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Do I have to pay income tax on my inheritance?

A Primer on Fiduciary Income Tax. This is one of the most common questions we receive and particularly so as we approach the heart of tax season. The answer is the classic lawyer response, “it depends.” After someone passes away, property is inherited in different ways and how the property is transferred (the ownership chain) […]

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SECURE 2.0 Act

How It Affects You and Your Retirement Account Beneficiaries On December 29, 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0 Act). The previous SECURE Act in 2020 made several changes to retirement planning:  Eligible Designated Beneficiaries Exempt from the 10-Year Rule The SECURE Act provided a few

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Piggy Bank

Grandparent 529 Plans

529 plans are a popular and effective way to save for education-related expenses, but historically, one potential drawback of grandparent 529 plans has been that they can affect financial aid eligibility for the beneficiary. However, thanks to upcoming changes to the Free Application for Federal Student Aid (FAFSA), distributions from a grandparent’s 529 plan will no longer

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Proposed Regulations to SECURE Act Make Roth IRA Conversions Even More Valuable

On February 23, 2022, the IRS nonchalantly released 275 pages of Proposed Regulations which shocked the retirement and estate planning professional community.  Since the passage of the SECURE Act at the end of 2019, many planners have been reeling over the ten-year payout requirement for inherited retirement accounts created by the Act, subject to limited

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