In recent IRS Notice 2023-62, the IRS delayed the SECURE Act 2.0 requirement that some catch-up 401(k) contributions be Roth catch-up contributions, i.e. made with after-tax dollars, until 2026.

Many ‘old’ irrevocable trust may soon be terminating or entering into new phases, where the generation skipping transfer tax (GSTT) will increasingly apply, with non-skip beneficiaries dying and with skip persons becoming eligible to receive trust distributions.

: In 2021 donor advised funds made up seven of the top 10 charities to which contributions were made by the general public.

While annuitizing a portion of a retirement account can reduce the account owner’s taxable required minimum distribution amount, there are still plenty of unanswered questions that require the IRS’s guidance in hopefully soon Temporary Regulations.

It is fair to say that there is not much awareness of Michigan’s antilapse statutes nor understanding of their broad application to Wills, trusts, and numerous other nonprobate governing instruments.

The anxiety caused by the SECURE Act 2.0 with regard to mandating Roth catch-up contributions just got a 2-year reprieve.

Discharge of indebtedness income often comes as a surprise to the debtor. It comes as an even bigger surprise to a single member LLC owner who was never obligated to repay the loan that was subsequently discharged.

Funding a stock or partnership buy-sell agreement with life insurance on the life of an owner may cause unexpected federal estate tax liability for a deceased owner’s estate.

Once required minimum distributions are ‘turned on’ they cannot be later ‘turned off’ by a successor beneficiary of a retirement account.

Trusts sometimes protect assets from being lost in the beneficiary’s divorce, other times the trust does not work so well as an asset protection device.