May 9, 2023
Several Ways that SECURE Act 2.0 Might Affect Your Retirement Planning (Episode #280)
Tom discusses several ways that SECURE 2.0 Act, signed into law in late December 2022, might affect your retirement planning.
Tom discusses several ways that SECURE 2.0 Act, signed into law in late December 2022, might affect your retirement planning.
WEBVTT
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00:00:31.480 --> 00:00:36.280
Well, good afternoon, Michiganders.
It is Tuesday, May nine, twenty
2
00:00:36.399 --> 00:00:41.840
twenty three, and of course this
is Tuesday with Tom, Michigan's only weekly
3
00:00:41.920 --> 00:00:47.079
podcast where we answer your questions about
a state planning and a state settlement in
4
00:00:47.159 --> 00:00:51.520
Michigan, and we don't send you
a bill. As always, I'm your
5
00:00:51.520 --> 00:00:55.880
host, Tom Doyle, a state
planning attorney, lifelong Michigan resident, and
6
00:00:56.000 --> 00:01:03.119
ambassador for all things good in this
great state of Michigan. Welcome, Welcome
7
00:01:03.439 --> 00:01:10.599
to today's program. Will just a
brief recap. Last week's episode talked about
8
00:01:10.640 --> 00:01:17.040
when two or more people own Michigan
real estate the various ways that it can
9
00:01:17.120 --> 00:01:21.239
be owned. So, if you're
looking at having real estate in Michigan that
10
00:01:21.239 --> 00:01:23.959
you're going to own with somebody else, or perhaps you already do, when
11
00:01:23.959 --> 00:01:30.640
you're not sure how it is owned
and how it matters how it is owned,
12
00:01:30.680 --> 00:01:37.439
I invite you listen to last week's
episode where I explain the different ways
13
00:01:37.560 --> 00:01:45.760
that people can own real estate in
Michigan. Today's program, I'm going to
14
00:01:45.840 --> 00:01:52.280
talk a little bit about taxes today, in particular the several ways that the
15
00:01:52.439 --> 00:02:00.159
Secure Act two point zero might affect
your retirement planning. But Please remember that
16
00:02:00.239 --> 00:02:06.599
what I'm about to discuss is,
as always for educational purposes only. It
17
00:02:06.719 --> 00:02:14.319
is not intended to be legal advice
or tax advice for you. You always
18
00:02:14.319 --> 00:02:19.919
need to work with your tax advisor
and a state planning attorney and financial advisor
19
00:02:20.520 --> 00:02:39.439
to determine what is appropriate for you. Several ways that the Secure Act excuse
20
00:02:39.479 --> 00:02:46.840
me, might affect your retirement planning. Well back in December twenty twenty two,
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00:02:46.919 --> 00:02:53.039
not that long ago, President Biden
when he signed his one point seven
22
00:02:53.199 --> 00:03:01.479
trillion dollars tax bill into law,
it included the Securing a Strong Retirement Act
23
00:03:01.520 --> 00:03:10.039
twenty twenty two, otherwise called Secure
Act or Secure two point zero Act,
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00:03:10.159 --> 00:03:19.360
and the whole point of that legislation
was to encourage retirement investing. So let's
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00:03:19.400 --> 00:03:28.120
talk about today several ways that the
Secure Act might impact your retirement planning.
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00:03:30.159 --> 00:03:34.319
And let's begin with required minimum distribution. Y'all know what those are. You
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00:03:34.360 --> 00:03:38.000
have to start taking your funds out
of your IRA at a certain age.
