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The SECURE Act was a game changer for trusts named as an IRA beneficiary. Most trusts will be limited to a 10-year payout rule, just like most other non-spouse beneficiaries. However, Congress was careful to carve out some exceptions for some trusts with special needs beneficiaries, specifically eligible designated beneficiaries who meet the definition of either being disabled or chronically ill. When certain requirements are met, required minimum distributions to these trusts may still be done over the beneficiary’s life expectancy.

77 and sharp - that’s my dad. A voracious reader. Daily crossword puzzles. Curious. Engaged with the community. But he gets a little loose with technology. Comedic evidence suggests he is blissfully unaware if he is having a personal text conversation with me, or if the communication is part of a larger group text with his extended family. He is also too trusting, which is a sad commentary on society in general. This can be perilous when combined with tech. For example, not long ago his computer was infected with malware (“malicious software”). The glowing blue screen offered a phone number and a quick fix. He dialed. When a voice on the other side said the problem could be corrected, my dad willfully shared his credit card information.

I don’t deal with DROPs very often, and never am 100% certain if they should be approached as a DB...

A daughter inherits a governmental plan sponsored by state ie. ORP on his death 3/7/2020. He was 88, she age...

Sen. Ben Cardin, D-Md., signaled Thursday that the next round of coronavirus stimulus could likely include required minimum distribution relief....

Hello, I have client. There mom died and left a Roth IRA to a trust. The trust is to be...

In a normal tax year where the IRS hasn’t waived the 10%, does the IRA owner taking a withdrawal in...

After several years of hearing that one can reduce taxes on RMD withdrawals by making ‘qualified charitable distributions,’ I did...

Married clients contributed to their Roth IRAs in July 2019. After preparing (and filing) their 2019 Form 1040, it was...

As the coronavirus pandemic has raged on, we have seen devasting images of overwhelmed hospitals and long lines of cars at food banks. If you are fortunate enough to have money to spare, you might be thinking about how you can help. One option to consider is a qualified charitable distribution (QCD). QCDs Still Available for 2020 In response to the pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed by Congress. Included in this giant relief package was a provision that waives required minimum distributions (RMDs) for 2020 from retirement accounts.