IRA Payable to the Estate? What Advisors Must Know About a New IRS Private Letter Ruling
When an individual retirement account (IRA) is set up, most financial advisors emphasize the importance of naming the right beneficiary. A common mistake occurs when the IRA names the estate rather than a surviving spouse. Historically, this mistake has led to lost rollover options, accelerated taxation, and a significant hit to wealth transfer goals. But […]
Making the Most of Spousal Inherited IRAs Under the SECURE Act
Making the Most of Spousal Inherited IRAs Under the SECURE Act Inheriting an IRA from a spouse is a unique situation in estate planning. Unlike other beneficiaries, spouses have specific options that can provide tax advantages and greater flexibility in how they manage and distribute the funds. However, the SECURE Act has introduced some […]
Understanding the 10-Year Rule and Conduit vs. Accumulation Trusts in Estate Planning
Estate planning is all about making sure your wealth is protected and distributed according to your wishes. While many people focus on wills and real estate, it’s crucial to also pay attention to your retirement accounts. Recent changes to how retirement accounts are inherited have made it more complicated than ever. One key area that’s […]