The Secure Act makes major changes to the rules for inherited IRAs, 401(k)’s, ROTHS, and other deferrable retirement accounts. Effective January 1, 2020, most non-spousal beneficiaries will be required to withdraw an inherited retirement account within 10 years from the date the original owner dies.
One of the questions I frequently get is: What is involved with probate in New Jersey? In some jurisdictions, I know attorneys go out of their way to help their clients avoid the probate process by creating trusts and titling assets so that they can be transferred automatically on death. In New Jersey, probate usually is […]
Sometimes it’s easier not to reinvent the wheel. Back in 2006, Debra M. Simon, CPA wrote an excellent article about Understanding the Pitfalls of Beneficiary Designation Forms. Included in that article is a clear explanation what it means to name your issue, “per stirpes” compared to naming your issue, “per stirpes by representation” as beneficiaries […]