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Home→Tags Individual retirement account 1 2 >>

Tag Archives: Individual retirement account

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Retirement Benefits and Pa. Inheritance Tax

Posted on April 7, 2025 by Daniel EvansApril 7, 2025

Generally speaking, an individual retirement account (IRA) is subject to inheritance tax if the owner of the account was age 59-1/2 or older at death, and an employer-sponsored pension, profit-sharing, or other form of retirement plan is taxable if the … Continue reading →

Posted in Articles | Tagged Individual retirement account, Inheritance Tax, Retirement plan

Tax Clause Did Not Allow Payment of Inheritance Tax on Non-Estate Transfers

Posted on August 24, 2023 by Daniel EvansAugust 24, 2023

The tax clause in the will directed that the estate and inheritance taxes payable “with respect to property or interests passing my will” were to be paid from the residue without apportionment, and so under 72 P.S. § 9144(f), the … Continue reading →

Posted in Opinions | Tagged 72 P.S. §9144(f), Individual retirement account, Inheritance Tax

Premarital Agreement Waived Rights to IRA

Posted on July 20, 2023 by Daniel EvansJuly 20, 2023

A premarital agreement that waived all rights to the “separate property” of the other spouse also waived all rights to an individual retirement account (IRA) following the death of the IRA owner even though the existence of the IRA might … Continue reading →

Posted in Opinions | Tagged Individual retirement account, Marital agreements

Inherited IRA Not Protected from Creditors

An inherited individual retirement account (IRA) is not protected from the claims of creditors of the beneficiary because following the death of the IRA owner the account is not a “retirement account” within the meaning of 42 Pa.C.S. § 8124(b)(1)(ix). … Continue reading →

Posted in Opinions | Tagged Claims of Creditors, Individual retirement account, Retirement plan

Testamentary Capacity of Incapacitated Person

A person who has been adjudicated incapacitated is presumed to lack testamentary capacity and the burden is on the proponent of the will to provide clear and convincing evidence of testamentary capacity, or at least a lucid interval. Testimony of … Continue reading →

Posted in Opinions | Tagged Beneficiary designations, Individual retirement account, Testamentary Capacity, Undue influence

IRS Publication 590-B To Be Corrected

Posted on April 24, 2021 by Daniel EvansMay 25, 2021

In “IRS Publication 590-B and 10-Year RMDs,” it was reported that IRS Publication 590-B had caused concerns about the application of the new 10-year rule, because examples in the publication made it appear that beneficiaries of inherited individual retirement accounts … Continue reading →

Posted in News | Tagged Individual retirement account, Required Minimum Distributions

Agent’s Change of IRA Beneficiary Invalid

An agent’s change of an IRA beneficiary was invalid when the decedent was obligated under a divorce settlement agreement to name his children as beneficiaries. Trembley Agent for Lasser, 10 Fid.Rep.3d 229 (Chester O.C. 2020). … Continue reading →

Posted in Opinions | Tagged Agent's powers, Divorce, Individual retirement account

Guidance on Unnecessary RMDs in 2020

Posted on July 5, 2020 by Daniel EvansJuly 5, 2020

In Notice 2020-51, 2020-29 I.R.B. __ (7/9/2020), the Internal Revenue Service has provided additional guidance on whether (and how) taxpayers may return or rollover required minimum distributions (RMDs) that were taken in 2020 but that were no longer required following … Continue reading →

Posted in News | Tagged Individual retirement account, Required Minimum Distributions

Proposed New Life Expectancy Tables for Minimum Required Distributions

The Internal Revenue Service has published proposed regulations that include new life expectancy tables for minimum required distributions under I.R.C. § 401(a)(9), which applies to both qualified retirement plans and individual retirement accounts. “Updated Life Expectancy and Distribution Period Tables … Continue reading →

Posted in News, Rules and Regs. | Tagged Individual retirement account, Required Minimum Distributions, Retirement plan

Overview: Required Minimum Distributions

Posted on July 30, 2018 by Daniel EvansMay 18, 2020

This is an overview/explanation from Webcalculators: … Continue reading →

Posted in Overview | Tagged Individual retirement account, Retirement plan

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