Trust & Estate

The IRS is providing relief to heirs of inherited IRAs who are subject to the 10-year rule, allowing them to skip required minimum distributions (RMDs) in 2023. Up until a few years ago, if you inherited an IRA from a parent or grandparent, the withdrawal rules were clear: you could stretch distributions over your lifetime. Since…

Prior to 2010, the concept of portability as a tax strategy simply did not exist. Any amount of a lifetime exemption that went unused by an estate was purely lost. However, in 2010 Congress passed the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act (“the Act”), which introduced the ability to “port” unused exemption amounts between…

Regardless of your age, estate planning should be a priority for most individuals. Knowing how your assets will ultimately be distributed offers you peace of mind and helps you to leave an accurate and clear legacy, avoiding confusion over challenging issues that your family and heirs will need to sort out if no such plan…