Many people do not know that making a trust the beneficiary of your IRA or other retirement plan often results in accelerated income taxation. Estates and many trusts and charities must receive the benefits within five years of the owner’s date of death if he or she died before his or her required beginning date ( April 1 of the year after the owner turns 70.5.) If he or she dies after the required beginning date, then the benefit must be paid out over the owner’s life expectancy. These rules typically mean that the beneficiary receives more money in a shorter period of time and thus pays more tax. Read More...
News and Articles
Sunday, July 01, 2018
- Miramon Law to Attend 2019 NAELA Annual Conference
- What Happens to Your Debt When You Die?
- Has Your Will Been Notarized Properly?
- Social Security Retirement Benefits: When Should You Start Receiving Yours?
- Just Because Your Name Is On An Account Does Not Make It Yours!
- It's A New Year!
- Choosing The Right Lawyer
- Things to Look for in Your Continuing Care Home
- Aren’t I too young to start estate planning?
- Choosing an Estate Planning Attorney over a General Attorney