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00:03:38.120 --> 00:03:43.919
Well, one of the changes that
was made under Secure Act two point zero
29
00:03:44.479 --> 00:03:53.199
is the age of rmds has gone
up. The original Secure Act push the
30
00:03:53.400 --> 00:04:00.919
RMD from seventy point five to seventy
two, but Secure two point oh Act
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00:04:00.000 --> 00:04:09.000
has now raised the age to seventy
three beginning this year and will increase it
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00:04:09.080 --> 00:04:17.480
further to seventy five by twenty thirty
three. So looking at your required minimum
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00:04:17.480 --> 00:04:23.439
distributions, you need to know what
the new ages are at which you are
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00:04:23.519 --> 00:04:30.079
going to be required to make those
minimum distributions from your retirement accounts. A
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00:04:30.199 --> 00:04:35.000
second way that Secure Act two point
zero might affect your retirement is in the
36
00:04:35.120 --> 00:04:41.920
area of ketchup contributions. The idea
being if you are an older individual,
37
00:04:42.120 --> 00:04:49.480
you have the opportunity to contribute additional
amounts beyond the normal annual contribution limits to
38
00:04:49.639 --> 00:04:55.879
catch up if you will because of
the age to increase the value of your
39
00:04:55.959 --> 00:05:02.839
retirement accounts. So individuals fifty y're
older is who it's directed to have different
40
00:05:02.839 --> 00:05:09.279
ways to maximize savings as they retire
or as they approach the retirement age.
41
00:05:10.519 --> 00:05:16.160
While Ketchup contributions for I raise are
currently maxed out at a thousand dollars,
42
00:05:16.240 --> 00:05:20.120
meaning in addition to the minimum amount, if you're fifty year older, you
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00:05:20.759 --> 00:05:29.199
can contribute additional thousand dollars. The
good news is that ketchup contribution amount is
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00:05:29.279 --> 00:05:36.839
going to begin being adjusted for inflation
in increments of one hundred dollars beginning in
45
00:05:38.040 --> 00:05:45.360
twenty twenty four, So over time, presumably that one thousand dollars amount will
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00:05:45.439 --> 00:05:53.560
stay abreast of inflation if you will
and allow additional funds to be utilized added
47
00:05:53.600 --> 00:06:00.000
to your iray beyond the normal contribution
limits to help you catch up with your
48
00:06:00.480 --> 00:06:08.720
contributions. In twenty twenty five,
the Ketchup contribution maximums are going to rise
49
00:06:09.360 --> 00:06:15.920
for investors between the ages of sixty
and sixty two in an employer plan,
50
00:06:15.879 --> 00:06:23.040
So if you have an employer plan, you're going to be able to have
51
00:06:23.360 --> 00:06:28.279
ketchup contributions in your employer's plan as
well. The limited is going to be
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increased to fifty percent more than the
regular ketchup limit or ten thousand dollars,
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whichever is greater. So those of
you who are involved in employer contributions programs
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are also going to have some additional
ketchup opportunities inside those plans as well.
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Good news for those of you who
have ROTH plans through your employer now the
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vested employer contribution amount is also going
to be eligible for WROTH treatment. Until
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00:07:08.120 --> 00:07:14.680
now your amount might have been available
and attributed for WROTH treatment, but your
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employer's vested amount was not. Now
the employer's invested amount also is eligible for
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00:07:23.079 --> 00:07:34.000
ROTH treatment. Also also no more
lifetime required minimum distributions for employer plan WROTH
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00:07:34.199 --> 00:07:43.279
accounts effective in twenty twenty four.
So in twenty twenty four, if you
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00:07:43.360 --> 00:07:46.920
have a ROTH four one K or
WROTH four H three B, you will
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no longer have lifetime required minimum distributions
from those accounts, similar to what's been
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the status with non employer ROTH accounts. Staying additional, looking at ROTH,
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where now have the opportunity or small
business owners have the option to offer ROTH
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00:08:13.279 --> 00:08:20.959
versions of their simple or sep ROTH
IRA account or of their IRA accounts.
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00:08:20.959 --> 00:08:30.639
So if you're offering either a simple
A retirement account or sep ROTH accounts to
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00:08:30.680 --> 00:08:37.240
your employees, you now have the
ability to offer those as I as ROTH
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00:08:37.720 --> 00:08:43.919
I or WROTH accounts excuse me as
wells, which will be giving your employees
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00:08:43.960 --> 00:08:50.960
some additional planning options now that they
will be can be involved in ROTH type
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00:08:50.039 --> 00:08:56.279
accounts. Good news for those of
you who do five twenty nine plans.
