Here’s a brief glance at what you’ll find in the October/November issue.
The return of RMDs: COVID-19-related suspension of RMDs is a thing of the past
The temporary reprieve is over. Due to the COVID-19 pandemic, Congress suspended the rules for required minimum distributions (RMDs) in 2020, including inherited accounts. But the rules have been restored for the 2021 tax year. Essentially, participants in qualified plans and IRAs who’ve reached their required beginning date must take distributions this year or potentially pay a hefty penalty.
Protecting business wealth from creditors
Business owners likely have worked long and hard to achieve their goals. It would be a shame if creditors were able to reach their assets before they’ve transferred wealth to the younger generation.
Behold the 21st century will: the e-will!
A will is commonly drafted in a lawyer’s office in the presence of witnesses and a notary public. However, this scene is slowly changing with the rising popularity of electronic wills (e-wills).
Estate Planning Pitfall: You haven’t updated your estate plan after a move
There are several reasons a person might pick up and move to another state, such as a change in jobs, a desire for a better climate, an opportunity to downsize or to be closer to loved ones.
What is going on with the Federal Estate Tax Exemption Amount?
When a change in presidential administration occurs, like clockwork there is discussion of what will happen to the federal estate tax exemption amount.
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