrollment Period (IEP):
▪️Who: New Medicare-eligible individuals (turning 65 or newly disabled)
▪️When: A seven-month window—three months before, the month of, and three months after your 65th birthday
▪️What: Enroll in Part A (hospital coverage) and/or Part B (outpatient care and other medical services), with the option to add Part C (Medicare Advantage) or Part D (Prescription Drugs)

🔹 General Enrollment Period (GEP):
▪️Who: Anyone who missed their IEP and doesn’t qualify for a special enrollment period
▪️When: January 1–March 31 each year
▪️What: Enroll in Part A and/or Part B only. You must wait for the next enrollment window to add Part C/Part D.

✅ Take Action Before March 31st:

1. Review Your Coverage Needs: Decide if you need Part A, Part B, or both
2. Enroll Today: Visit ssa.gov or call your local Social Security office
3. Plan Ahead: Mark your calendar for the next chance to add Part C or Part D

We have some resources at our offices if you have questions about navigating Medicare.

⏰ ⏰ Spring Forward This Sunday! 🌞

Daylight saving time starts Sunday, March 9—don’t forget to set your clocks forward one hour.

Here’s to longer, brighter days ahead!