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00:08:56.320 --> 00:09:01.120
Part of the issue with five twenty
nine education plans has been well, what
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if the beneficiary doesn't use up all
the funds for educational purposes? Now what
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00:09:05.960 --> 00:09:11.480
Well, beginning in twenty twenty four, of course, subject to certain exceptions,
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00:09:11.519 --> 00:09:16.120
but in general, beginning in twenty
twenty four, five twenty nine plan
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00:09:16.399 --> 00:09:24.679
assets can be rolled over into roth
IRA. So if you have a beneficiary
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00:09:24.720 --> 00:09:28.879
that you have funds set aside in
a five twenty nine plan and they don't
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00:09:28.080 --> 00:09:33.759
use those funds up, you might
have the ability to have those funds rolled
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00:09:33.879 --> 00:09:39.720
over to a roth IRA for the
beneficiary. Now, there's going to be
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00:09:39.720 --> 00:09:45.960
some requirements or restrictions on those.
For example, the five twenty nine account
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00:09:46.039 --> 00:09:50.720
must be at least fifteen years old, the amount to be rolled over must
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have been in the account for at
least five years. The roth account has
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00:09:54.159 --> 00:10:01.320
to be in the name of the
plan beneficiary, and roll over contributions have
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00:10:01.480 --> 00:10:09.559
to still be within the roth IRA
annual contribution amounts. And there is a
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00:10:09.759 --> 00:10:18.639
maximum thirty five thousand dollars for lifetime
rollovers from the five twenty nine plan to
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00:10:18.440 --> 00:10:24.200
the roth IRA. But it does
give you some opportunity to look at the
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00:10:24.279 --> 00:10:28.240
excess contributions in your five twenty nine
plans and what you might be able to
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00:10:28.279 --> 00:10:39.919
do with those. Another change,
Qualified charitable distributions qcds. That's where you've
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00:10:39.960 --> 00:10:43.720
got money in your IRA or money
in your wrath, and you're looking at
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00:10:43.799 --> 00:10:50.960
recurred minimum distributions, and rather than
taking the required minium distribution, you direct
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funds from those accounts to a qualifying
charity. That's called they qualified charitable distributions,
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00:10:58.960 --> 00:11:03.120
and then it counts borge. You
require them in distribution so you don't
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00:11:03.120 --> 00:11:05.919
have to take the money first and
then pay the tax on it and then
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make the contribution to the charity.
It can go right from your retirement plan
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00:11:11.840 --> 00:11:20.159
to the charity, which you're basically
transferring if you will pretaxed funds. Currently,
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individuals can make up to a hundred
thousand dollars excuse me of qcds annually
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00:11:26.960 --> 00:11:33.399
beginning at seventy and a half well
under Secure two point zero Act. Starting
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00:11:33.399 --> 00:11:39.080
in twenty twenty four, the QCD
limit is going to now be indexed for
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inflation, which means it's going to
obviously at some point be substantially more than
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the one hundred thousand dollars that is
currently available annually. Additionally, starting this
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00:11:52.559 --> 00:11:58.120
year, that would be in twenty
twenty three. You can now use qcds
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00:11:58.159 --> 00:12:03.679
to fund charitable remains your trusts and
to fund charitable gift annuities, so you're
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00:12:03.679 --> 00:12:09.759
no longer limited to simply having the
funds directed to an existing charity as in
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the past, but there might be
some tax planning involved in why you're looking
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00:12:15.639 --> 00:12:20.200
at setting up a charitable remainder trust
or perhaps a charitable gift annuity, and
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00:12:20.440 --> 00:12:33.799
you can now have those contributions directed
to those trusts and gift annuities and it
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00:12:33.879 --> 00:12:43.759
will still qualify as the qualified charitable
distribution. So those are just a few.
