All in all, many more people will be taking the standard deduction, effectively making charitable contributions using post-tax dollars more expensive, notes Ed Slott, an author and retirement expert who is one of the nation's leading authorities on individual retirement accounts.
Slott is an author and retirement expert, and one of the nation’s leading authorities on individual retirement accounts or IRAs. Right now, he sees a couple of opportunities that IRA owners should consider in light of the new U.S. tax law. But they will not be available at tax time next spring when you talk with your accountant - the window for taking action will start to close later this year.
"Education is more important than ever, as we currently have the largest opportunity in our industry's history: a volatile stock market, a newly-implemented tax code that few understand and a surge of Baby Boomers transitioning into retirement and seeking guidance," said Ed Slott, CPA, a nationally recognized IRA expert, founder of Ed Slott and Company and creator of irahelp.com.
“The classic worst case is you get divorced, your [ex-]wife is named as beneficiary and you never change the form,” said Ed Slott, a certified public accountant in Rockville Centre, New York. “You might have changed your will to leave everything to the kids. “But after you die, your individual retirement account, if it’s never changed, will go to your ex-wife, not the kids.”