Ed Slott, CPA, is one of the nation's top experts on retirement plans. For more than 30 years, he has educated both consumers and financial advisors on retirement tax-saving strategies. Most recently, he published Ed Slott's Retirement Decisions Guide: 2020 Edition and is the host of several popular public television specials, including his latest, Retire Safe & Secure! With Ed Slott.
Financial advisors have a slew of new retirement and estate tax planning opportunities to capitalize on in 2023. Hit the ground running by communicating these ideas to your clients early in the year. Timing is everything, and that’s especially true when it comes to tax planning.
Funds held in individual retirement accounts are without question the best assets to give to charity. Since IRAs are loaded with taxes, why not help clients relieve that tax burden by using the IRA for charitable giving now? Show clients who regularly give to charity how to use their IRA for those gifts.
Proposed new regulations from the Internal Revenue Service for inherited retirement accounts would require many heirs to make minimum annual withdrawals from the accounts—leaving less room for the savings to grow tax-deferred over the years.
The new rules would provide guidance to the Secure Act of 2019, which made several changes to laws governing retirement accounts.