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? ...
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 ...
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 ...
