For 2020, an individual can gift up to $15,000 to another person in a year without needing to file a gift tax return. Gifts in excess of the $15,000 limit are tracked through gift tax return filings and reduce the lifetime gift exclusion. For this year, the exclusion is $11.58 million per person but could [...]
The SECURE Act, which was signed into law on December 20, 2019, will greatly affect estate planning for many of our clients. Before the SECURE Act, owners of tax-favored retirement plans (IRAs, 401ks, etc.) were able to leave their retirement assets to a designated beneficiary who could then keep the plan in its tax-deferred status [...]
You have worked hard your whole life to build up a substantial IRA nest egg and want to leave your heirs with a legacy. With a traditional “custodial” IRA, once you (the IRA owner) die, your beneficiaries are free to do whatever they want with your money. They can be responsible and withdraw only the [...]
