While a recharacterization of a Roth IRA, back to a traditional IRA is no longer possible, an IRA owner is still able, within a narrow time frame, to change the nature of their contribution from traditional to Roth, or just the opposite.

In Michigan we do not have either a state estate tax or state inheritance tax to plan ‘around.’ However, there are several states that still impose, one or the other tax that should be considered when provide planning guidance.

It has been less than two weeks since Mr. Trump became President-elect Trump, but the speculation on the impact of his return to the Presidency on taxes and estate planning has already generated several articles, perspectives, and (no surprise) wild speculation.

The proposed Regulations to the SECURE 2.0 Act provide a surviving spouse more flexibility in taking required minimum distributions (RMDs) from an inherited retirement account, yet understanding those new rules will be a challenge.

The Final Regulations that provide guidance to the SECURE Act, released on July 18, 2024, give a slightly broader definition of an eligible designated beneficiary and some relief from the certification requirements.

Normally I avoid ‘like the plague’ writing about the federal generation skipping transfer tax (GST) because: (i) I don’t fully understand the GST rules and its confusing elections and exemptions; and (ii) I usually break out in hives as I struggle to read and understand the GST rules and the nuances of those rules.

Holding S corporation stock in a non-grantor Trust is possible, but also a challenge considering the rules under the Tax Code that must be followed for the Trust to hold the S stock.

An exempt asset is no longer exempt when it is held in the hands of its owner.

Congress wants to give a retiree a way to maximize longevity insurance through the purchase of a qualified longevity annuity contract (QLAC) in his/her retirement account. The drawback to the purchase of a QLAC by a retiree is that he/she is locked into that purchase. Now, there is a bit more flexibility to escape the initial QLAC purchase.

A backdoor Roth IRA conversion is a popular estate planning strategy. However, there are plenty of rules, regulations and contribution limitations that must be compiled with to successfully complete the backdoor conversion.