The amount of time banks and other financial institutions have to notify people with retirement accounts about new rules for taking required minimum distributions (RMDs) has been extended.Under IRS Notice 2020-06, financial institutions have until April 15 to notify certain people with retirement accounts that no RMD is due for 2020. The new rule was … Read more
Many people who have an estate plan have created a living trust (also known as a declaration of trust). But one thing many people forget is rather important: funding their trusts.
Estate planning attorney Robert Ross explains which assets you may wish to retitle into your living Trust.
If you are age 72 (or turn age 72 this year), you are required to take minimum distributions (“RMDs”) each year from your regular IRA and you have to pay income tax on those distributions. However, individuals who choose to make qualified charitable distributions (“QCDs”) which reduce the amount they are required to withdraw by … Read more