We all know about the 10% excise tax, aka penalty, for taking a distribution from an IRA prior to age 59 ½. We are also aware of the several statutory exceptions to this excise tax, although keeping these exceptions, or safe harbors, straight in our minds can be more of a challenge.

Charities might consider revisiting their gift-acceptance-policies to include cryptocurrency.

While making qualified charitable contributions (QCDs) has become a highly popular way to carry out charitable giving objectives while at the same time reducing taxable required minimum distributions (RMDs), not to be forgotten are the aggregation/offset QCD limitations.

If Mr. Trump is re-elected President, and the Heritage Foundation’s Project 2025 is adopted by his administration, there will be a profound impact on tax planning as we know it.

With employers now being offered some tax credits to induce them to adopt a retirement plan for their employees, they may be faced with a choice of establishing either a SEP IRA plan or a SIMPLE IRA plan.

Missing a required minimum distribution (RMD) is not Armageddon. There still is hope.

SLATs make a lot of sense to remove assets and their appreciation from a taxable estate. You just have to be careful to avoid all of the ‘traps’ along the way.

The SECURE Act came into existence starting in 2020. We are still waiting for Final Regulations that will help to understand and provide guidance to individuals when it comes to taking required minimum distributions (RMDs.)

Michigan finally recognizes a silent trust, which may be appealing to some settlors, but it will probably not be a welcome option by trustees.

A Michigan owner of a 529 account who transfers ‘excess’ 529 funds to a Roth IRA may be subject to a state income tax recapture if their initial contribution to the 529 account created a state tax deduction or credit.