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.

Starting in 2024 the SECURE Act 2.0 allows a rollover from a 529 account with ‘excess’ funds to a Roth IRA. As reported previously, there are several limitations to deal with before this new rollover opportunity and be exploited.

Naming a Trust as the IRA beneficiary may not always be the best choice for a retirement account owner.

Michigan’s more comprehensive durable power of attorney statute is effective come July 1, 2024.