The proposals in Congress might not become law, but clients are hearing about them and want to hear from their advisers on planning moves they could make to be better prepared.
A North Carolina Bankruptcy Court decided that inherited 401(k) accounts do indeed receive creditor protection under ERISA as long as the funds are still in the plan at the time of the bankruptcy filing.
A lifetime of accumulation and growth goes up in smoke because the beneficiaries don’t know the IRA trust tax rules. Advisers can help their clients avoid such colossal blunders.
2021 is the last year your clients can use their retirement funds for unlimited charitable giving as a result of provisions in recent tax laws.
On June 30, the SECURE Act change in the age at which RMDs must begin, to 72 from 70½, will be complete, and the confusing half-year era will finally end.
An IRS official tells a bar association gathering that the arrival of proposed regulations covering the SECURE Act's required minimum distribution provisions will be 'later than imminent but before eventually.'
The agency released a revised version of its publication covering rules on inherited IRAs that confirms there are no RMDs required during the 10 years. But the publication raises another question.
The agency says it's revising Publication 590-B, which caused the confusion about the 10-year rule on required minimum distributions under the SECURE Act.
The proposed SECURE 2.0 legislation seeks to raise the age for required minimum distributions, but that will create more problems than it solves.
With potential tax changes on the horizon, here are the IRA moves to make now.