IRS Issues Warning on TikTok-Promoted Trusts
IRS has issued a Chief Counsel Memorandum (CCM) – AM 2023-006 (August 9, 2023) warning people about the proliferation of incorrect information regarding so-called “NICDS” (non-grantor, irrevocable, complex, discretionary, spendthrift trusts). IRS says that several...
A Cautionary Tale of Estate Planning
Weekly Update – 8/16/23 It was a significant moment etched in history—August 16, 1977—when the world mourned the loss of the iconic "King of Rock ‘n’ Roll," Elvis Presley, whose passing was attributed to a sudden cardiac arrest. In a manner similar to other well-known...
5 Important Ages to Know Before Retirement
Retirement planning is a long-term process with key milestones along the way. When you reach certain ages, you’ll be eligible for various programs and services, and you’ll have further access to retirement planning tools. These are the key ages that mark those...
Asset-Rich but Cash Poor: Understanding the Retirement Predicament
Weekly Update – 7/26/23 Retirement is a time when most people expect to enjoy the fruits of their labor, with financial security and a steady income from investments or savings. However, for some individuals, this period can present a unique financial challenge: being...
IRS Excuses Missed 2023 RMDs Within The 10-Year Payment Period; Extends Time to Rollover Unwanted “Accidental” RMD Payments
In IRS Notice 2023-54 issued today (July 14, 2023), the IRS provides relief for 2023 missed RMDs (required minimum distributions) for IRA beneficiaries subject to annual RMDs within the 10-year payout period. The Notice also extends the 60-day rollover deadline for...
Checklist for Joint Retirement Planning with Your Spouse
Preparing and planning for unexpected costs in retirement is an essential step in ensuring financial security and peace of mind. Here is a checklist of steps to take to help you prepare for unexpected costs in retirement: Spousal IRA: Consider establishing a spousal...