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I'm trying to look at my list
here and see if there's anything else
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that I wanted to mention, but
I think those are the ones. As
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I was reading through some articles recently
that I wanted to make sure I pointed
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out to you. There recurred distribution
ketchup contributions, invested employer contributions. No
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00:13:01.240 --> 00:13:09.879
more requirement distribution for the employer WROTH
accounts in twenty twenty four offer the employers
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00:13:09.879 --> 00:13:16.519
have the ability to offer simple incept
roth iras the big one though for many
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00:13:16.559 --> 00:13:20.919
of you is going to be that
ability to roll over assets room A five
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00:13:20.039 --> 00:13:26.360
twenty nine plan into a roth IRA. And again for those of you who
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00:13:26.399 --> 00:13:33.399
are using qualified charitable distributions as part
of your tax planning strategy and your gifting
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00:13:33.440 --> 00:13:37.159
strategy, that one hundred thousand dollars
annual is now going to be index for
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00:13:37.240 --> 00:13:48.000
inflation and you can now have those
funds directed to charitable remainder trust and charitable
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00:13:48.399 --> 00:14:16.960
gift annuities. Of course, as
always, Amanda and I would be honored
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00:14:18.039 --> 00:14:24.559
to have the opportunity to help you
protect your loved ones by putting together your
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00:14:24.639 --> 00:14:31.679
state plan, perhaps amending a plan
that you already have, or assisting you
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00:14:31.919 --> 00:14:37.799
in settling a loved ones state.
Simply go to our website goil apc dot
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00:14:37.879 --> 00:14:43.039
com. There you're going to find
all the information that you need on how
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00:14:43.080 --> 00:14:48.600
to schedule an in person consultation at
the New East Lansing office, or how
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00:14:48.639 --> 00:14:52.679
to schedule virtual consultations via Zoom or
telephone wherever you happen to be in the
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00:14:52.679 --> 00:15:00.120
state of Michigan. We can likely
work with you using technologies such as Zoom,
126
00:15:00.120 --> 00:15:05.639
mail, the Internet, etc.
And reminder too. If you're looking
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00:15:05.679 --> 00:15:09.440
for an individual legal document, perhaps
all you need is an updated certificate of
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00:15:09.480 --> 00:15:16.279
trust. At the website you're going
to find our Legal store. Through the
129
00:15:16.360 --> 00:15:22.200
Legal Store, you can order individual
legal documents that can be prepared and emailed
130
00:15:22.799 --> 00:15:26.799
to you. You'll also find information
currently on documents and you have the ability
131
00:15:26.879 --> 00:15:33.240
to order them through our Facebook page
as well. So again, please visit
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00:15:33.320 --> 00:15:39.480
DOULAWPC dot com for complete information on
all of the services that we provide and
133
00:15:39.600 --> 00:15:54.159
how it is that you can schedule
a consultation with us. Well, that's
134
00:15:54.159 --> 00:15:56.279
going to be it for today's show, though as always, if you have
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00:15:56.399 --> 00:16:00.519
a comment about the program, perhaps
at topic that you'd like to have me
136
00:16:02.000 --> 00:16:06.159
discuss, or questions that you'd like
to have answered, please send me an
137
00:16:06.159 --> 00:16:10.639
email Tom at Tuesday with Toom dot
com. Also, please follow us on
138
00:16:10.679 --> 00:16:14.240
Facebook and invite your friends and family
to do so. That would be at
139
00:16:14.279 --> 00:16:19.120
Tuesday with Tom and the office Facebook
page as well is Doyle Law PC.
140
00:16:21.279 --> 00:16:26.399
Remember two that Tuesday with Tom is
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141
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Podcast, iHeart Radio, Speaker or
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142
00:16:34.000 --> 00:16:40.720
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you can ask your smart speaker to play
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00:16:41.200 --> 00:16:45.159
Tuesday with Tom. Well, thank
you again for spending some of your time
144
00:16:45.200 --> 00:16:51.919
with us today and as always,
I hope that you have an awesome day
145
00:16:52.120 --> 00:17:02.480
and an awesome week in Michigan.
