IRS waives mandatory withdrawals from certain inherited individual retirement accounts — again
As many of you know, the Secure Act of 2019 drastically changed how non-spousal beneficiaries could inherit an IRA. Since the change, it has been unclear whether beneficiaries have to take out minimum distributions during the 10 year “stretch” period. Unfortunately, the IRS still has not provided guidance on that fact. CNBC published a helpful […]
Biden’s Budget Bill (and it how it might apply to you)
Recent headlines have been dominated by discourse surrounding Biden’s proposed $3.5 Trillion “Build Back Better” plan, and the recent negotiations looking to trim it. Here’s a quick update on where those negotiations stand, and how the bill may affect you. When first proposed, the $3.5 trillion plan sought to (among other expenses) fund universal preschool, […]
What Does a Trustee Do Anyway?
If a loved one asks you to act as a trustee of their trust, it is because they trust you to be able to handle their affairs in their place. They believe you can exercise strong, fair, and independent judgement when necessary. Although the position of trustee can be a whirlwind of responsibilities and duties, […]
Death and Taxes
Death and Taxes are two certainties in life. When they collide, the results can be disastrous without careful consideration and planning. The good news is that most inheritances are passed on free of tax. However, a misstep could cost you dearly with the IRS depending on the size of the estate and the type of […]