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  • Home
  • About Tom
  • Estate Planning
    • How to Plan Your Estate (Start Here)
    • Revocable Living Trust
    • Inheritance Protection Trust
    • Financial POA
    • Health Care POA
    • Living Will
    • Asset Protection Planning in Arizona
    • Intro to Arizona Domestic Asset Protection Trusts
    • Asset Protection Exemptions in Arizona
    • Protect Home from Creditors in Arizona
    • Car/RV/Mobile Home Titling
  • Fees
    • Estate Planning Fees
    • Estate Administration Fees
  • Scheduling
  • Recent Law Updates
  • Office Info
  • New Client Forms
  • More Articles
  • Bouman Law Firm Blog
  • Probate & Trust Administration
    • How to Administer an Estate (START HERE)
    • Probate in Arizona
    • Small Estate Affidavit
    • Final Arrangements & Organ Donation
    • Trust Beneficiary Notices and Trustee Reports
    • Annuities
    • Debts of Decedent
    • Transfer Real Estate of Nonresident
    • Tax Filings for Estate
    • Duties of Trustee
  • Make a Payment
  • Buy a Book
  • Legal Disclaimers

BOUMAN LAW FIRM blog

New IRS Regulations for Retirement Accounts after SECURE Act

3/24/2022

 
The IRS recently issued proposed regulations regarding the treatment of tax-deferred retirement accounts after the SECURE Act of 2019. 

Here are 2 highlights relevant to estate planning:
  1. The age of majority will be defined as age 21.  This means that a minor child of the deceased account owner may elect stretch IRA treatment for pay-out of required minimum distributions until age 21 and then use the usual 10-year liquidation rule until age 31. 
  2. The 10-year liquidation rule will require a beneficiary to take required minimum distributions based on the beneficiary's life expectancy during the 10-year liquidation period if the deceased account owner had reached his or her required beginning date (age 72).  Previously, it was assumed that no distributions would be required until the end of year 10 in all cases.  But now this prior assumption would only apply if the deceased account owner had not reached his or her required beginning date.  It should be noted that a Roth IRA does not have a required beginning date, so this interpretation only applies to traditional IRAs. 

Another note:  these are proposed regulations, not final.  The final regulations may differ from the proposed regulations.

FDIC Insurance Rules for Trusts are Changing

3/11/2022

 
The FDIC recently approved a rule to change how it calculates the amount of insurance is available for bank accounts held in trusts.  Effective 4/1/2024, a trust account will be insured up to $250,000 per beneficiary, not to exceed five, regardless whether the trust is revocable or irrevocable or how the trust allocates inheritance among beneficiaries. 

For example, a joint living trust for a married couple with 2 children might qualify for up to $1,000,000 of FDIC deposit insurance.  But a joint living trust for a married couple with 5 children would only qualify up to $1,250,000. 

The new rule is intended to simplify the calculation of an insurance pay-out in the event of a bank failure, which I do believe it accomplishes. 

Arizona Estate Administration Answer Book

3/9/2022

 
A revised 2022 edition of the Arizona Estate Administration Answer Book was recently published by Barnes & Noble Press.

Practical Answers to Common Questions for Any Size Estate in Arizona

The Arizona Estate Administration Answer Book is your best resource for understanding practical issues that commonly arise when responding to the death of an Arizona resident or property owner.  Each chapter provides advice and explanations to help you wade through the complex, and often bizarre, legal requirements associated with estate and trust law in Arizona.  Written in easy-to-read question and answer format, the Arizona Estate Administration Answer Book covers a comprehensive list of legal and non-legal matters including: 
  • What if the will was signed in another state?
  • Who is entitled to information about the deceased person’s assets?
  • When is a probate action required?
  • What debts are the survivors responsible for?
  • What if the property owner was not an Arizona resident?
  • Will the State take the home if the deceased person was on ALTCS?

The 2022 edition is now available for instant PDF download from this website for $20.

The 2022 edition print book is now available from Barnes & Noble Press for $25. 

    Author

    Thomas J. Bouman
    Attorney at Law
    Tucson, Arizona

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