DeAngelis Legal advised long time Scottsdale clients on appropriate IRA beneficiary designations. After the 2017 Tax Act, non-spouse beneficiaries can no longer take distributions over their lifetime and in most cases must take all distributions within 10 years of the account owner’s death. This makes planning for large retirement accounts difficult, especially when you see bad advice circulating main stream media, such as Barron’s July 2, 2022 article “How to Minimize Your Heirs’ Tax Burden on Inherited IRAs and 401(k)s” suggesting that different asset classes should go to different beneficiaries, which is the worst estate planning advice Quinn has read in years. Viable alternatives include charitable giving from these accounts, accelerating distributions during the account owner’s lifetime and Roth conversions.
By Quinn DeAngelis|2022-07-21T12:11:51-07:00June 15th, 2022|Recent Projects, Estate Planning, Protecting Family Wealth, Homepage|Comments Off on May 2022 IRA Beneficiary Designations