Larry Cohen is a Senior Managing Director in Mesirow Wealth Management He creates customized financial plans and client solutions that integrate income tax estate charitable and investment planning for affluent families and business owners Larry joined Mesirow in 1984 and has over 50 years of experience in financial services offering sophisticated solutions in all areas of wealth management He…

Leanna Bucio is Senior Vice President Onboarding & Risk Manager in Mesirow Currency Management Her primary responsibilities include oversight and management of counterparty trade confirmations reports and settlement processes Leanna has 10 years of operational experience Prior to joining Mesirow she was a Portfolio Analyst for PPM America and Operations Specialist for Hutchinson Shockey Erley…

If you have substantial assets in your IRA (or other qualified plan account leaving this asset to your children or other family members can create many headaches First it can create a significant tax burden under the current distribution rules Also giving your heir the unfettered right to withdraw all the funds and spend it as they wish may not be a good solution if they are not financially…, A testamentary CRUT is created and funded after you pass away You can include the instructions to establish the trust and the trust terms in your Last Will and Testament or Revocable Trust You then name one or more of your heirs as the initial Beneficiary for the CRUT The CRUT will pay the Beneficiary a fixed percentage of the trust income either for a set number of years (up to 20 years maximum…, Conclusion, While there are several benefits to leaving your IRA to a CRUT it may not always be the best solution Suppose your primary goal is maximizing the net after-tax benefit to your heirs and have no interest in leaving anything to charity In that case the tax benefits (stretching out income tax liability estate tax charitable deduction may not outweigh the minimum required 10% that must be left to…

Lee Gordon is a Senior Managing Director Wealth Advisor in Mesirow Wealth Management Lee joined Mesirow in 1992 and has more than 35 years of experience in the financial services industry Lee is a founding member of Chicago Scholars and past president of the Jewish Council for Youth Services He is currently serving as the Chairman of the HIAS Foundation Professional involvement includes the…

In the coming weeks the challenges we all face related to COVID-19 will demand strength empathy and an unrelenting focus on connectivity and community in the face of physical distancing At Mesirow our focus remains on the safety of our employees and their families our clients our business partners and the communities in which we operate Our thoughts remain with all those around the world who have…