here’s what you’re looking for: seymour "sy" goldberg, cpa, mba, jd
it’s time to fix the problem of qtips and llcs
goldberg urges the irs to address new state laws that pose a threat to the qtip marital decuction.
by seymour goldberg, cpa, mba (taxation), jd
the practitioner’s guide to the ira distribution rules under the secure act
lately, some clients and others have inquired about transferring their ownership in limited liability companies to trusts for estate planning and asset protection. i cautioned them that doing so could lead to complex tax and legal problems. to address this, i recently made a formal request to the irs for guidance on a unique situation.
read goldberg’s revenue ruling request here (pdf, 5 pages.)
new ira guide updated & expanded with 42-page supplement
free to buyers of the first edition.
卡塔尔世界杯常规比赛时间 is pleased to announce the updated version of a practitioner’s guide to the ira distribution rules under the secure act by seymour goldberg is now available for sale in the 卡塔尔世界杯常规比赛时间 shop here.
- buyers of the first edition, issued last year, can pick up the new edition for free, using as a discount code the last word on page “i” of the edition they already own.
the new guide includes a 42-page supplement that covers many of the changes in the retirement distribution rules that every accountant dealing with iras must know. the proposed regulations were issued on feb. 23.
the new regs take up only 275 pages, but they are maddeningly complex. “a slipup in not knowing the rules can have adverse irs penalty tax consequences,” warns author goldberg.
a woman named wanda leaves an ira nightmare
why estate planners may now need to re-think an uncountable number of revocable trusts in at least 30 jurisdictions.
by seymour goldberg, cpa, mba (taxation), jd
the practitioner’s guide to the ira distribution rules under the secure act
a kansas court case may make it necessary to redo many ira trusts and change them from revocable trusts to irrevocable trusts, affecting an untold number of estate plans in at least 30 jurisdictions. the case revolves around a woman named wand and a $93,314.48 promissory note to a bank.
wanda was living in a retirement home and getting by on medicaid when she died in 2003, leaving an estate that owed more than it owned. wanda’s ira accounts were set up to be payable to her revocable trust. but the court ruled that, because the estate’s assets were inadequate, the bank could seize wanda’s ira accounts.
more: why you really need a protective trust | irs updates pub. 590b on ira distributions | irs pledges to fix secure act 10-year rmd rule
exclusively for pro members. log in here or 2022世界杯足球排名 today.
so, from an asset protection point of view, it may be worthwhile to use an irrevocable standalone trust, instead of a revocable standalone trust, as the beneficiary of an ira account. this may be especially true in jurisdictions that have adopted versions of the uniform trust code.
the reason this case is so important is that during an ira owner’s lifetime, ira accounts are protected from creditors, except the irs, of course. but there has never been a case prior to the kansas case in which the deceased ira owner’s creditors – other than the irs – could collect from a beneficiary of a deceased ira owner’s ira account unless the beneficiary the ira account of the deceased ira owner was his or her estate.
since many attorneys in the u.s. use revocable trusts in estate planning and not irrevocable trusts, there may be many revocable trusts that have been selected as the ira owner’s beneficiary of his or her ira account. based on the kansas case, it may be necessary to review an uncountable number of trusts and change them from revocable to irrevocable trusts.
ira tax memo: why you really need a protective trust
extract from forthcoming update to practitioner’s guide to ira distribution rules
by seymour goldberg, cpa, mba, jd
the practitioner’s guide to the ira distribution rules under the secure act
editor’s note: as sy goldberg prepares an update to his “practitioner’s guide to the ira distribution rules under the secure act,” he’s uncovering some important nuggets, such as this extract to be found in a section called advantages of trusts as ira beneficiary. this extract, and much more, will be included in the forthcoming update, which is free to purchasers of the current edition.
the use of a protective trust as an ira beneficiary with special provisions when clients have insufficient probate assets and significant ira assets and the estate tax liability is significant.
this means that there may not be a source for payment of estate taxes that are attributable to the ira assets if the beneficiary or beneficiaries of the ira assets do not voluntarily cooperate in reimbursing the personal representative of the estate for the estate taxes attributable to the ira accounts.
tax alert: irs updates pub. 590b on ira distributions
but is it really the final fix for the secure act 10-year rmd rule?
by seymour goldberg
the irs has issued an updated version of publication 590-b, distributions from individual retirement arrangements.
and the irs says the new version is to be used in preparing 2020 returns.
more: tax alert: irs pledges to fix secure act 10-year rmd rule
watch this space for a deeper dive.
meanwhile, here are the highlights:
tax alert: irs pledges to fix secure act 10-year rmd rule
the irs teases new update on ira beneficiary distribution rules.
update: irs admits mistake. official revision imminent
by seymour goldberg, cpa, mba (taxation), jd
special for 卡塔尔世界杯常规比赛时间
many practitioners are waiting for the department of the treasury to issue proposed regulations under the secure act that cover the required minimum distribution rules that apply to ira beneficiaries commencing in 2021.
more in tax and personal financial planning: how a few of the wealthiest skate around the irs | 173% increase in irs correspondence backlog | how to attract the super-rich | how small firms find new growth as family offices | 12 ways to stress less this busy season | don’t fire that staffer on may 18!
the distribution rules regarding an ira owner are not a big deal, but the distribution rules regarding an ira beneficiary or an ira trust are a big deal.