Insight on Estate Planning - October/November 2021
Related Practice: Estate Planning & AdministrationHere'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 pastThe 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. This article explains RMD rules and details what an individual must do before year end. A sidebar details the RMD options an individual has if he or has multiple accounts.
Protecting business wealth from creditorsBusiness 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. This article examines several asset protection strategies business owners can employ with the goal of holding on to more of their wealth to pass on to loved ones.
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). This article discusses the Uniform Electronic Wills Act and lists the advantages and disadvantages of e-wills.
Estate Planning Pitfall: You haven’t updated your estate plan after a moveThere 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. This brief article explains why it’s critical to update estate planning documents after making the move.
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. This article discusses the possible changes to the federal estate tax exemption amount.
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