Have you heard about the new tax changes? Now is the time to start understanding these changes and determining if you need to make revisions to your estate plan. I would like to discuss a small part of the Act, as it relates to the use of Individual Retirement Accounts as estate planning tools. I am just getting my head wrapped around these new provisions, so excuse me as I work it out along with you. You are encouraged to speak to your Accountant or Financial Advisor to learn more.
The main thing you need to know is that an IRA can still be a good retirement planning tool for you. However, there are now distribution limits and a 10-year payout obligation. For those with smaller retirement assets, the ten year payout may not have much of an impact. Note that for most people your estate plans will still function, but they, unfortunately, will not work the way you thought they would.
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