Stay safe. Tuesday with Tom has been
146
00:17:02.559 --> 00:17:07.400
brought to you by the estate planning
attorneys at Doyle Law PC. To learn
147
00:17:07.440 --> 00:17:11.079
how we can help you with your
estate plan or with settling a loved ones
148
00:17:11.200 --> 00:17:15.920
estate, please call us today at
five one seven three two three seven three
149
00:17:15.039 --> 00:17:19.480
six six. That's five one seven, three two three seven three six six
1
00:00:31.480 --> 00:00:36.280
Well, good afternoon, Michiganders.
It is Tuesday, May nine, twenty
2
00:00:36.399 --> 00:00:41.840
twenty three, and of course this
is Tuesday with Tom, Michigan's only weekly
3
00:00:41.920 --> 00:00:47.079
podcast where we answer your questions about
a state planning and a state settlement in
4
00:00:47.159 --> 00:00:51.520
Michigan, and we don't send you
a bill. As always, I'm your
5
00:00:51.520 --> 00:00:55.880
host, Tom Doyle, a state
planning attorney, lifelong Michigan resident, and
6
00:00:56.000 --> 00:01:03.119
ambassador for all things good in this
great state of Michigan. Welcome, Welcome
7
00:01:03.439 --> 00:01:10.599
to today's program. Will just a
brief recap. Last week's episode talked about
8
00:01:10.640 --> 00:01:17.040
when two or more people own Michigan
real estate the various ways that it can
9
00:01:17.120 --> 00:01:21.239
be owned. So, if you're
looking at having real estate in Michigan that
10
00:01:21.239 --> 00:01:23.959
you're going to own with somebody else, or perhaps you already do, when
11
00:01:23.959 --> 00:01:30.640
you're not sure how it is owned
and how it matters how it is owned,
12
00:01:30.680 --> 00:01:37.439
I invite you listen to last week's
episode where I explain the different ways
13
00:01:37.560 --> 00:01:45.760
that people can own real estate in
Michigan. Today's program, I'm going to
14
00:01:45.840 --> 00:01:52.280
talk a little bit about taxes today, in particular the several ways that the
15
00:01:52.439 --> 00:02:00.159
Secure Act two point zero might affect
your retirement planning. But Please remember that
16
00:02:00.239 --> 00:02:06.599
what I'm about to discuss is,
as always for educational purposes only. It
17
00:02:06.719 --> 00:02:14.319
is not intended to be legal advice
or tax advice for you. You always
18
00:02:14.319 --> 00:02:19.919
need to work with your tax advisor
and a state planning attorney and financial advisor
19
00:02:20.520 --> 00:02:39.439
to determine what is appropriate for you. Several ways that the Secure Act excuse
20
00:02:39.479 --> 00:02:46.840
me, might affect your retirement planning. Well back in December twenty twenty two,
21
00:02:46.919 --> 00:02:53.039
not that long ago, President Biden
when he signed his one point seven
22
00:02:53.199 --> 00:03:01.479
trillion dollars tax bill into law,
it included the Securing a Strong Retirement Act
23
00:03:01.520 --> 00:03:10.039
twenty twenty two, otherwise called Secure
Act or Secure two point zero Act,
24
00:03:10.159 --> 00:03:19.360
and the whole point of that legislation
was to encourage retirement investing. So let's
25
00:03:19.400 --> 00:03:28.120
talk about today several ways that the
Secure Act might impact your retirement planning.
26
00:03:30.159 --> 00:03:34.319
And let's begin with required minimum distribution. Y'all know what those are. You
27
00:03:34.360 --> 00:03:38.000
have to start taking your funds out
of your IRA at a certain age.
