Tax rules on individual retirement accounts (IRAs) are different for inherited IRAs. Some differences are positive.
Trusts give parents of special-needs children additional options for extending care and financial assistance. However, you might need some expert help.
Qualified Charitable Distributions, which allow Individual Retirement Account holders in their 70s and older to divert some of their federally taxable required distributions to charity while reducing their federally taxable income, are back after a 2020 hiatus.
These changes are so significant that every such plan holders should review their wishes and how their estate plans may be affected.
Here are the highlights of the most recent tax changes found in the $2 trillion coronavirus relief bill, which the Senate has approved, and the House recently passed.