The IRS announced its final rule on when an inherited IRA must be distributed to a beneficiary. If the owner of an IRA (or other retirement account) has already reached the date (the Required Beginning Date) when he or she is required to make distributions (70...
Recent changes under the Secure Act 2.0 that became effective January 1, 2023 may make a QLAC (Qualified Longevity Annuity Contract) a planning option for long-term care Medicaid which helps pay for nursing care and care at home. A QLAC is an annuity within your retirement...
Americans, particularly workers with lower earnings, are not saving enough for retirement as many live paycheck to paycheck. As part of the spending bill signed by President Biden on December 29, 2022, there are various incentives ranging from emergency savings options to tax incentives and...
Last month President Biden signed into law the Respect for Marriage Act that achieved bipartisan support. The law gives protection of federal benefits to same-sex legally married couples who move to another state where the laws do not recognize same-sex marriage. For example, if a same-sex...
Prior to the passage of the SECURE ACT, trusts named as a beneficiary of a retirement account could be prepared to stretch distributions (for tax-deferred growth) over the lifetime of the designated beneficiary. However, unless the beneficiary is either (1) a spouse; (2) someone less...
Although the recent ruling by the Supreme Court of the US (“SCOTUS”) that there was no constitutional right to an abortion (and the case only dealt with abortion), Justice Clarence Thomas indicated in his decision that the constitutionality of same-sex marriage should also be reconsidered...
On March 29, 2022, the House of Representatives passed (with almost unanimous bipartisan support) a bill (commonly referred to as SECURE Act 2.0) that builds on the SECURE Act that was passed a couple of years ago. The bill (which has now been submitted to...
As year 2020 comes to an end, it is a good year to make gifts for some due to the CARES Act and potential future law changes – unless there is a possibility of applying for certain public benefits within an applicable “lookback period”. Due to...
Although we are all affected by the pandemic, the following are just some of the key provisions that impact seniors: Rebates. All U.S. residents with adjusted gross annual income of up to $75,000 ($150,000 if married) who are not a dependent and have a work eligible...
Although the SECURE Act passage last month (which became effective January 1, 2020) covered 29 new provisions, the one provision likely to cause the most impact is the removal of “stretch” inherited IRA provisions to 10 years unless the beneficiary is an eligible designated beneficiary....