28
00:03:38.120 --> 00:03:43.919
Well, one of the changes that
was made under Secure Act two point zero
29
00:03:44.479 --> 00:03:53.199
is the age of rmds has gone
up. The original Secure Act push the
30
00:03:53.400 --> 00:04:00.919
RMD from seventy point five to seventy
two, but Secure two point oh Act
31
00:04:00.000 --> 00:04:09.000
has now raised the age to seventy
three beginning this year and will increase it
32
00:04:09.080 --> 00:04:17.480
further to seventy five by twenty thirty
three. So looking at your required minimum
33
00:04:17.480 --> 00:04:23.439
distributions, you need to know what
the new ages are at which you are
34
00:04:23.519 --> 00:04:30.079
going to be required to make those
minimum distributions from your retirement accounts. A
35
00:04:30.199 --> 00:04:35.000
second way that Secure Act two point
zero might affect your retirement is in the
36
00:04:35.120 --> 00:04:41.920
area of ketchup contributions. The idea
being if you are an older individual,
37
00:04:42.120 --> 00:04:49.480
you have the opportunity to contribute additional
amounts beyond the normal annual contribution limits to
38
00:04:49.639 --> 00:04:55.879
catch up if you will because of
the age to increase the value of your
39
00:04:55.959 --> 00:05:02.839
retirement accounts. So individuals fifty y're
older is who it's directed to have different
40
00:05:02.839 --> 00:05:09.279
ways to maximize savings as they retire
or as they approach the retirement age.
41
00:05:10.519 --> 00:05:16.160
While Ketchup contributions for I raise are
currently maxed out at a thousand dollars,
42
00:05:16.240 --> 00:05:20.120
meaning in addition to the minimum amount, if you're fifty year older, you
43
00:05:20.759 --> 00:05:29.199
can contribute additional thousand dollars. The
good news is that ketchup contribution amount is
44
00:05:29.279 --> 00:05:36.839
going to begin being adjusted for inflation
in increments of one hundred dollars beginning in
45
00:05:38.040 --> 00:05:45.360
twenty twenty four, So over time, presumably that one thousand dollars amount will
46
00:05:45.439 --> 00:05:53.560
stay abreast of inflation if you will
and allow additional funds to be utilized added
47
00:05:53.600 --> 00:06:00.000
to your iray beyond the normal contribution
limits to help you catch up with your
48
00:06:00.480 --> 00:06:08.720
contributions. In twenty twenty five,
the Ketchup contribution maximums are going to rise
49
00:06:09.360 --> 00:06:15.920
for investors between the ages of sixty
and sixty two in an employer plan,
50
00:06:15.879 --> 00:06:23.040
So if you have an employer plan, you're going to be able to have
51
00:06:23.360 --> 00:06:28.279
ketchup contributions in your employer's plan as
well. The limited is going to be
52
00:06:28.360 --> 00:06:34.480
increased to fifty percent more than the
regular ketchup limit or ten thousand dollars,
53
00:06:34.480 --> 00:06:42.000
whichever is greater. So those of
you who are involved in employer contributions programs
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are also going to have some additional
ketchup opportunities inside those plans as well.
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Good news for those of you who
have ROTH plans through your employer now the
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vested employer contribution amount is also going
to be eligible for WROTH treatment. Until
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now your amount might have been available
and attributed for WROTH treatment, but your
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employer's vested amount was not. Now
the employer's invested amount also is eligible for
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ROTH treatment. Also also no more
lifetime required minimum distributions for employer plan WROTH
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00:07:34.199 --> 00:07:43.279
accounts effective in twenty twenty four.
So in twenty twenty four, if you
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have a ROTH four one K or
WROTH four H three B, you will
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00:07:47.000 --> 00:07:57.079
no longer have lifetime required minimum distributions
from those accounts, similar to what's been
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the status with non employer ROTH accounts. Staying additional, looking at ROTH,
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00:08:07.160 --> 00:08:13.639
where now have the opportunity or small
business owners have the option to offer ROTH
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00:08:13.279 --> 00:08:20.959
versions of their simple or sep ROTH
IRA account or of their IRA accounts.
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00:08:20.959 --> 00:08:30.639
So if you're offering either a simple
A retirement account or sep ROTH accounts to
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your employees, you now have the
ability to offer those as I as ROTH
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00:08:37.720 --> 00:08:43.919
I or WROTH accounts excuse me as
wells, which will be giving your employees
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some additional planning options now that they
will be can be involved in ROTH type
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accounts. Good news for those of
you who do five twenty nine plans.
