Heirs still waiting for clarity on 10-year rule
Although the Treasury Department issued proposed regulations for the new 10-year rule in February 2022, heirs are still waiting for final clarification.
Although the Treasury Department issued proposed regulations for the new 10-year rule in February 2022, heirs are still waiting for final clarification.
The expiring tax law provides a planning dilemma and opportunity for high-net-worth households concerned about the future of federal estate taxes.
Estate planning is an important part of year-end planning as taxpayers seek to manage the distribution of assets as and meet any state tax requirements.
For some with inherited retirement accounts, next steps for distribution planning may be unclear under the SECURE Act rules.
Consider these estate planning ideas this year that may help lessen the tax burden in the future.
When estate planning, people often focus on tangible possessions and may leave valuable digital assets behind.
Consider reminding parents that having everyone together at holiday gatherings can be a good time to address some key planning topics.
The recent House tax proposal would upend grantor trusts and make planning more difficult for those transferring wealth to heirs
Families can benefit from being prepared in case of an emergency or sudden loss by creating a short-term plan with a checklist of what needs to get done.
Despite progress on marriage equality and workplace protections, some in the LGBTQIA+ community face challenges around finances and other legal issues.