Q. I understand that the rules for Required Minimum Distributions (RMDs) from workplace retirement plans and individual retirement accounts have changed this year due to the SECURE Act earlier in the year and the recently enacted CARES Act. This brings several questions to mind. For instance, should I take advantage of the 2020 RMD waiver? […]
Avoid Disaster: Update Your Estate Planning Documents in Light of New SECURE Act Provision
Q. I completed my estate planning with your firm five years ago and elected to have my retirement plans pass into a “conduit trust” or “pass-through trust” for the benefit of my daughter, Hannah. My understanding was that the conduit trust would pay out required minimum distributions to her, and that the money would grow […]
Top 19 Articles of 2019
Those who read our newsletter or follow our blog know that we covered a lot of ground in 2019. This past year, the Federal Tax Act increased the federal estate and gift tax exemption from $11.18 million dollars per person to $11.4 million dollars per person ($22.8 million dollars per couple). On the gift tax […]
SECURE Act is Signed into Law: Five Ways it will Change Retirement
Q. I heard that the Setting Every Community Up for Retirement Enhancement (SECURE) Act was recently signed into law and that it includes taxpayer-friendly measures designed to boost retirement savings. What are some of the ways the SECURE Act affects retirement savings? A. Currently, 25% of working Americans have no retirement savings at all– including […]