Tax Warrior Chronicles

Considerations When Inheriting an IRA

Posted on Tue, Jan 04, 2022

By: Matt Lebo, CPA


When inheriting an IRA (Roth or Traditional) you may wonder about available choices regarding the account title as well as distributions. Are distributions required? If so, how long do you have to take these distributions and when do these distributions begin? Are you eligible to move the IRA to your own name; and, if so, should you do this, or must the account name reference the decedent and their date of death? What are the tax implications of these choices? Today, we’ll answer these questions and more as we explore inheriting an IRA.

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IRS Springs a Surprise Interpretation of the 10-Year Rule Under the SECURE Act

Posted on Thu, Apr 29, 2021

By: Elizabeth Witko, Macc, MSF and Robert N. Polans, MT, PFS


Important Update:

Shortly after this blog was published on April 29, 2021, we received “unofficial word” from several sources including the AICPA and NAIFA that the IRS intends to correct their confusing guidance in Publication 590-B on Stretch IRA’s and the SECURE Act.  We have been informed that the recent IRS Publication update did not reflect the views of IRS officials drafting new regulations or some Congressional Committee staff members who assisted in the writing of the SECURE Act.  As more information becomes available regarding this development, we will provide an update.


Are you someone that inherited an IRA post

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IRS Grants Extensive Relief to 2020 RMD Recipients

Posted on Mon, Jun 29, 2020

If you received a Required Minimum Distribution (RMD) in 2020, you should take careful note of guidance contained in the recently issued IRS Notice 2020-51 regarding the CARES Act’s waiver of 2020 RMDs and a taxpayer’s ability to rollover such distributions.

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The SECURE Act - Significant Changes for IRAs and 401(k)s – Part I

Posted on Thu, Jan 02, 2020

By: Beth Gaasbeck, CPA, MBA and Robert N. Polans, CPA, MT, PFS


On December 20, 2019, President Trump signed the Setting Every Community Up for Retirement Enhancement Act (the SECURE Act) as part of the Further Consolidated Appropriations Act, 2020, effective 1/1/2020.  Not exactly a Holiday present, there are favorable and unfavorable provisions impacting your retirement planning.  In this two-part series, we will take a closer look at the highlights under the  law.

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“The Talk” – Part II - Getting Your Parents to Talk About Family Wealth

Posted on Thu, Jul 06, 2017

By: Rachel Kieser, CPA, MT and Jane Scaccetti, CPA, MT


In Part I of this two-part blog series, we discussed what parents should tell their children about their wealth transfer plans.  On the flip side, we will now address how children can get their parents to talk about it.

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“The Talk” – Part I: Talking to Your Kids About Wealth Transfer

Posted on Thu, Jun 29, 2017

By: Rachel Kieser, CPA, MT and Jane Scaccetti, CPA, MT


When you hear “The Talk,” you may not think the talk is about money.  However, many parents in high-net worth families find it difficult to discuss their wealth with their children -  particularly the amount of their wealth, their responsibilities for this wealth, and how it will be distributed once they pass on.  And they certainly don’t know the best age to reveal the “number” to their children, or if they should even tell them the value of their wealth at all. 

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Payments from Qualified Pension Plans - What are the Choices?

Posted on Thu, Jun 04, 2015

As defined contribution plans (e.g., 401(k) plans) continue to grow in popularity, it’s easy to forget that another type of retirement plan exists; the noncontributory qualified defined benefit plan (e.g., pension plan).  Regardless of their age, employees who are fortunate enough to be covered by a defined benefit plan (“DBP”) should know how and when they, their spouses, or other beneficiaries will be entitled to receive benefits under the plan. Here's an overview of some of the essential rules.

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Keys to Estate Planning for Beneficiaries with Special Needs

Posted on Thu, May 21, 2015

Advice and articles on estate planning abound. But, what if one of your beneficiaries has special needs? In this case, ordinary wills, trusts and insurance may not be sufficient to handle the many complexities that entail.

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Is It Time to Review the Beneficiaries of Your Estate Plan?

Posted on Mon, Apr 27, 2015

While our own mortality is something we rarely want to think about, it is necessary to plan for it in order to provide for our family and loved ones once we are gone.  As tax advisors, part of our role is to ensure you are thinking about your estate plan and the beneficiaries of the wealth you have worked so hard to build over the course of your life. Choosing your beneficiaries, or what your beneficiaries receive, is not a “one-and-done” event--situations are not static and change over time. Accordingly, estate plans should be reviewed regularly to ensure that the goals are consistent with both your financial and non-financial objectives.

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