The SECURE Act of 2019 altered the landscape for IRAs significantly when signed into law. Just when advisors gained a level of comfort with the SECURE Act, the United States Treasury Department issued Regulations in early 2022 requiring RMDs under the 10-year Rule in years 1-9. After realizing that many individuals were unaware of that requirement, the Internal Revenue Service responded by issuing Notice 2022-53 suspending the requirement to take RMDS in 2021 and 2022. SECURE 2.0 came at the end … [Read more...] about The SECURE Act – the Gift That Keeps On Giving
How Does Massachusetts Rate for Retirement?
The explain some estate plan updates that typically follow the loss of a spouse. Retirement planning involves more than just ensuring that you have sufficient financial resources available to live comfortably when the time comes. Another important consideration is where to live when you retire. Not only will your choice impact your finances, but it can also impact your quality of life. Each year, WalletHub ranks the states for “retirement-friendliness.” If you are planning to remain in, or … [Read more...] about How Does Massachusetts Rate for Retirement?
What You Need to Know about Retirement Plan Distribution Rules
Like many Americans, you probably started saving money for retirement early on in your working years to ensure that you are financially secure when you retire. As you now get close to retirement age, you need to carefully plan when and how to start retirement plan distributions. That requires you to understand the rules relating to distributions as well as the options for deciding how much to take out. To help you plan, the Beverly estate planning attorneys at Legacy Care Law Firm explain what … [Read more...] about What You Need to Know about Retirement Plan Distribution Rules
Just When You Thought You Understood the 10-Year Rule, Think Again
IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that … [Read more...] about Just When You Thought You Understood the 10-Year Rule, Think Again
Retirement Planning Tips
The earlier you begin planning for retirement the less you will need to save in the long run. In fact, you might be amazed to find out what a huge difference it makes to start saving earlier in your working career. To ensure that your retirement plan works as intended, however, it should be created in conjunction with your overall estate plan. A North Andover estate planning attorney at Legacy Care Law Firm offers some retirement planning tips. How to Get Ready for Retirement While saving … [Read more...] about Retirement Planning Tips
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers. Read on to learn more. … [Read more...] about Application of the Updated Life Expectancy Tables