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Part of the issue with five twenty
nine education plans has been well, what
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if the beneficiary doesn't use up all
the funds for educational purposes? Now what
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Well, beginning in twenty twenty four, of course, subject to certain exceptions,
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but in general, beginning in twenty
twenty four, five twenty nine plan
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00:09:16.399 --> 00:09:24.679
assets can be rolled over into roth
IRA. So if you have a beneficiary
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00:09:24.720 --> 00:09:28.879
that you have funds set aside in
a five twenty nine plan and they don't
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00:09:28.080 --> 00:09:33.759
use those funds up, you might
have the ability to have those funds rolled
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00:09:33.879 --> 00:09:39.720
over to a roth IRA for the
beneficiary. Now, there's going to be
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00:09:39.720 --> 00:09:45.960
some requirements or restrictions on those.
For example, the five twenty nine account
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00:09:46.039 --> 00:09:50.720
must be at least fifteen years old, the amount to be rolled over must
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have been in the account for at
least five years. The roth account has
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00:09:54.159 --> 00:10:01.320
to be in the name of the
plan beneficiary, and roll over contributions have
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00:10:01.480 --> 00:10:09.559
to still be within the roth IRA
annual contribution amounts. And there is a
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00:10:09.759 --> 00:10:18.639
maximum thirty five thousand dollars for lifetime
rollovers from the five twenty nine plan to
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00:10:18.440 --> 00:10:24.200
the roth IRA. But it does
give you some opportunity to look at the
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00:10:24.279 --> 00:10:28.240
excess contributions in your five twenty nine
plans and what you might be able to
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00:10:28.279 --> 00:10:39.919
do with those. Another change,
Qualified charitable distributions qcds. That's where you've
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00:10:39.960 --> 00:10:43.720
got money in your IRA or money
in your wrath, and you're looking at
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00:10:43.799 --> 00:10:50.960
recurred minimum distributions, and rather than
taking the required minium distribution, you direct
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00:10:50.399 --> 00:10:58.919
funds from those accounts to a qualifying
charity. That's called they qualified charitable distributions,
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00:10:58.960 --> 00:11:03.120
and then it counts borge. You
require them in distribution so you don't
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00:11:03.120 --> 00:11:05.919
have to take the money first and
then pay the tax on it and then
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00:11:07.000 --> 00:11:11.320
make the contribution to the charity.
It can go right from your retirement plan
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00:11:11.840 --> 00:11:20.159
to the charity, which you're basically
transferring if you will pretaxed funds. Currently,
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00:11:20.120 --> 00:11:26.799
individuals can make up to a hundred
thousand dollars excuse me of qcds annually
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00:11:26.960 --> 00:11:33.399
beginning at seventy and a half well
under Secure two point zero Act. Starting
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00:11:33.399 --> 00:11:39.080
in twenty twenty four, the QCD
limit is going to now be indexed for
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00:11:39.240 --> 00:11:45.320
inflation, which means it's going to
obviously at some point be substantially more than
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00:11:45.360 --> 00:11:52.480
the one hundred thousand dollars that is
currently available annually. Additionally, starting this
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00:11:52.559 --> 00:11:58.120
year, that would be in twenty
twenty three. You can now use qcds
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00:11:58.159 --> 00:12:03.679
to fund charitable remains your trusts and
to fund charitable gift annuities, so you're
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00:12:03.679 --> 00:12:09.759
no longer limited to simply having the
funds directed to an existing charity as in
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00:12:09.799 --> 00:12:15.600
the past, but there might be
some tax planning involved in why you're looking
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at setting up a charitable remainder trust
or perhaps a charitable gift annuity, and
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00:12:20.440 --> 00:12:33.799
you can now have those contributions directed
to those trusts and gift annuities and it
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00:12:33.879 --> 00:12:43.759
will still qualify as the qualified charitable
distribution. So those are just a few.
