New IRS Regulations Applicable to SECURE Act – Part 2
The subject of last week’s post was the proposed regulations concerning the SECURE Act which was passed by Congress and signed by President Trump at the end of 2019. This law made significant changes to the rules concerning IRAs and other tax deferred retirement accounts. To briefly summarize, while the new law
New IRS Regulations Applicable to SECURE Act
I last posted about the SECURE Act a year ago. (2/28/21, 3/8/21 and 3/14/21) This law was passed by Congress at the end of 2019 and it included significant changes concerning retirement accounts, including IRAs and employer sponsored tax deferred accounts such as 401ks. The law was mostly negative although it did
Why It Pays to Have a Carefully Drafted POA – Part 2
In my post last week I told you about a call we received from a family member serving as agent under power of attorney (POA) for a client of ours. The son had been refused access to his mother’s individual retirement account (IRA) account because the bank claimed that the POA did
If I Move to Another State Do I Need to Update my Legal Documents? (Part 2)
If I Move to Another State Do I Need to Update my Legal Documents? (Part 2) In my post last week I discussed the need to update a power of attorney or health care directive when one moves from one state to another. This week we talk about wills and trusts. Is there
If I Move to Another State Do I Need to Update my Documents?
It’s a common question we get from clients who intend to move out of New Jersey. We also get calls from people moving to New Jersey who want us to review estate planning documents prepared in another state. These documents may include wills, powers of attorney, health care directives and trusts. Do these
The Importance of Updating Your Will – Part 1
A will is something everyone should have, but just as important is to update a will when it is clear that changes are necessary. No will can be designed to last forever, no matter what happens. By way of example, we have had two recent cases in our office in which the
Why a Will is so Important in a Second Marriage – Part 2
In my post last week I began telling you about Mary’s call. Her husband, John passed away without a will so for the probate assets - those held by John individually with no co-owner and no beneficiary upon death - New Jersey’s intestacy laws would control. As I explained last week, these
Biden Tax Plan Begins to Take Shape – Part 2
In my post last week, I reviewed what we know so far about President Biden’s proposed tax law changes. One change would increase the tax rate on capital gains, which currently is taxed at a lower rate than regular income. Another change relates to the provision that wipes out the capital gains tax for
How the SECURE Act Changed Estate and Long Term Care Planning – Part 2
In last week’s post I reviewed the stretch provision of the tax laws that apply to retirement accounts such as IRAs and 401ks. These laws allowed tax deferred accounts to remain tax deferred for a longer period of time by allowing certain beneficiaries to “stretch out” the time within which they
Possible Tax Law Changes after the Election – Part 2
Last week I wrote about the questions we have been receiving from clients about tax law changes coming after next month’s election and what to do now. As I stated last week and I’ll say again, it is impossible to know now what changes may come, therefore, we can’t recommend any