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Personal Tax and Estate Planning Newsletter, April 2022

Updated Federal Guidance

New SECURE 2.0: Securing a Strong Retirement Act

The Securing a Strong Retirement Act makes legislative changes to retirement savings. From catch-up contributions to required minimum distributions and qualified charitable distributions to annuities; this new legislation contains provisions that will require careful planning.

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Proposed 2023 Federal Budget Announced

The Biden administration on March 28 issued its fiscal year 2023 budget, which would reduce the national deficit by approximately $1 trillion over 10 years primarily by increasing the corporate tax rate to 28% and introducing a minimum tax on billionaires.

View Proposed Federal Budget

Know the Tax Rules When Selling Mutual Funds

Selling mutual fund shares come with a number of rules and regulations including but not limited to appreciation, how long the shares have been owned, and basis at the time of the sale. Your personal tax circumstances need to be considered and reviewed with tax professional consulted in advance of the sale.

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Tax Rules for Personal Use vs. Renting a Vacation Home

To deduct property taxes or mortgage interest from a vacation home you need to understand the rules including how days the property is rented, market rate rent, and who is renting the property.

Read Tax Rules for Vacation Home

Know the Fiduciary Duties of Borrowing From a Trust

Trustees have a fiduciary responsibility to the trust, and that is especially important when considering borrowing or loaning money from a trust. Intrafamily loans and trust loans can be tricky and require proper planning to make sure that fiduciary responsibilities are held up. This article covers the differences, obstacles, and benefits.

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Beneficiary Designations vs. Last Will and Testament

A Spousal Lifetime Access Trust is a favorable estate tax provision that can benefit multiple parties of a grantor beneficiary. Here are the details of how this irrevocable trust can benefits your heirs and extended family members.

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