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February 2012
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      Required Minimum Distributions Are Back

      As we all know, the Worker, Retiree, and Employment Recovery Act of 2008 ("WRERA") temporarily suspended required minimum distributions ("RMDs") in 2009.  Thus, many taxpayers chose not to take a RMD in 2009.  However, in 2010, the RMD is back, and taxpayers required to take a distribution for 2010 must take it by the end of the year. Assuming that a taxpayer did not take a RMD in 2009 as a result of WRERA, does the taxpayer have to calculate the 2010 RMD in a different manner?  ...

      Pre-Planning with Tax-Qualified Funds

      When trying to pre-plan with tax-qualified funds, whether the planning is for Medicaid or VA benefits, we all know that the primary goals are to get rid of excess assets, while minimizing tax liabilities.  A balance must be created between program eligibility and tax consequences, a task with which very little text and guidance is provided in order to accomplish.  In a handful of states, retirement funds owned by an ineligible spouse or even an institutionalized individual are simply ...

      American Billionaire's Death in 2010

      According to a recent article in the New York Times, as a result of a Congressional lapse, the descendants of the 74th wealthiest person in the world were able to receive his entire estate, free of any federal estate tax.  Dan L. Duncan, a Texas natural gas tycoon, died in March of 2010.  Had his life ended in 2009, his estate, estimated a $9 billion, would have been subject to a federal estate tax of at least 45%.  In 2011, the rate would be even higher - 55%.  Instead, b ...