IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that and instead require annual distributions for any beneficiary subject to the 10-year rule.
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers
Do you have an IRA? If so, you realize this is a good way to save money for retirement. You also realize that it can be a big part of your estate plan. It’s important to look at this as more than a simple way of saving money. There are other benefits, other details to […]
Regardless of your age or financial position, it’s important to look toward the future. For example, you need to keep one eye on your retirement savings at all times. If you don’t, you could find yourself reaching retirement age without enough money to hang up your work boots. It goes without saying that you don’t […]
Many people look forward to the day when they can retire. For some, the time may be now. For others, this could be many years down the road. Unfortunately, it can be difficult to determine if you are in position to retire. Even if you’ve been saving money for quite some time, it doesn’t necessarily […]