For those of us in our working years, we may dream of a retirement destination outside of western Pennsylvania. Perhaps we are seeking warmer weather, sunnier skies or to be closer to family. Although we would argue that it should not be a primary consideration in your retirement decisions, state taxes can play a role. […]
State Tax Considerations in Retirement and Estate Planning Read More »
On April 16, 2024, the Internal Revenue Services (IRS) released Notice 2024-35, granting relief (again!) for failure to make requirement minimum distributions (RMDs) from an inherited IRA (or from other inherited retirement accounts). This means that if you have inherited an IRA from someone who passed away in 2020 or later, then you are not required
Coordinating your Last Will and Testament (or Revocable Trust) with your beneficiary designations is an important aspect of estate planning. If you have an IRA, 401k, 403b, or other retirement account, chances are that you’ve completed a standard beneficiary form. Simply put, it designates who should receive the account upon your death. Most of these
Coordinating your Last Will and Testament (or Revocable Trust) with your account ownership titling and your beneficiary designations is an important aspect of estate planning. A joint account or beneficiary designation typically overrides the terms prescribed under your Will, so it’s crucial to ensure they are consistent with your overall estate plan. For example, if
The Intersection of Your Will/Trust, Joint Accounts, and Beneficiary Designations Read More »
by John Montoya Your estate plan helps protect your loved ones – mentally, emotionally, and financially – and we can help you with all of the steps necessary to put a plan in place. Estate planning is not just the set of documents your attorney prepares, nor is it your investment allocations and financial plan,
by Matt Schwartz During an election year, it is natural to relate your profession to the Presidential election. At Schwartz Montoya Legal, we are considering for our clients what they should do between now and the end of 2025 when the expanded estate and gift tax exemption under the Tax Cuts and Jobs Act of
Lifetime Exemption – Is now the time to Make gifts? Read More »
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)
If you are 70 ½ or older, you are able to donate a portion or all of your RMD directly to charity (up to $100,000 annual maximum). This is a great way to utilize your RMD if you regularly give to charity but otherwise no longer itemize your income tax deductions. Other tax favorable means
Year End Planning Points and Considerations for 2023 and Beyond Read More »
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
At the end of 2019, Congress passed the SECURE Act eliminating the stretch IRA. Absent being a spousal beneficiary, a disabled beneficiary, a chronically ill beneficiary, a beneficiary less than ten years younger than the IRA owner, or a minor child beneficiary under the age of 21, an inherited IRA must be distributed to a
