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.
Following House passage of the retirement reform bill known as SECURE 2.0, the next stop to advance this comprehensive bill will be in the Senate.
The IRS is proposing new rules for retirement account distributions including changes to the requirements of the 10-year rule for heirs.
New life expectancy table mean RMDs on inherited accounts will be reduced this year.
Year-end is an opportune time to remind investors of situations where they are not required to take retirement distributions.