Blog Category - Ira Distribution Planning

Name: Strauss Attorneys PLLC
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Apr

Secure Act 2.0—Boon to Charitable Gifting?

Congress recently passed the Secure 2. 0 Act of 2022 (the “Act”); it became law on December 22, 2022. The Act is designed to encourage retirement saving and really has very little practical effect on estate planning in general, but it does contain some advantages to those who are...

Apr

New IRS “Clawback” Regulations Have Limited Applicability to Gift Transactions

The Tax Cut and Jobs Act of 2017 (TCJA) doubled the exemption amount available during lifetime or at death from $5 million to $10 million, inflation adjusted, until January 1, 2026. The 2022 exemption amount is $12. 06 million and will decline under current law, subject to further...

Apr

Coronavirus and Your IRA

On March 27, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law. Among the most impactful tax changes found in the $2 trillion stimulus bill are the provisions affecting retirement accounts. Retirees do not need to take Required Minimum Distributions (...

Apr

Inherited IRAs Face a Paradigm Shift in 2020 and Beyond.

The new SECURE Act changes estate planning regarding inherited retirement accounts starting in 2020. SECURE is in an acronym that stands for “Setting Every Community Up for Retirement Enhancement. ” The new SECURE act was signed into law on December 20, 2019, and is now in effect...

Apr

Last-minute Charitable Ideas and Impending Major IRA/401(k) Legislation

BREAKING NEWS—IMPORTANT IRA LEGISLATIONA new bill called the Setting Every Community Up for Retirement Enhancement Act, otherwise known as the SECURE Act has passed the Congress and was signed by President Trump on December 20, 2019. The SECURE Act goes into effect January...

Apr

Federal Transfer Taxes

The Internal Revenue Service has announced the annual inflation adjustments for the 2019 tax year: 2017 2018 2019 Gift and Estate Tax Exclusion $5,490,000 $11,180,000 $11,400,000 GST Tax Exemption $5,490,000 $11,180,000 $11,400,000 Gift Tax Annual Exclusion $14,000...

Apr

Does the New Tax Act Reduce the Income Tax Benefits of Giving to Charity and How to Encourage Larger Donations?

The Tax Cuts and Jobs Act which became effective on January 1, 2018, affects almost every area of income tax law, including charitable giving. An individual’s cost to donate money to charity has traditionally been reduced by the tax benefits afforded charitable deductions under s...

Apr

Thinking Through Year End and New Year Taxes

As we approach the end of 2016, we at Strauss Attorneys, PLLC would like to remind you of measures you can take to minimize your income tax liability. By taking proactive steps to secure credits and deductions, or accelerating or postponing income or deductions, a savvy taxpayer...

Apr

More for Christmas, Less for the IRS – Saving Money with Year End Tax Planning

Executive Summary Most year-end income tax planning strategies fall into two broad categories: first, maximizing available credits and deductions, and second, accelerating and postponing income and deductions. The heart of intelligent income tax planning is taking advantage of c...

Apr

How to Protect Inherited IRAs After the Clark v. Rameker Decision

In a landmark, unanimous decision handed down on June 12, 2014, the United States Supreme Court held that inherited IRAs are not “retirement funds. ”This ruling is important to you and your family because it means you need to take action to insure your retirement fund...

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