Missives

A traditional IRA can be used to help pay for post-high school education expenses without incurring a penalty. But that is not the best use of those retirement funds.

There is no rush to open a solo 401(k) account by the end of 2023. But there may still be a deadline.

An irrevocable Trust cannot own real estate as a joint tenant with full rights of survivorship.

A trustee has a duty to collect assets from the decedent’s probate estate if unreasonably withheld.

The 50% penalty imposed on the failure to take a required minimum distribution (RMD) from an inherited retirement account just got waived for three years for some designated beneficiaries.

The SECURE Act 2.0 provided us with many new provisions which became effective on January 1, 2024.

With higher interest rates and expected lower market returns, it is time to reconsider some conventional wealth-shifting strategies for 2024.

Michigan currently is looking into the adoption of the Uniform Premarital and Marital Agreements Act with the intent to provide a level of consistency when it comes to the enforcement of prenuptial and postnuptial agreements.

When a trustee dies, the duty to inform and account passes to the trustee’s estate representatives.

What follows is a last look at what happened in 2023 regarding retirement plan contributions, distributions and decisions that impact saving for retirement.