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I'm trying to look at my list
here and see if there's anything else
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that I wanted to mention, but
I think those are the ones. As
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I was reading through some articles recently
that I wanted to make sure I pointed
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out to you. There recurred distribution
ketchup contributions, invested employer contributions. No
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00:13:01.240 --> 00:13:09.879
more requirement distribution for the employer WROTH
accounts in twenty twenty four offer the employers
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00:13:09.879 --> 00:13:16.519
have the ability to offer simple incept
roth iras the big one though for many
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00:13:16.559 --> 00:13:20.919
of you is going to be that
ability to roll over assets room A five
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00:13:20.039 --> 00:13:26.360
twenty nine plan into a roth IRA. And again for those of you who
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00:13:26.399 --> 00:13:33.399
are using qualified charitable distributions as part
of your tax planning strategy and your gifting
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00:13:33.440 --> 00:13:37.159
strategy, that one hundred thousand dollars
annual is now going to be index for
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00:13:37.240 --> 00:13:48.000
inflation and you can now have those
funds directed to charitable remainder trust and charitable
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00:13:48.399 --> 00:14:16.960
gift annuities. Of course, as
always, Amanda and I would be honored
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00:14:18.039 --> 00:14:24.559
to have the opportunity to help you
protect your loved ones by putting together your
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00:14:24.639 --> 00:14:31.679
state plan, perhaps amending a plan
that you already have, or assisting you
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00:14:31.919 --> 00:14:37.799
in settling a loved ones state.
Simply go to our website goil apc dot
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00:14:37.879 --> 00:14:43.039
com. There you're going to find
all the information that you need on how
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00:14:43.080 --> 00:14:48.600
to schedule an in person consultation at
the New East Lansing office, or how
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00:14:48.639 --> 00:14:52.679
to schedule virtual consultations via Zoom or
telephone wherever you happen to be in the
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00:14:52.679 --> 00:15:00.120
state of Michigan. We can likely
work with you using technologies such as Zoom,
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00:15:00.120 --> 00:15:05.639
mail, the Internet, etc.
And reminder too. If you're looking
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00:15:05.679 --> 00:15:09.440
for an individual legal document, perhaps
all you need is an updated certificate of
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00:15:09.480 --> 00:15:16.279
trust. At the website you're going
to find our Legal store. Through the
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00:15:16.360 --> 00:15:22.200
Legal Store, you can order individual
legal documents that can be prepared and emailed
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00:15:22.799 --> 00:15:26.799
to you. You'll also find information
currently on documents and you have the ability
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00:15:26.879 --> 00:15:33.240
to order them through our Facebook page
as well. So again, please visit
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00:15:33.320 --> 00:15:39.480
DOULAWPC dot com for complete information on
all of the services that we provide and
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00:15:39.600 --> 00:15:54.159
how it is that you can schedule
a consultation with us. Well, that's
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00:15:54.159 --> 00:15:56.279
going to be it for today's show, though as always, if you have
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00:15:56.399 --> 00:16:00.519
a comment about the program, perhaps
at topic that you'd like to have me
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00:16:02.000 --> 00:16:06.159
discuss, or questions that you'd like
to have answered, please send me an
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00:16:06.159 --> 00:16:10.639
email Tom at Tuesday with Toom dot
com. Also, please follow us on
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00:16:10.679 --> 00:16:14.240
Facebook and invite your friends and family
to do so. That would be at
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00:16:14.279 --> 00:16:19.120
Tuesday with Tom and the office Facebook
page as well is Doyle Law PC.
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00:16:21.279 --> 00:16:26.399
Remember two that Tuesday with Tom is
available on Apple Podcasts, Spotify, Google
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Podcast, iHeart Radio, Speaker or
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142
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you can ask your smart speaker to play
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00:16:41.200 --> 00:16:45.159
Tuesday with Tom. Well, thank
you again for spending some of your time
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00:16:45.200 --> 00:16:51.919
with us today and as always,
I hope that you have an awesome day
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00:16:52.120 --> 00:17:02.480
and an awesome week in Michigan.
Stay safe. Tuesday with Tom has been
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00:17:02.559 --> 00:17:07.400
brought to you by the estate planning
attorneys at Doyle Law PC. To learn
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00:17:07.440 --> 00:17:11.079
how we can help you with your
estate plan or with settling a loved ones
148
00:17:11.200 --> 00:17:15.920
estate, please call us today at
five one seven three two three seven three
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six six. That's five one seven, three two three seven three six six
