October 5, 2021 / Newsletters
Insight on Estate Planning, October/November 2021
Weinstock Manion is pleased to present the October/November 2021 issue of Insight on Estate Planning, our bi-monthly newsletter. We encourage you to read it for ways to implement your estate plan more effectively, including ways to minimize taxes on your estate so as to maximize its value for your loved ones. We realize that we cannot fully address these complex issues in a few short articles, so we invite you to contact us to discuss your specific needs.
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In this issue:
The Return Of RMDs
COVID-19-Related Suspension Of RMDs Is A Thing Of The Past
The temporary reprieve is over. Due to the COVID-19 pandemic, Congress suspended the rules for required minimum distributions (RMDs) in 2020, including inherited accounts. But the rules have been restored for the 2021 tax year. Essentially, participants in qualified plans and IRAs who’ve reached their required beginning date must take distributions this year or potentially pay a hefty penalty. This article explains RMD rules and details what an individual must do before year end. A sidebar details the RMD options an individual has if he or has multiple accounts.
Read this article.
Protecting Business Wealth From Creditors
Business owners likely have worked long and hard to achieve their goals. It would be a shame if creditors were able to reach their assets before they’ve transferred wealth to the younger generation. This article examines several asset protection strategies business owners can employ with the goal of holding on to more of their wealth to pass on to loved ones.
Read this article.
Estate Planning Pitfall:
You Haven’t Updated Your Estate Plan After A Move
There are several reasons a person might pick up and move to another state, such as a change in jobs, a desire for a better climate, an opportunity to downsize or to be closer to loved ones. This brief article explains why it’s critical to update estate planning documents after making the move.
Read this article.